Who can take it
There is no minimum qualification barrier to sit the NISM Series V-A examination — it is open to anyone entering mutual fund distribution. Basic comfort with numbers and spreadsheets helps.
The first step into the mutual fund industry
NISM Series V-A is the mandatory certification for anyone who wants to sell or distribute mutual funds in India. Clearing it is what lets you apply for your ARN (AMFI Registration Number) and begin earning as a distributor. Our training gets you exam-ready.
Academic & institutional acceptance
Trusted & recognised worldwide
The gap
The syllabus looks simple. The pass rate says otherwise.
NISM Series V-A has no negative marking and a 50% pass mark, so it looks easy on paper. Yet many first-time candidates don't clear it on the first attempt — not because the material is hard, but because of how they prepare.
Reading isn't the same as answering
The workbook explains concepts one way; the exam asks them as application and calculation questions framed quite differently.
The numerical questions catch people out
NAV, returns, taxation and load calculations carry real weight, and the test centre expects you to work them in Excel or LibreOffice.
300 pages, no plan
The workbook is long and dense. Without a sequence, most candidates lose momentum halfway and cram the rest.
No practice under exam conditions
100 questions in 120 minutes is comfortable only if you've rehearsed it. Most first-timers haven't.
Our training covers all 12 chapters in a structured order, explains each concept the way the exam actually tests it, and gives you exam-format practice — so your study time turns into a pass.
What is the NISM Series V-A certification?
NISM-Series-V-A: Mutual Fund Distributors Certification Examination sets the common minimum knowledge benchmark for everyone involved in selling and distributing mutual funds in India. Passing it is a regulatory requirement to obtain an ARN and operate as a mutual fund distributor. The syllabus covers the full working knowledge a distributor needs — the structure and regulation of mutual funds, how schemes are distributed, NAV and pricing, taxation, investor services, and how to evaluate schemes and recommend suitable products to investors.
Who the examination is for
Individual mutual fund distributors; employees of organisations engaged in selling and distributing mutual funds; and employees of asset management companies, particularly those in sales and distribution.
What our training does
Covers every concept in the official NISM syllabus and shows how each is tested in exam-type questions — taking you from the basics of mutual funds through to scheme selection and investor advice, with the numerical practice the exam demands.
Who should take this training?
Aspiring mutual fund distributors
Anyone who wants an ARN and plans to start selling mutual funds as an independent distributor.
Insurance & other agents
Advisors adding mutual funds to an existing practice built on insurance or other products.
AMC & distribution employees
Sales and distribution staff at asset managers and distribution houses who need the certification for their role.
Bank relationship staff
Branch and relationship teams who sell or refer mutual funds to customers
Finance students & graduates
Those entering the industry who want a recognised first credential on their resume.
Homemakers & second-career starters
Anyone building a flexible, commission-based distribution practice from scratch.
Roles this certification opens
Mutual Fund Distributor MFD / ARN Holder AMC Sales Executive Relationship Manager Distribution Channel Partner Investment Advisor (with further certification)
Trusted by Leading Employers
Our certifications open doors to top companies across the finance industry.
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Program Overview
A structured route to
your ARN
Our training assists you with every concept required by
the official NISM Series V-A syllabus and shows how each applies in exam-type
questions. It takes you from the investment landscape and the concept of a
mutual fund, through legal structure, regulation, NAV, taxation and investor
services, to scheme performance and selection.
Carefully designed learning material, clear concept
explanations, exam-relevant examples and practice questions guide you through
the volume of the syllabus in a manageable way — with particular attention to
the numerical topics that decide most results.
- Concepts, then questions: each topic is taught the way the exam tests
it, so recognition becomes second nature.
- Numericals made simple: NAV, returns, load and taxation calculations
worked step by step, ready for the Excel-based test centre.
- A clear sequence: all 12 chapters in a planned order, so
nothing gets crammed at the end.
- Exam technique: pacing 100 questions across 120 minutes and reading application-based questions correctly.
What the training covers: 12 chapters, one clear path
The syllabus builds in the order a distributor needs it — from understanding the product and its regulation, through the numbers and the operations, to evaluating and recommending schemes. Every chapter maps directly to the NISM Series V-A examination.
