NISM Series X-A mock test
Investment Adviser (Level 1) Certification Examination
The practice paper
Before you start
- 135 questions, 180 minutes. 1 mark each, and 25% off for a wrong answer — the same rules the real paper uses, so a question you cannot narrow down is better left blank.
- Questions are drawn to the syllabus weightages we have derived, because NISM publishes none for this examination.
- You can flag a question and come back to it. The clock does not stop.
- Nothing is saved. Close the tab and the attempt is gone.
The real examination
A practice paper for the Investment Adviser (Level 1) certification, the broadest paper NISM sets — personal financial planning and the time value of money, the markets and every asset class, mutual funds, portfolio managers and alternative investment funds, portfolio theory and construction, operations, the key regulations, ethics and grievance redress. The real examination is 135 questions for 150 marks in three hours; this paper serves 135 questions of one mark each and applies the same 60% pass threshold.
- Questions
- 135
- Duration
- 180 min
- Pass mark
- 90/150
- Negative marking
- −25%
The certificate is valid for 3 years. Clearing this examination is the certification requirement under the SEBI (Investment Advisers) Regulations, 2013 for individual investment advisers, principal officers and persons associated with investment advice, at the level the regulations prescribe.
Syllabus and weightages
20 units, weighted as we have derived them — NISM publishes no weightage table for this examination. Key Regulations alone is 11% of the paper — worth knowing before you decide where your week goes.
| Unit | Weight | Questions |
|---|---|---|
| 1. Introduction to Personal Financial Planning | 8% | 11 |
| 2. Time Value of Money | 4% | 5 |
| 3. Evaluating the Financial Position of Clients | 5% | 7 |
| 4. Debt Management and Loans | 8% | 11 |
| 5. Introduction to the Indian Financial Markets | 2% | 3 |
| 6. Securities Market Segments | 2% | 3 |
| 7. Introduction to Investment | 5% | 7 |
| 8. Investing in Stocks | 4% | 5 |
| 9. Investing in Fixed Income Securities | 6% | 8 |
| 10. Understanding Derivatives | 4% | 5 |
| 11. Mutual Funds | 5% | 7 |
| 12. Portfolio Manager | 4% | 5 |
| 13. Overview of Alternative Investment Funds | 3% | 4 |
| 14. Introduction to Modern Portfolio Theory | 4% | 5 |
| 15. Portfolio Construction Process | 9% | 12 |
| 16. Portfolio Performance Measurement and Evaluation | 3% | 4 |
| 17. Operational Aspects of Investment Management | 5% | 7 |
| 18. Key Regulations | 11% | 15 |
| 19. Ethical Issues | 3% | 4 |
| 20. Grievance Redress Mechanism | 5% | 7 |
Common questions
Is this the actual NISM examination?
No. It is a practice paper written by CAPITA1 from the syllabus NISM publishes. The real examination is conducted by NISM and can only be taken through them.
Does passing this get me certified?
No. Only NISM certifies, through its own examination. This tells you where you stand before you book it.
What score do I need in the real exam?
90 out of 150, which is 60%. A wrong answer costs 25% of the marks for that question, and an unanswered one costs nothing — so a guess you have no basis for is worse than leaving it.
Do I get the same questions each time?
No. A fresh paper is drawn from the bank each attempt, weighted to the same syllabus split.