NISM X-A Investment Adviser Level 1 study plan

Map every clause of the investment adviser regulations and the code of conduct to a one-line compliance action you can perform on a client file

Draft a personal definition of 'investment advice' and distinguish it from distribution, execution-only broking and portfolio management using three concrete scenarios

List the fiduciary duties (suitability, disclosure, conflict management, record keeping) and identify where each appears in the regulatory text

Explain to a mock client, in under two minutes, what you may and may not do as a registered adviser, including fee-only and execution-only boundaries

Build a one-page ethics decision checklist for handling a conflict of interest and a gift or inducement

Compute and interpret risk and return measures (holding period return, CAGR, standard deviation, Sharpe ratio) for a small hypothetical portfolio

Compare equity, debt, hybrid, money market and alternative products on risk, liquidity, taxation and suitability, and record the comparison in a table

Trace the primary and secondary market structure for equities and debt, including the roles of exchanges, depositories and clearing corporations

Summarise the main SEBI regulations governing intermediaries, mutual funds and market conduct in a structured outline

Explain the difference between risk capacity and risk tolerance using two contrasting client profiles

Design a 10-question risk profiling questionnaire that captures risk tolerance, risk capacity, time horizon, liquidity needs and behavioural biases

Apply the questionnaire to three mock clients and classify each into a conservative, balanced or aggressive risk profile with written justification

Construct model portfolios for each of the three profiles using asset allocation ranges and justify the weights with expected return and volatility estimates

Perform a basic portfolio rebalancing calculation after a simulated 15% equity market fall and state the trades needed

Identify at least four behavioural biases (loss aversion, recency, overconfidence, anchoring) and describe how each would distort a client's asset allocation

Draft a complete advisory client onboarding pack: engagement letter, fee disclosure, risk profiling record, suitability note and consent forms

Write a suitability assessment template that links client profile, product risk and recommendation rationale

Prepare a client communication script for explaining fees, conflicts and the difference between advice and product recommendation

Identify record-keeping and reporting obligations and create a document retention checklist

Role-play a complaint or grievance scenario and document the escalation and redressal steps

Analyse how interest rate changes, inflation and credit events affect debt product prices and yields using duration and credit spread concepts

Compare mutual fund schemes by category, expense ratio, exit load and benchmark, and select suitable schemes for two different client profiles

Explain the taxation of capital gains and income for equity, debt and mutual fund investments and calculate tax liability for two sample portfolios

Interpret key valuation metrics (P/E, P/B, dividend yield, yield to maturity) and explain their limitations

Map the investor grievance and dispute resolution mechanism, including SEBI SCORES and arbitration

Integrate risk profiling, asset allocation and product selection into a full written financial plan for a mock client with specific goals, cash flows and contingencies

Stress-test the plan against three scenarios: equity market fall of 30%, interest rate rise of 200 bps and loss of primary income

Write a client-facing summary of the plan in plain language, including assumptions, risks and review triggers

Document the conflict-of-interest and fee disclosures that must accompany the plan

Define a monitoring and review schedule with measurable review triggers and rebalancing rules

Consolidate the regulatory framework into a single timeline of key SEBI regulations, amendments and compliance deadlines relevant to investment advisers

Create a 40-question self-test covering advisory profession basics, market structure, compliance and ethics, and score at least 80%

Review every incorrect answer and write a one-line correction note for each

Explain the registration, renewal, and surrender process for an investment adviser, including eligibility, capital and qualification requirements

Prepare a compliance calendar for ongoing obligations (disclosures, reporting, record maintenance, client consent)

Take two full-length mock examinations under timed conditions and score at least 75% on each

Analyse mock exam performance by domain and create a targeted revision list for the two weakest domains

Rehearse concise verbal explanations of the 20 most testable concepts across all five domains

Review all personal notes, checklists and templates and produce a final one-page formula and concept sheet

Simulate the exam-day routine, including time allocation per question and a strategy for flagged questions