NISM Professor
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

Chapter weightages below are evenly distributed — this workbook does not publish a per-chapter table in a machine-readable form. Treat them as indicative.

  1. 1Introduction to Personal Financial Planning5%
  2. 2Time Value of Money5%
  3. 3Cash Flow Management and Budgeting5%
  4. 4Debt Management and Loans5%
  5. 5Introduction to Indian Financial Markets5%
  6. 6Securities Market Segments5%
  7. 7Introduction to Investments5%
  8. 8Investing in Stocks5%
  9. 9Investing in Fixed Income Securities5%
  10. 10Understanding Derivatives5%
  11. 11Mutual Fund5%
  12. 12Portfolio Manager5%
  13. 13Overview of Alternative Investment Funds (AIFs) Portfolio Construction, Performance Monitoring and5%
  14. 14Introduction to Modern Portfolio Theory5%
  15. 15Portfolio Construction Process5%
  16. 16Portfolio Performance measurement and evaluation Operations, Regulatory Environment, Compliance And5%
  17. 17Operational Aspects of Investment Management5%
  18. 18Key Regulations5%
  19. 19Ethical Issues5%
  20. 20Grievance Redress Mechanism5%

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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.