NISM X-A Investment Adviser Level 1 Practice Tests

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.