NP

NISM Series X-A

Investment Adviser (Level 1)

Prepare chapter by chapter, then test yourself.

20 chapters across 6 modules, each with a video lesson and a 25-question practice test with explanations. Finish with a timed mock exam that uses NISM's negative marking.

Start Chapter 1▶ About the exam (11 min)Formula sheetTake a mock test

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Progress is saved in this browser. A chapter counts as done when you score 60% or more in its test.

Exam pattern

Questions
90 MCQs + 9 caselets
Total marks
150
Duration
3 hours
Pass mark
60%
Negative marking
25% per wrong answer

Syllabus

Module 1

Personal Financial Planning

37 marks · 4 chapters

  1. 1Introduction to Personal Financial Planning36 min · 25-question test
  2. 2Time Value of Money46 min · 25-question test
  3. 3Evaluating the Financial Position of Clients30 min · 25-question test
  4. 4Debt Management and Loans35 min · 25-question test
  5. CSModule 1 case studies1h 14m · worked caselets

Module 2

Indian Financial Markets

10 marks · 2 chapters

  1. 5Introduction to the Indian Financial Markets27 min · 25-question test
  2. 6Securities Market Segments40 min · 25-question test

Module 3

Investment Products

30 marks · 4 chapters

  1. 7Introduction to Investment22 min · 25-question test
  2. 8Investing in Stocks39 min · 25-question test
  3. 9Investing in Fixed Income Securities2 videos · 59 min · 25-question test
  4. 10Understanding Derivatives57 min · 25-question test
  5. CSModule 3 case studies31 min · worked caselets

Module 4

Investment Through Managed Portfolio

23 marks · 3 chapters

  1. 11Mutual Funds2 videos · 49 min · 25-question test
  2. 12Portfolio Manager20 min · 25-question test
  3. 13Overview of Alternative Investment Funds (AIFs)12 min · 25-question test
  4. CSModule 4 case studies14 min · worked caselets

Module 5

Portfolio Construction, Performance Monitoring and Evaluation

20 marks · 3 chapters

  1. 14Introduction to Modern Portfolio Theory21 min · 25-question test
  2. 15Portfolio Construction Process23 min · 25-question test
  3. 16Portfolio Performance Measurement and Evaluation1h 2m · 25-question test
  4. CSModule 5 case studies20 min · worked caselets

Module 6

Operations, Regulatory Environment, Compliance and Ethics

30 marks · 4 chapters

  1. 17Operational Aspects of Investment Management29 min · 25-question test
  2. 18Key Regulations35 min · 25-question test
  3. 19Ethical Issues22 min · 25-question test
  4. 20Grievance Redress Mechanism17 min · 25-question test
  5. CSModule 6 case studies20 min · worked caselets

Final revision videos

Bonus Questions & Answers

▶ 9 min

Sample Exam Paper

▶ 1h 44m

Additional Questions to Boost Score

▶ 24 min

Practice questions are based on the NISM Series X-A workbook (February 2025), updated for later SEBI/RBI changes up to November 2026. Always check the latest NISM syllabus before your exam. Video lessons on YouTube ↗