Series X-A · Advanced
Investment Adviser Level 1
Step one of becoming a SEBI-registered Investment Adviser.
Questions
135
Duration
180 min
Pass mark
60%
Negative marking
25%
Exam fee
₹3,000 + GST
Validity
3 years
Why this certification matters
Level 1 plus Level 2 together are the certification requirement for individual Registered Investment Advisers under the SEBI IA Regulations.
Who should take it: Professionals who provide fee-based investment advice to clients, financial planners, and aspiring RIAs.
What you get after clearing it
- Compulsory first step toward RIA registration
- Covers financial planning, insurance, retirement and taxation
- Highly respected by wealth and family office employers
- Teaches suitability and fiduciary thinking, not selling
Where it takes you
Boutique advisory firms and family offices hire freshers who hold X-A while they complete X-B.
Advisory practices reward retention and planning quality, so income scales with the client book you support.
Explore finance careers5 week study plan
Week 1
Personal finance base
Time value of money, budgeting, cash flow, emergency planning.
Week 2
Products
Debt, equity, mutual funds, insurance, small savings, retirement products.
Week 3
Planning
Goal-based planning, risk profiling, asset allocation, insurance needs.
Week 4
Tax and regulation
Income tax basics, capital gains, SEBI IA Regulations, code of conduct.
Week 5
Mocks
Full mocks with a strict timer, focus on TVM numericals.
Exam-day tips
- Master a financial calculator or Excel TVM functions early
- Regulation questions are exact-wording based, read the rules twice
- Track your accuracy per topic and rebuild only the weak areas
Full syllabus
Financial Planning
- Need for financial planning and client goals
- Time value of money and goal-based planning
- Risk profiling and asset allocation
- Retirement and estate planning basics
- Insurance and tax planning fundamentals
Investment Products
- Equity, fixed income, and hybrid instruments
- Mutual funds and ETFs
- Derivatives, structured products, and alternatives
- Real estate and gold as investments
- Comparing products for suitability
Securities Markets & Research
- Market microstructure and indices
- Fundamental and technical analysis basics
- Equity valuation concepts
- Portfolio risk and return measures
- Macro-economic factors and market cycles
Regulatory & Ethical Framework
- SEBI (Investment Advisers) Regulations, 2013
- RIA registration, fees, and disclosure requirements
- Code of conduct and fiduciary duty
- Conflict of interest and segregation of advisory and distribution
- Investor grievance redressal
Case-based Applications
- Client situation analysis
- Asset allocation recommendations
- Product suitability and risk assessment
- Regulatory compliance scenarios
- Ethical dilemmas and fiduciary decisions
Learn it first in VIA Capital Academy
Frequently asked questions
What is NISM Series X-A?
It is the first of two mandatory exams for SEBI-registered Investment Advisers (RIAs). It covers financial planning, investment products, markets, and regulations.
Who should take this exam?
Financial planners, wealth advisers, and anyone who wants to provide fee-based investment advice as a SEBI-registered RIA.
What is the passing score?
90 out of 150 marks (60%). There is 25% negative marking and the exam is 3 hours long.
Is this official NISM material?
No. These are independent practice questions. Refer to the official NISM workbook before the exam.
Do I need to take X-B after X-A?
Yes, both X-A and X-B are required for SEBI RIA registration.
Ready to test yourself?
135 questions · 180 minutes · 25% negative marking. Free, no login.