- EXAM OVERVIEW
NISM Series X-A: Investment Adviser (Level 1) Exam Pattern
Key highlights about the exam structure, marking scheme and important guidelines.
Exam Fees ₹1500 +
(may indicate taxes or additional fees)
Maximum Marks
100 marks
Test Duration
2 hours
Passing Marks
50% (i.e., 50 marks)
Total Questions
100 questions
Negative Marking
Yes (25% per wrong answer)
- Free Mock Tests | Year: 2026
Practice with exam-like mock tests and evaluate your preparation level.
FREE Mock Test 1
50 questions
FREE Mock Test 3
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FREE Mock Test 2
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Full-Length Test
100 questions
- SYLLABUS OUTLINE
NISM Series X-A: Investment Adviser (Level 1) Syllabus
The exam covers the following 11 units:
This is one of the most important modules in the examination and forms the foundation of investment advisory services. Candidates must understand financial goal setting, budgeting, emergency planning, insurance requirements, retirement planning, and tax considerations. Our NISM X-A Mock Tests strongly focus on practical client-based scenarios where advisers must recommend suitable financial planning strategies.
This module introduces candidates to the structure and functioning of Indian financial markets. You must understand the role of regulators, financial institutions, stock exchanges, and market participants. Questions frequently test the functioning of capital markets, money markets, and the regulatory framework governing financial market operations within India’s investment ecosystem.
Investment advisers must possess detailed knowledge of various financial products available to investors. This module covers equity, debt, mutual funds, insurance products, pension schemes, and alternative investments. Candidates will be tested on product features, associated risks, return expectations, liquidity, taxation, and suitability for different client risk profiles and financial objectives.
This module focuses on portfolio construction, asset allocation, diversification strategies, and risk-return optimisation techniques. Candidates must understand how investment portfolios are designed according to client objectives, investment horizon, and risk appetite. Our NISM Investment Adviser Practice Tests heavily emphasise practical allocation strategies and portfolio balancing concepts for different investor categories.
Portfolio management does not end with portfolio construction. This module evaluates your understanding of portfolio review, rebalancing strategies, performance measurement, benchmarking, and monitoring processes. Candidates must understand how advisers track investment performance, manage changing client circumstances, and ensure portfolios remain aligned with long-term financial goals and risk tolerance levels.
This is a critical compliance-oriented module focusing on SEBI regulations, ethical standards, fiduciary responsibilities, and investor protection mechanisms applicable to investment advisers. Candidates must understand suitability requirements, disclosure obligations, conflict management, and compliance procedures. Our NISM X-A Model Tests extensively cover regulatory case-based questions and ethical advisory practices tested in the examination.
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- FAQ SECTION
Frequently Asked Questions
NISM Series X A Investment Adviser Level 1 Certification is a SEBI mandated certification exam designed for individuals involved in investment advisory services and financial planning. The exam focuses on personal financial planning, investment products, portfolio management, financial markets, compliance requirements, and ethical advisory practices.
The NISM Series X A exam consists of:
● 100 multiple choice questions
● Total marks: 100
● Passing marks: 50 percent
● Duration: 2 hours
● Negative marking: 25 percent for incorrect answers Candidates should prepare according to the latest syllabus and exam structure.
Yes, the NISM Series X A Investment Adviser exam includes 25 percent negative marking for every incorrect answer. Regular mock test practice and conceptual understanding are important for improving accuracy.
The syllabus covers major topics including:
● personal financial planning
● retirement planning
● insurance planning
● investment products
● Indian financial markets
● managed portfolios
● portfolio monitoring
● compliance and ethics
● regulatory framework These topics are important for investment advisory and wealth management related roles.
Personal Financial Planning is considered one of the most important modules in the examination because it carries high weightage and includes practical client based financial planning scenarios.
Candidates can practice free mock tests and exam oriented questions directly through the NISM Series X A Investment Adviser Level 1 Certification section available on the platform.
Candidates looking for advanced preparation can access premium mock tests, chapter wise practice questions, and full length tests through the premium NISM mock test platform designed for multiple certification exams.
Expert curated short notes, financial planning revision material, and exam focused preparation resources are available through the NISM study material and short notes section for Investment Adviser certification preparation.
Yes, NISM Series X A certification is mandatory for individuals working as investment advisers or providing investment advisory services under SEBI Investment Adviser Regulations.
After clearing the certification, candidates can explore opportunities in:
● investment advisory firms
● wealth management
● financial planning
● mutual fund advisory
● portfolio advisory services
● private wealth consulting
● retail financial advisory The certification helps strengthen professional credibility and advisory knowledge in the financial services industry.