NISM Series XIX-C Exam Pattern
150 marks, 3 hours, negative marking: exactly how Series XIX-C is scored and passed.
NISM Series XIX-C, the Alternative Investment Fund Managers Certification Examination, is one paper with two question pools. The first is 90 independent multiple choice questions of 1 mark each. The second is 6 case studies, each followed by 5 multiple choice questions of 2 marks each, so 30 questions worth 60 marks. That is 120 questions and 150 marks in 3 hours. The pass mark is 90 out of 150 (60%).
Negative marking is 25% of the marks assigned to a question. On a 1-mark question that is 0.25. On a 2-mark case question it is 0.5. A question left blank costs nothing. There are no sections with separate cut-offs: the two pools add up to one score, and 90 marks from any mix passes.
Series XIX-C at a glance
As NISM states it under Assessment Structure on the exam page and in its FAQ for this exam.
| Item | Detail |
|---|---|
| Independent MCQs | 90 questions of 1 mark each: 90 marks |
| Case-based questions | 6 cases, each with 5 questions of 2 marks: 6 x 5 x 2 = 60 marks |
| Total | 120 questions, 150 marks |
| Duration | 180 minutes (3 hours) |
| Pass mark | 90 out of 150 (60%) |
| Negative marking | 25% of the marks assigned to a question: 0.25 on a 1-mark MCQ, 0.5 on a 2-mark case question |
| Unanswered question | 0, no deduction |
| Sectional cut-off | None. One overall score, one pass mark |
| Mode | Computer-based at a test centre, on a date and time slot you choose through NISM's certification portal |
| Result | A score card is issued at the test centre after the exam |
How the score is worked out
Each pool is scored the same way: marks for correct answers minus a quarter of the marks for wrong answers. Four wrong MCQs cancel one right MCQ (4 x 0.25 = 1). Four wrong case questions cancel one right case question (4 x 0.5 = 2).
Worked example. MCQs: 70 right, 15 wrong, 5 blank gives 70 minus 3.75, so 66.25. Case questions: 20 right, 8 wrong, 2 blank gives 40 minus 4, so 36. Total 102.25, a pass. If you attempt every question, the pass condition reduces to one line: MCQs right plus twice the case questions right must be at least 102.
You cannot pass on MCQs alone
The 90 MCQs carry exactly 90 marks, the pass mark. Skipping the case studies means every MCQ right with no wrong answer at all. Treat the 60 case marks as marks you must score, not an optional extra.
Free account, this exam preselected.
When to guess and when to leave a question
The 25% rule gives the same answer in both pools, because the deduction scales with the marks at stake:
- check_circleYou can rule out one or two options: guess.
- check_circleYou have no idea: a blind guess among four options gains on average about 0.06 marks on an MCQ and 0.13 on a case question. Flag it and return if time allows.
- check_circleNever leave a question blank that you half know. The deduction is 0.25 or 0.5; the mark you give up is 1 or 2.
- check_circleRead the whole case before answering any of its 5 questions. A wrong case answer costs 0.5, twice a wrong MCQ.
Time across the two pools
180 minutes for 120 questions is 90 seconds each on average, but the pools are not equal. Aim for 60 to 75 seconds per MCQ, which leaves 65 to 90 minutes for the 6 cases, or 10 to 15 minutes per case. Do the MCQs first, then the cases.
How NISM Series XIX-C tests the material
The two pools draw on the same 17 chapters but produce different question styles:
- check_circleMCQs from chapters I to V (investments, market efficiency, portfolio theory, capital market theory): definitions and one-step calculations, such as which form of market efficiency or how beta relates to expected return.
- check_circleMCQs from chapters VI to X and XIV to XVI (AIF suitability, ecosystem, structuring, fees, benchmarking, valuation, monitoring, taxation): facts about how an AIF is built and run.
- check_circleMCQs from chapter XVII (regulatory framework): rule recall. SEBI (AIF) Regulations 2012, FEMA, PMLA, insider trading and PFUTP rules, FATCA and CRS.
- check_circleCase studies: a fund is described with its category, structure, fee terms and a governance or valuation event. The 5 questions likely apply chapters VIII, IX, XI, XII and XIII (NISM names none) to that fund: what the manager may do, what the investor is owed, how the fee works out.
- check_circleThe trap: answering an AIF question with mutual fund or PMS logic. When two options differ only in whether they describe a mutual fund rule or an AIF rule, that difference is the question. In a case study the mistake repeats across all 5 questions, each costing 0.5.
Delivery mode and the result
Series XIX-C is a test-centre exam, not a remote-proctored one. You register on NISM's certification portal, then choose a centre, a date and a time slot. There is no exam date to wait for.
A score card is issued at the test centre. NISM does not re-evaluate papers. If you believe a specific question had an error, say so at the centre before you leave; NISM considers only on-the-spot requests.
Fee, PAN rule, validity and renewal are on the registration page.
FAQs
What is the exam pattern for NISM Series XIX-C?expand_more
90 multiple choice questions of 1 mark each plus 6 case studies with 5 questions of 2 marks each, so 120 questions and 150 marks in 3 hours. Pass mark 90 out of 150 (60%). Negative marking of 25% of a question's marks: 0.25 on an MCQ, 0.5 on a case question.
How does negative marking work on the case-based questions in NISM XIX-C?expand_more
The same 25% rule applies to both pools. A case question carries 2 marks, so a wrong answer deducts 0.5. A wrong MCQ deducts 0.25. In both pools four wrong answers cancel one right answer. A blank answer deducts nothing.
Is NISM XIX-C the toughest NISM exam?expand_more
It is one of the longest: 150 marks in 3 hours, a case-study pool most other NISM papers do not have, and 17 chapters from portfolio theory to AIF taxation. NISM publishes no pass rate.
Can I take the NISM XIX-C exam from home?expand_more
No. Series XIX-C is a test-centre exam; the AIF Managers exam page does not list a remote-proctored option.
What happens if I fail NISM Series XIX-C?expand_more
You can register again and book a fresh slot. Booking details are on the registration page.
Next steps
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