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NISM Investment Advisor Level 1 Certification Examination – NISM XA

NISM Investment Advisor Level 1 Exam NISM XA

The NISM Investment Advisor Level 1 Certification Examination is the NISM XA Series of NISM Certifications. The exam was launched on June 03, 2013 and is one of the recently launched NISM Certifications. The Certification is a part of two certification package, namely, NISM Series XA Investment Advisor Level 1 Certification Examination and NISM Series XB Investment Advisor Level 2 Certification Examination.

The exam originates from the SEBI Investment Advisers Regulation, 2013 wherein all Investment Advisors are required to pass at least one qualifying examination. The exam is one of the most difficult exams of NISM with a nation-wide pass rate of less than 50%.

The exam is a mandated one under SEBI (CAPSM) Regulations, 2007. Our team has drafted a few FAQs about the examinations for the benefit of exam takers.

Who should take the NISM Investment Advisor Level 1 Certification Examination?

All associated persons who wish to be registered as an Investment Adviser or Representatives of Investment Advisers under SEBI (Investment Advisers) Regulations, 2013 and offering investment advisory services. In simple words, any person who wish to offer advice related to investments to their clients and charge them for the same are required to pass this exam and be registered as Investment Advisers. 

An associated person shall be required to pass both the levels (i.e. NISM Investment Advisor Level 1 Certification Examination (NISM XA) and NISM Investment Advisor Level 2 Certification Examination (NISM XB)) to fulfill the requirements under Regulation 7(2) of the SEBI (Investment Advisors) Regulations, 2013.

Insurance Agents, Pension adviser, Mutual Fund Distributors, Stock Brokers, etc. are exempted from the regulation.

What topics are covered under the NISM Series XA Investment Advisor Level 1 Certification Examination?

The examination covers the following topics:

  • Basics of investment advisory, steps in the advisory process, making and implementation of financial plan.
  • How to evaluate different products, their suitability and how the recommendation of the same can impact investment risks, returns and strategies in a personal finance environment for investors and prospective investors in the market.
  • Income tax, Wealth tax and legalities of Estate planning in personal finance, and regulatory aspects underlying advisory.
  • Financial planning as an approach to investing, insurance, retirement planning and an aid for advisers to develop long term relationships with their clients.

Where can I obtain the NISM Series XA Investment Adviser Level 1 Study Material?

Soft copy of the NISM Investment Adviser Level 1 Study Material can be downloaded free of cost from our website. If you wish to purchase a physical book of NISM Investment Adviser Study Material, you can purchase it online and the book will be delivered to your address. The books are also available at major bookstores across India.

Where can I find NISM Mock Test for NISM Investment Adviser Level 1 Exam?

Free NISM Series XA Investment Adviser Mock Test for NISM Series VIII Equity Derivatives Exam is available at our website. The mock test consists of 20 sample questions and can be accessed by logging into our website. Premium NISM Mock Test for NISM Investment Advisor Level 1 Exam consisting of 11 premium quality mock tests with 1100 questions is also available at Rs. 399/- only. Each NISM mock test has a validity of 90 days and can be attempted 10 times during the subscription period.

How can I register and enroll for the NISM Investment Adviser Level 1 Exam?

Registration and Enrollment for all NISM Certification Examinations can be done online through NISM Certification Portal or PrepCafe Academy’s NISM Exam Registration Services. For Registration to the NISM Certification portal, you should have your Permanent Account Number (PAN), Scanned Copy of your PAN Card, Soft Copy of your photograph, a valid email address and your basic details such as your Name, Date of Birth, Educational Details, Employment Details, etc.

After successful submission of the online NISM Registration form, you will receive a NISM Registration Number and an activation link on your email. You will need to click on the activation link to activate your NISM Account. After activation, you will be able to login.

After login using your email and password, you need to goto “Enrolment” -> “Enroll for Examination” link and following the following steps:

Step 1: Selection of Examination: Here you need to select the NISM Series XA Investment Advisor Level 1 Certification Examination.

Step 2: Check Seat Availability: Select the Exam City, Test Centre of your choice and the Date Range during which you wish to take the exam.

Step 3: Select a Time Slot: You will shown the availability of Test Slots for the exam. Select one and click “Enroll for the Examination”.

Step 4: Make Payment: Please accept the terms and conditions and proceed for online payment using credit card, debit card or internet banking.

After successful payment, your Admit Card will be generated. You should carry this admit card and an original identity card to the examination centre, 30 minutes before the actual exam time. Acceptable identity cards are PAN Card, Driving License, Passport, Aadhar Card only.

What is the assessment structure for NISM Series XA Investment Adviser Certification Examination?














Rs. 1500/-

What is the syllabus outline for NISM Series XA Investment Adviser Certification Examination?

Chapter No.

Chapter Name

Weightage (%)

Unit 1

Concept of Financial Planning


Unit 2

Measuring Investment Returns


Unit 3

Managing Investment Risk


Unit 4

Investment Vehicles


Unit 5

Asset Allocation and Investment Strategies


Unit 6

Insurance Planning


Unit 7

Retirement Planning


Unit 8

Tax and Estate Planning


Unit 9

Regulatory Environment and Ethical Issues


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