NISM Series X-A (Investment Adviser Level 1) is a harder exam than V-A on every axis. Know the pattern before you book:
| Item | X-A |
|---|---|
| Total marks | 150 |
| Format | 90 MCQs (1 mark) + 9 caselets (case-based question sets) |
| Duration | 3 hours |
| Pass mark | 60% (90 of 150) |
| Negative marking | 25% of the marks per wrong answer |
| Syllabus | 20 chapters — financial planning to grievance redress |
Three reasons: the caselets demand applied reasoning, not recall; the 25% penalty punishes the "attempt everything" habit carried over from V-A; and 20 chapters is double the V-A syllabus. Treat it like a professional exam — diagnostic mock first, chapter-targeted study, and strategic skipping drilled into muscle memory.
60% — 90 marks out of 150. The paper has 90 MCQs plus 9 case-based question sets, over 3 hours.
Yes, substantially: higher pass mark (60% vs 50%), negative marking (25% vs none), case-based questions, and a 20-chapter syllabus.
Practice full-pattern mocks that include caselets — recall-only MCQ practice does not prepare you for applied case questions. BullWiser's X-A mock mirrors the 90+9 structure.