Investment Adviser (Level 1) — mock test
Level 1 of the SEBI Investment Adviser certification — the knowledge benchmark for anyone entering investment advisory. Both X-A and X-B must be cleared to register as an RIA.
Free · no sign-up · 3 hours for the full paper · 180 original questions in the bank
The exam at a glance
The mock is set to the same pattern: 90 mcqs (1 mark) + 6 caselets of 5 questions (1 mark) + 3 caselets of 5 questions (2 marks) = 150 marks.
Questions
135
150 marks
Duration
3 hours
Pass mark
90 / 150
60%
Negative marking
25%
of the question’s marks, per wrong answer
Certificate validity
3 years
Exam fee
₹3,000 + taxes
Charged by NISM
Syllabus and chapter weightage
Marks per chapter as published by NISM. The mock paper draws exactly this many marks from each chapter.
Personal Financial Planning
37 marks
- 01Introduction to Personal Financial Planning8marks
- 02Time Value of Money14marks
- 03Cash Flow Management and Budgeting8marks
- 04Debt Management and Loans7marks
Indian Financial Markets
10 marks
- 05Introduction to the Indian Financial Markets4marks
- 06Securities Market Segments6marks
Investment Products
30 marks
- 07Introduction to Investments5marks
- 08Investing in Stocks9marks
- 09Investing in Fixed Income Securities9marks
- 10Understanding Derivatives7marks
Investment Through Managed Portfolio
23 marks
- 11Mutual Funds12marks
- 12Portfolio Manager7marks
- 13Overview of Alternative Investment Funds (AIFs)4marks
Portfolio Construction, Performance Monitoring & Evaluation
20 marks
- 14Introduction to Modern Portfolio Theory6marks
- 15Portfolio Construction Process8marks
- 16Portfolio Performance Measurement and Evaluation6marks
Operations, Regulatory Environment, Compliance & Ethics
30 marks
- 17Operational Aspects of Investment Management6marks
- 18Key Regulations14marks
- 19Ethical Issues6marks
- 20Grievance Redress Mechanism4marks
Questions candidates ask
What is the pattern of the NISM-Series-X-A exam?
90 MCQs (1 mark) + 6 caselets of 5 questions (1 mark) + 3 caselets of 5 questions (2 marks) = 150 marks — 150 marks in total, to be completed in 3 hours.
What is the pass mark for NISM-Series-X-A?
90 marks out of 150 (60%). The certificate is valid for 3 years.
Is there negative marking in NISM-Series-X-A?
Yes — 25% of a question's marks per wrong answer. This mock applies exactly the same deduction, so your score here reflects how the real paper would be marked.
Are these the real NISM exam questions?
No. NISM’s question bank is confidential. Every question here is original, written for practice against NISM’s published syllabus and chapter weightages. Use it to test your understanding — the NISM workbook remains the primary study material.
Do I need to sign up, and is it free?
It is free and there is no sign-up. Your attempts, mistake notebook and progress are stored only in your own browser, on your own device.
Where these exam facts come from
The pattern, pass mark and chapter weightages above were checked against NISM’s own published details on 28 September 2026. NISM can revise an exam at any time — confirm the current rules on the official pages before you register:
- NISM — Investment Adviser (Level 1) certification
- NISM Annexure I — X-A examination structure and weightages
Independent study aid — not affiliated with, or endorsed by, NISM or SEBI. All questions are original and written for practice; none is taken from NISM’s question bank. A mock score is a guide to your preparation, not a prediction of your exam result.