NISM Series X-A & X-B- Exam Pattern, Syllabus & Preparation
The two SEBI-mandated exams you must clear to register and practice as an Investment Adviser in India.
NISM Series X-A (Level 1) and Series X-B (Level 2) are certification examinations conducted by the National Institute of Securities Markets (NISM) under a mandate from SEBI. Level 1 covers financial planning and investment products; Level 2 covers comprehensive planning, insurance, retirement, taxation, estate planning and case analysis. Both must be passed by any individual Investment Adviser — or the principal officer and persons associated with advice of a non-individual adviser — seeking registration under the SEBI (Investment Advisers) Regulations, 2013.
2 — X-A & X-B
Levels
150 each level
Total Marks
60% (90/150) each
Pass Mark
3 years
Certificate Validity
Eligibility Criteria
Education
No strict bar to sit the exam. For SEBI IA registration, a graduate/postgraduate degree or professional qualification in finance, accountancy, business, commerce, economics, capital markets, banking, insurance or actuarial science (or a CFA Charter, or NISM's one-year PGPSM) is required.
Age Limit
No prescribed age limit for the exam. (SEBI registration additionally requires prescribed experience and net worth — ₹5 lakh individuals, ₹50 lakh non-individuals.)
Nationality
Open to all; mandatory for individual IAs, the principal officer of a non-individual IA, and persons associated with investment advice.
Exam Pattern
The certification has two levels that must both be cleared. Series X-A (Level 1) covers personal financial planning, financial markets, investment products, portfolio construction and the regulatory/ethics environment. Series X-B (Level 2) adds comprehensive household financial planning, insurance, retirement, estate planning, taxation, behavioural finance, risk profiling and case-based analysis. Each exam is a 3-hour computer-based test of 150 marks combining 1-mark MCQs and case-based (caselet) questions, with 25% negative marking per question and a 60% (90/150) pass mark. Each certificate is valid for 3 years.
Series X-A: Investment Adviser (Level 1)
Computer-based (NISM test centres)180 min| Section | Questions | Marks |
|---|---|---|
| Independent multiple-choice questions (1 mark each) | 90 | 90 |
| Case-based / caselet questions | 45 | 60 |
Series X-B: Investment Adviser (Level 2)
Computer-based (NISM test centres); requires X-A first180 min| Section | Questions | Marks |
|---|---|---|
| Multiple-choice questions (1 mark each) | 90 | 90 |
| Case-based / caselet questions (2 marks each) | 30 | 60 |
Key Topics & Syllabus
Level 1 (X-A) — Personal Financial Planning
- check_circlePersonal financial planning & goal setting
- check_circleTime value of money
- check_circleCash flow management & budgeting
- check_circleDebt management & loans
- check_circleFinancial planning process
Level 1 (X-A) — Markets & Investment Products
- check_circleIndian financial system & markets
- check_circleEquity & fixed income
- check_circleDerivatives
- check_circleMutual funds, PMS & managed products
- check_circleAlternative investments
Level 1 (X-A) — Portfolio & Regulation
- check_circlePortfolio construction, performance & evaluation
- check_circleAsset allocation
- check_circleAdvisory business operations
- check_circleRegulatory environment, compliance & ethics
- check_circleSEBI (Investment Advisers) Regulations — overview
Level 2 (X-B) — Insurance & Retirement
- check_circleBasics of insurance
- check_circleLife, general & health insurance planning
- check_circleRetirement planning products & solutions
- check_circleEstate planning (wills, trusts, nomination, succession)
Level 2 (X-B) — Tax & Comprehensive Planning
- check_circleTaxation of investment products
- check_circleComprehensive financial planning for households
- check_circleLoan & liability management
- check_circleProduct selection, review & rebalancing
Level 2 (X-B) — Behavioural Finance & Case Analysis
- check_circleBehavioural finance & biases
- check_circleRisk profiling & suitability
- check_circleSecurities-market structure & indices
- check_circleSEBI IA Regulations, 2013 — obligations
- check_circleIntegrated case analysis (capstone)
Career Roles & Salary
SEBI-Registered Investment Adviser (RIA)
₹6–30 lakh p.a. equivalent (fee-based)
Provides fee-only, fiduciary financial advice under SEBI IA registration; both X-A and X-B plus registration are mandatory. SEBI caps fees at 2.5% of assets under advice or a fixed fee per family.
Financial Planner
₹4–12 lakh p.a.
Builds comprehensive, goal-based financial plans (retirement, insurance, tax, estate) for individuals and families, often within an advisory firm or bank.
Wealth Manager / Private Banker
₹6–25 lakh p.a. (plus incentives)
Manages HNI and affluent client relationships across investment products; the IA certifications establish advisory competence and regulatory credibility.
Investment Advisory Representative
₹3–8 lakh p.a.
A person associated with investment advice at a non-individual IA; must hold the NISM X-A and X-B certifications to give advice.
How to Prepare
Register on the NISM certification portal
Create an account at certifications.nism.ac.in, provide your PAN, and enrol for Series X-A (Level 1).
Pay the exam fee & book a slot
Pay the ~₹3,000 fee for X-A and book any available date/time at a NISM test centre; the exam is offered on demand year-round.
Prepare and pass Series X-A (Level 1)
Study the official NISM workbook and score at least 60% (90/150), keeping negative marking in mind.
Enrol, prepare and pass Series X-B (Level 2)
After clearing X-A (a prerequisite), register for X-B and pass the 150-mark, 60% Level 2 exam covering insurance, retirement, tax, estate planning and case studies.
Obtain your certificates
Download both NISM certificates (each valid for 3 years) from the portal after passing.
Apply to SEBI for IA registration
With both certificates, the required qualification, experience and net worth, apply for IA registration via BSE Administration & Supervision Ltd (BASL). Renew NISM certification before expiry to stay compliant.
Important Dates (Tentative)
| Event | Expected Date |
|---|---|
| Exam scheduling | On-demand, year-round — book any available slot at a NISM test centre |
| Registration validity | Schedule within the enrolment validity (typically 180 days from payment) |
| Certificate validity | 3 years from passing (each level) |
| Renewal | Obtain a fresh NISM certificate before the 3-year expiry to remain a compliant RIA |
* Dates are indicative based on historical patterns. Check the official website for confirmed dates.
Prepare for NISM Series X-A & X-B the smarter way
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NISM Series X-A & X-B FAQ
Do I need to pass both X-A and X-B?
Yes. To register as an Investment Adviser (or be the principal officer / person associated with advice of a non-individual IA) under SEBI regulations, you must clear both Series X-A (Level 1) and Series X-B (Level 2). X-A must be passed before X-B.
What is the pass mark?
60% for each level — 90 marks out of 150 — in a 3-hour computer-based exam.
Is there negative marking?
Yes. Both exams deduct 25% of the marks assigned to a question for every wrong answer.
How long is the certificate valid and how do I renew?
Each certificate is valid for 3 years. You must obtain a fresh NISM certificate before it expires — by re-taking the exam or via CPE where permitted — to keep your registration compliant.
Who needs this certification?
Anyone seeking SEBI Investment Adviser registration: individual IAs, the principal officer of a corporate IA, and persons associated with investment advice at such firms.
What is the fee, and is a degree required?
Each level costs about ₹3,000. No degree is needed to sit the exams, but SEBI registration as an IA requires a graduate/PG degree or professional qualification in a relevant field (or an equivalent such as CFA or NISM's PGPSM).
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