The main objectives for which the institute was set up have been documented in Section 4 A of the Memorandum of Association (MoA) of the NIFM Society and they are as follows:
- To establish and administer the management of the Institute;
- To organize and provide training and continuing professional education to Group 'A' officers of the Participating Services including organization of refresher courses at senior and middle levels;
- To establish the Institute as a Centre of Excellence in financial management for promoting the highest standards of professional competence and practice;
- To undertake and promote research/consultancy studies in the fields of accounting, audit, financial and fiscal management and related subjects;
- To promote education in financial and fiscal management for officers of the associate Services of Centre/State Governments and officers of public sector enterprises/ institutions;
- To organize International Training Programs and to keep abreast with progress made in the rest of the world in the area of finance and accounts, particularly in Government and public sector institutions.