Finance & securities

NISM X-A Investment Adviser Level 1 Practice Tests

Apply Indian financial planning, valuation, portfolio and advisory rules through calculations and client cases

Finance & SecuritiesAmerican English6 practice tests

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NISM X-A Investment Adviser Level 1 Practice Tests

Overview

What you’ll practice

Questions and explanations: American English

Exam referenceFinance & securities
Course version published
Review official exam information

Check the provider’s current objectives before booking your exam. This is independent practice material.

  • Analyse client budgets, net worth, liquidity and debt commitments before making investment recommendations.
  • Calculate time value, loan payments, bond values, portfolio returns and risk-adjusted performance measures.
  • Compare equity, fixed income, derivatives, mutual funds, PMS, AIFs and their suitability constraints.
  • Apply Indian advisory duties, client disclosures, operational controls and grievance escalation principles.
  • Use client caselets to connect calculations with investment horizons, risk capacity and documented advice.

More about this course

This course contains the use of artificial intelligence.

Knowing a definition is different from deciding what it means for a client's cash flow, investment horizon or ability to bear loss. This English practice course is designed around the NISM-Series-X-A: Investment Adviser (Level 1) public syllabus, with attention to Indian financial products, portfolio decisions and the conduct expected of investment advisers.

Practise the decisions behind the answer

  • Connect client goals, budgets and balance sheets before choosing investments.
  • Distinguish nominal rates, effective rates, payment timing and loan repayment costs.
  • Compare equity, fixed income, derivatives and managed investment routes using the conditions in the question.
  • Interpret portfolio risk, return measures, benchmarks and performance fees.
  • Apply suitability, disclosure, recordkeeping and grievance principles to realistic advisory situations.

You receive 315 original questions across six tests: five focused tests containing 46, 15, 39, 26 and 54 questions, followed by one 135-question timed paper. The focused tests progress from planning and markets through products, managed portfolios, portfolio evaluation and advisory conduct. The timed paper contains nine five-question caselets.

Each question explains the correct conclusion and the reason competing alternatives fail. Work through the focused practice before taking the timed case paper. For calculations, write the cash-flow timing, units and assumptions before choosing an answer; for legal scenarios, identify the client category and jurisdiction first.

Understand the examination and platform scoring

The current NISM examination allows 180 minutes and has 90 independent questions plus nine caselets with five answers each: 135 answers in total. Six caselets carry one mark per answer and three carry two marks per answer. The official paper totals 150 marks, requires 90 marks to pass, and deducts 25% of the assigned marks for a wrong answer.

Udemy practice percentages use equal question weights and do not reproduce NISM's weighted negative marking. They are learning feedback, not an official score or a prediction of your result. In this course’s timed paper, Cases 2, 4 and 5 carry two marks per answer; the other six cases and all independent questions carry one mark. Keep the question order so the case groups remain together. When manually scoring the timed paper, add the stated mark value for a correct answer, subtract one quarter of that value for a wrong answer, and award zero for an unanswered question.

This course prepares for Level 1. It does not replace the NISM workbook, registration requirements or the separate Level 2 syllabus. Regulatory scenarios were checked against sources available on 16 October 2026, including the 2026 IA and mutual-fund master circulars and updated grievance rules. Use the current NISM materials and applicable regulator instructions alongside your practice, especially where a later legal change supersedes an older workbook example.

This is independent exam preparation. NISM, SEBI and other named organisations do not endorse or sponsor this course. No real examination questions or guaranteed outcome are offered. The course is taught in English; this is separate from the languages offered for the official examination.

Practice sets

6 practice tests. 315 questions.

01

Personal Planning, Cash Flow and Debt

46 questions69 minutes

02

Indian Financial Markets and Corporate Actions

15 questions23 minutes

03

Equity, Fixed Income and Derivatives

39 questions59 minutes

04

Mutual Funds, PMS and AIFs

26 questions39 minutes

05

Portfolio Evaluation, Operations and Advisory Conduct

54 questions81 minutes

06

Level 1 Timed Paper: 90 Questions and 9 Caselets

135 questions180 minutes

FREE COURSE PREVIEW

Try it. Then understand it.

Three original single-answer questions from this course. Your answers stay in this page and are cleared when you leave.

Choose one answer1 of 3

A new client requests a stock list before explaining her debts or goals. After agreeing the engagement scope, what should the planner do next?

Before you begin

  • Read the current NISM-Series-X-A workbook and public test objectives alongside this practice course.
  • Have basic arithmetic and spreadsheet skills; understand percentages and compound interest.
  • Be comfortable reading English financial scenarios and Indian investment terminology.

Who this is for

  • Candidates preparing for NISM-Series-X-A: Investment Adviser (Level 1).
  • Aspiring investment advisers reviewing Indian personal finance, products, portfolios and advisory conduct.
  • Finance students seeking applied practice after studying the Level 1 concepts.

Questions

Before you take the next step.

Where do I buy and take the course?

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Does this include the official certification exam?

No. This is independent preparation material. Certification registration, exam fees and credentials are managed by the exam provider.

Can I switch the course language?

Check the course language label. Available language editions are listed on each course page and have separate Udemy links. The website language switch changes navigation, not course content.

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