NISM X-A Investment Adviser Level 1: Applied Practice Tests

This course contains the use of artificial intelligence.

Before recommending investments, an adviser needs a usable picture of the client's goals, debts, time horizon and ability to bear loss. Practise recognising which information is missing and which calculation or conduct rule should guide the recommendation.

These English practice tests support NISM-Series-X-A Investment Adviser Level 1 preparation, connecting Indian financial planning with product analysis and client situations.

Work through the reasoning behind a recommendation

The questions cover budgets and balance sheets, interest and repayment calculations, financial markets, equity, fixed income, derivatives, mutual funds, PMS and AIFs. Later tasks bring portfolio evaluation, suitability, disclosures and adviser responsibilities together.

Feedback addresses every alternative. For numerical questions, it explains the relevant base, cash-flow timing or assumption. For client cases, it separates a sound next step from a premature product recommendation or an unsupported household priority.

You receive 315 original questions: five focused tests and one 135-question, 180-minute paper containing 90 independent questions and nine five-question caselets. Start with the focused work, record the reason for each error, then attempt the case paper in its original order.

Interpret the timed result correctly

The official format totals 150 marks and requires 90, with a wrong answer costing 25% of its assigned marks. the practice platform uses equal question weights without negative marking. For manual scoring here, Cases 2, 4 and 5 carry two marks per answer; other answers carry one. Add the assigned marks for correct answers, subtract one quarter for wrong answers and give unanswered questions zero.

Use the current NISM workbook alongside this practice. The scope follows the March 2026 workbook basis applicable from April 15, 2026, with regulatory scenarios checked on October 16, 2026. Later official changes may supersede those rules. This is Level 1 preparation, separate from Level 2, and does not provide personal investment advice or NISM/SEBI endorsement.