What is the passing mark for NISM Series X-A?

You need 60% to pass NISM-Series-X-A: Investment Adviser (Level 1). On a 150-mark paper that is 90 marks.

How long is the NISM Series X-A exam?

The exam runs for 180 minutes and carries 150 marks in total.

How long is the NISM Series X-A certificate valid?

NISM certifications are generally valid for 3 years from the date of passing, after which they must be renewed. Confirm the current position on nism.ac.in before your certificate lapses.

NISM Series X-A

Investment Adviser (Level 1)

First of the two exams needed to register as a SEBI Investment Adviser. Three hours, 150 marks, covering financial planning and every major asset class.

Exam pattern

Duration: 180 min
Total marks: 150
Pass mark: 60% (90)
Negative marking: 25%

There is negative marking of 25% of the marks for that question, so a wrong answer costs you 0.25 marks on a 1-mark question. Guess only when you can eliminate at least two options.

Syllabus and chapter weightage

Weightages are taken from the official syllabus table published in the NISM workbook, so you can see exactly where the marks are.

Every chapter can be read free, no account needed — tap a chapter to open its plain-English Foundation lesson.

Sample questions

5 questions from the chapter tests, one per chapter. Pick your answer before you open the explanation.

Question 1 · Chapter 1: Introduction to Personal Financial Planning
Financial planning refers to the process of streamlining which four items of a household or individual?
1. A.Income, expenses, assets and liabilities
2. B.Income, savings, insurance and tax
3. C.Assets, liabilities, goals and returns
4. D.Salary, business income, rent and dividends
Show the answer
Answer: A. Income, expenses, assets and liabilities
"Financial planning refers to the process of STREAMLINING THE INCOME, EXPENSES, ASSETS AND LIABILITIES of the household or individual to take care of BOTH CURRENT AND FUTURE NEED FOR FUNDS." It is described as a holistic approach that considers the existing financial position, evaluates future needs, puts a process in place to fund them and reviews progress.
Question 2 · Chapter 2: Time Value of Money
The value associated with the same sum of money received at various points on the timeline is called:
1. A.Net present value
2. B.Time value of money
3. C.Compounded annual growth rate
4. D.Discount factor
Show the answer
Answer: B. Time value of money
"The value associated with the same sum of money received at various points on the timeline is called the TIME VALUE OF MONEY (popularly known as TVM)." The chapter adds that money received in earlier periods is worth more than the same amount received later, which is why TVM is a key principle in financial decision-making.
Question 3 · Chapter 3: Cash Flow Management and Budgeting
The savings ratio is calculated as:
1. A.Savings per year divided by annual income
2. B.Annual income divided by savings per year
3. C.Savings per year divided by total assets
4. D.Total savings divided by monthly expenses
Show the answer
Answer: A. Savings per year divided by annual income
"Savings Ratio is the percentage of annual income that a person is able to save. It is calculated as Savings per year / Annual Income." If ABC earns Rs 6 lakh and saves Rs 60,000, the savings ratio is 10 per cent. Total savings divided by annual income is the separate savings-to-income ratio.
Question 4 · Chapter 4: Debt Management and Loans
Which of the following is NOT a part of the financial planning process?
1. A.Setting goals
2. B.Monitoring
3. C.Develop financial planning recommendations
4. D.Financing the investments
Show the answer
Answer: D. Financing the investments
Module 1 sample question. The six-step process is: establish and define the client-planner relationship; gather client data including goals; analyse and evaluate financial status; develop and present recommendations; implement them; monitor them. Financing the investments is not a step. Chapter 4 in fact warns that financing risky or volatile investment propositions with debt may entail high risk.
Question 5 · Chapter 5: Introduction to Indian Financial Markets
Which regulator supervises the pension sector in India?
1. A.RBI
2. B.SEBI
3. C.IRDAI
4. D.PFRDA
Show the answer
Answer: D. PFRDA
"The Reserve Bank of India (RBI) regulates commercial banks, the Securities and Exchange Board of India (SEBI) regulates securities markets and commodity, the Insurance Regulatory and Development Authority of India (IRDAI) regulates insurance companies, THE PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (PFRDA) REGULATES THE PENSION SECTOR." PFRDA operates under the PFRDA Act, 2013.

Start preparing free

The Foundation lessons are open to everyone. A free account adds the chapter tests, two deeper levels per chapter, and mock exams that use this paper’s real marking rules.

Read chapter 1 free Create a free account

What we teach from

Our Series X-A material is written from the official NISM workbook, and every lesson and question cites the workbook page it came from — so you can check any figure against the source rather than taking our word for it.

14 NISM-Series-X-A Investment Adviser (Level 1) - March 2026_ · March 2026 edition · 397 pages

The workbook is published and copyrighted by NISM. Get your own copy and confirm the current edition at nism.ac.in.

Frequently asked questions

What is the passing mark for NISM Series X-A?: You need 60% to pass NISM-Series-X-A: Investment Adviser (Level 1). On a 150-mark paper that is 90 marks.
Is there negative marking in NISM Series X-A?: There is negative marking of 25% of the marks for that question, so a wrong answer costs you 0.25 marks on a 1-mark question. Guess only when you can eliminate at least two options.
How long is the NISM Series X-A exam?: The exam runs for 180 minutes and carries 150 marks in total.
How long is the NISM Series X-A certificate valid?: NISM certifications are generally valid for 3 years from the date of passing, after which they must be renewed. Confirm the current position on nism.ac.in before your certificate lapses.