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NISM X-A Pass Marks and Pattern 2026: What Level 1 Actually Demands

NISM Series X-A (Investment Adviser, Level 1) is a harder exam than V-A on every axis. Know the exact pattern before you book.

Total marks	150
MCQs	90 independent one-mark MCQs (90 marks)
Case-based questions	9 caselets of 5 questions each: 6 caselets at 1 mark per question and 3 caselets at 2 marks per question (60 marks)
Duration	180 minutes (3 hours)
Pass mark	90 marks (60%)
Negative marking	25% of the marks for the question: 0.25 on a 1-mark question, 0.5 on a 2-mark question
Fee	Rs 3,000 plus gateway charges
Validity	3 years; renew by retaking the exam or through NISM's X-C renewal examination before expiry

Why candidates underestimate X-A

There are three reasons. The caselets ask for applied reasoning rather than recall, and they carry 60 of the 150 marks. The 25% penalty punishes the attempt-everything habit that works in V-A. And the syllabus is broad, running from financial planning to grievance redress. Treat it like a professional exam: a diagnostic mock first, chapter-targeted study, and a clear skip-or-answer rule practised until it is automatic. The negative marking guide covers the arithmetic. For the official module-wise marks, see the NISM X-A syllabus and weightage.

Who takes X-A

NISM describes the exam for individual investment advisers, principal officers of investment adviser firms registered under SEBI's Investment Adviser Regulations, and people associated with investment advice, and it is also open to interested students and professionals. See X-A versus X-B for how the two levels differ.

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Frequently Asked Questions

What is the pass mark for NISM X-A?

60%, which is 90 marks out of 150. The paper has 90 MCQs plus 9 caselets over 3 hours.

How is NISM X-A marked?

MCQs are 1 mark each. Caselets have 5 questions each: six caselets are worth 1 mark per question and three are worth 2 marks per question. A wrong answer costs 25% of that question's marks.

Is NISM X-A harder than V-A?

Generally yes: the pass mark is higher (60% against 50%), there is negative marking, and it includes case-based questions.

How should I prepare for X-A caselets?

Practise full-pattern mocks that include caselets. Recall-only MCQ practice does not prepare you for applied case questions.

How do I renew NISM X-A?

Before the 3-year certificate expires, either retake the exam or pass NISM's X-C renewal examination.

BullWiser is an independent financial education platform, not affiliated with NISM or SEBI. Exam fees, dates and rules can change — always confirm on the official portal nism.ac.in before registering. Mock tests and readiness scores are preparation aids and do not guarantee a pass. Last updated: September 2026.