100 questions. 120 minutes. 50 marks to pass. No negative marking.

On paper, the NISM Series V-A examination looks straightforward. And after spending time going through the syllabus and completing the chapters, it’s natural to feel that you’re ready. 

But preparation can feel different when you start attempting mock tests. That’s often when you discover the gap between reading the material and applying the concepts under exam conditions.

So, before you begin your next round of preparation, here are six common mistakes that are easy to overlook, and how to avoid them.

1. Relying Only on Theory

The NISM curriculum covers areas ranging from investment risks and asset allocation to mutual fund structures, distribution, regulations, taxation and investor suitability. With so much to cover, it’s easy to focus on completing the material rather than testing how well you can apply it. 

The common mistake

• Reading concepts without testing your understanding
• Moving to the next chapter without practising questions
• Focusing on definitions rather than their application

How to avoid it

After completing each topic, give yourself a few MCQs from the NISM workbook, official practice resources, or a reliable mock-test platform. Getting some wrong is part of the process, it helps you see where you may need more practice.

Instead of asking, “Have I finished this chapter?”, try asking:

“Would I know how to apply this if it appeared in the exam?”

That small shift can help you identify gaps early and make your preparation feel more focused and manageable.

2. Underestimating Numerical and Taxation Topics

It’s understandable to spend more time on chapters that feel easier and leave calculations for later. But postponing numerical and taxation topics can make revision more stressful towards the end. 

The common mistake

Leaving calculation-based topics until the final days of preparation. 

How to avoid it

Create a separate revision sheet containing:

• Important formulas
• Key calculations
• Tax-related concepts
• Frequently tested concepts
• Examples that you find difficult

Revisit these topics regularly rather than trying to cover them all at once. 

3. Memorising Instead of Understanding

There are plenty of terms to remember in the NISM curriculum, including risk profiling, behavioural biases, asset allocation and DIY versus professional investing.

Trying to memorise everything can become overwhelming.

The common mistake

Trying to remember: “What does this term mean?”

without asking: “Why does this matter to an investor?”

How to avoid it

For every important concept, understand three things:

What is it? → Why does it matter? → Where is it applied?

This approach can also make revision easier because concepts become connected rather than isolated facts.

4. Treating Suitability as a Memory Exercise

Suitability questions involve practical investor situations. Simply remembering scheme categories may not be enough, you also need to understand how they relate to different investor circumstances. 

A useful way to approach this is to think about the investor’s goal, time horizon, risk profile and income situation before considering the product. 

The common mistake

Memorising fund categories without understanding the investor context in which they are applied.

How to avoid it

When studying suitability, always attach a client profile to the product. 

Ask: who would this fund be right for, and under what circumstances? 

Practising scenario-based questions can help you become more comfortable with this kind of application. 

5. Using an Outdated Workbook

NISM regularly updates its workbook. So, a workbook shared by a friend or colleague from a previous batch may no longer reflect the current syllabus. 

The common mistake

Using a familiar or convenient version of the material without checking whether it is current. 

How to avoid it

Download and study the latest edition of the NISM Series V-A workbook directly from nism.ac.in. 

If you’re using additional study material, check that it aligns with the current syllabus. This is one preparation step that’s easy to get right from the beginning. 

6. Skipping Mock Tests 

Being well-prepared for the content and being able to complete 100 questions in 120 minutes are two different things. This exam tests your pacing as much as your knowledge.

With an average of about 72 seconds per question, practising under timed conditions can help you understand your pace and identify where you tend to spend more time.

The common mistake

Taking a mock test only once, usually a few days before the exam.

How to avoid it

Aim for 8–10 full-length, timed mock attempts if your preparation schedule allows. This can help you find a pace that works for you.

Use each mock to understand:

• Which questions take longer
• Which topics need more revision
• Which mistakes you tend to repeat

The goal isn’t simply to score well in a mock. It’s to learn from one attempt and make the next one better.

And remember: there is no negative marking. So, try to attempt every question rather than leaving questions unanswered.

A Note on the Night Before

The night before the exam isn’t the time to start learning everything again.

Instead, review your own notes, revisit your formula sheet and quickly go through areas you already know need attention.

Most importantly, give yourself enough time to rest.

How to Build a More Structured Preparation Plan

Preparing independently can make it difficult to know what to study, how much to practise and where to focus your revision.

A simple four-stage approach can help: 

• Learn: Understand the concepts and complete the syllabus. 
• Practice: Solve questions after each topic. 
• Revise: Return to difficult concepts, formulas and frequently tested areas. 
• Test: Take full-length mocks under exam-like conditions.

This turns preparation into a continuous cycle of learning, practising and improving, rather than simply trying to finish the syllabus. 

If you’re looking for some guidance along the way, a structured learning programme can make the preparation journey easier to navigate. 

AssetPlus Academy offers FREE online and offline NISM Series V-A training programs delivered by certified professionals and industry experts to help candidates prepare in a structured and exam-focussed approach. 

Prepare smarter for NISM Series V-A with AssetPlus Academy. Select a training mode that suits you best, from our live online classes, in-person workshops held across different cities or self-study courses to learn at your own pace. The training programs are interactive, include practical learning with mock tests and doubt clearing sessions.

Join a free course today.

FAQs

1. What is the NISM Series V-A examination?

‍The NISM Series V-A: Mutual Fund Distributors Certification Examination is the requisite knowledge standard for associated persons engaged in the sale and distribution of mutual fund products, as stated by NISM.

2. What is the passing score for NISM Series V-A?

The passing score is 50%. The examination consists of 100 questions for 100 marks and must be completed in two hours.

3. Does NISM Series V-A have negative marking?

‍No. The current NISM Series V-A examination has no negative marking. Attempt every question.

4. What does the NISM Series V-A syllabus cover?

‍The NISM V-A curriculum covers the investment landscape, investor goals, asset classes, investment risks, risk profiling, asset allocation, mutual fund concepts and structures, including equity, debt, hybrid and solution-oriented schemes, distribution, regulation, taxation and other aspects relevant to mutual fund distribution.

5. How can I prepare effectively for NISM Series V-A?

‍Use the official NISM study material alongside structured learning, daily numerical practice, scenario-based suitability questions, and regular full-length mock tests. Conceptual understanding combined with consistent timed practice is more effective than reading alone.

6. How long is the NISM Series V-A certification valid?

The certification is currently valid for three years.

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