Chapter What it covers 1 · Investment Landscape Investor goals, asset classes, investment risk, risk profiling and asset allocation. 2 · Concept & Role of a Mutual Fund What a mutual fund is, how schemes are classified, and the growth of the industry in India. 3 · Legal Structure of Mutual Funds in India The sponsor, trustee and AMC structure and how the pieces fit together. 4 · Legal & Regulatory Framework SEBI regulation, the role of AMFI, and the rules that govern distribution. 5 · Scheme Related Information Offer documents, SID, SAI and KIM — what they contain and how to use them. 6 · Fund Distribution & Channel Management Types of distributors, modes of distribution, commissions, SEBI disclosure and distributor due diligence. 7 · NAV, Total Expense Ratio & Pricing of Units Fair valuation, NAV computation, loads, and the accounting behind unit pricing. 8 · Taxation How mutual fund investments are taxed across scheme types and investor categories. 9 · Investor Services KYC, application processing, systematic transactions, cut-off times and the transaction lifecycle. 10 · Risk, Return & Performance of Funds Risk factors, drivers of return, and how scheme performance is measured. 11 · Mutual Fund Scheme Performance Benchmarks, performance measures and how to read a scheme's track record. 12 · Mutual Fund Scheme Selection Selecting schemes by investor need, risk profile and strategy, and the do's and don'ts of recommendation. Coverage follows the official NISM Series V-A syllabus (workbook version March 2026). NISM publishes the definitive workbook on its website; always refer to the current version.
Why structured preparation makes all the difference
Why structured preparation makes the difference
First-timers usually struggle, not for lack of ability, but
because:
- they read the workbook cover to cover without
practising questions
- the numerical topics are skipped or rushed
- there's no plan across the 12 chapters
- they never sit a full timed mock before the real exam
How the training addresses it
We turn a 300-page reference into a
guided study path — concept explanations, worked numericals and exam-format
practice in the order that builds understanding. You walk into the exam having
already seen the shape of the questions, not meeting them for the first time.
What you'll be able to do
Understand the product
Explain the concept, structure and classification of mutual funds, and the legal and regulatory framework that governs them.
Handle the numbers
Compute NAV, total expense ratio, loads, returns and the taxation that applies to different schemes and investors.
Serve the investor
Manage investor services, KYC, systematic transactions and the full transaction lifecycle correctly.
Recommend suitably
Evaluate scheme performance and selection, and recommend suitable products based on an investor's needs and risk profile.
No uncertainty after payment
No uncertainty after payment
01
Enroll in the training
Pay securely. Your learning access is activated within 24 hours.
02
Work through 12 chapters
A structured path through the full syllabus, numericals included.
03
Practise exam-type questions
Application and calculation questions in the exact format the paper uses.
04
Register with NISM Live tier
Book your examination on the NISM certification portal and pay the NISM fee.
05
Clear the exam
100 questions in 120 minutes, 50% to pass, no negative marking.
06
Apply for your ARN
Use your NISM certificate to obtain your AMFI Registration Number and start distributing.
Faculty
◆Learn from practitioners, not presenters
Dr. Deepak Jain
Director & Co-founder, AAFM® India
25+ years in wealth management and estate planning. Author of 26 books on finance; has led AAFM India to train 45,000+ individuals including 30,000+ wealth managers.
Saurabh Jain
Faculty, AAFM® India
CA, CS, CFA, FRM, CFP (US), CWM®, CTEP, CISI (UK), CCRA, CIRA, AIM
A multi-credentialed finance professional bringing deep expertise across accounting, risk, wealth management and estate planning.
Himanshu Patodi
VP – HSBC Bank
CWM, CTEP, IIM-Mumbai
A transformational leader with 2 decades of experience in global premier banking, designing wealth strategies that bridge borders, insights and legacies.
The curriculum: 20 units, two levels, one integrated framework
NISM Series V - A - Mutual Fund Distributor Certification
NISM Series V - A - Mutual Fund Distributor Certification 46 Lessons 10:09:51
Chapter 1- Investment Landscape
3 Lessons
00:46:11 Hours
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Investment Landscape - Part 1
00:18:30
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Investment Landscape - Part 2
00:22:52
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Practice Questions
00:04:49
Chapter 2- Concept & Role of Mutual Funds
3 Lessons
00:49:51 Hours
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Concept & Role of Mutual Funds - Part 1
00:09:35
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Concept & Role of Mutual Funds - Part 2
00:34:34
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Practice Questions
00:05:42
Chapter 3 - Legal Structure of Mutual funds in India
3 Lessons
00:41:18 Hours
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Legal Structure of Mutual funds in India - Part 1
00:18:05
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Legal Structure of Mutual funds in India - Part 2
00:17:15
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Practice Questions
00:05:58
Chapter 4 - Legal & Regulatory Framework
3 Lessons
00:40:01 Hours
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Legal & Regulatory Framework - Part 1
00:17:43
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Legal & Regulatory Framework - Part 2
00:16:54
-
Practice Questions
00:05:24
Chapter 5- Scheme Related information
3 Lessons
00:29:31 Hours
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Scheme Related information - Part 1
00:11:57
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Scheme Related information - Part 2
00:11:19
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Practice Question
00:06:15
Chapter 6 - Fund Distribution & Channel Management Practices
3 Lessons
00:39:32 Hours
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Fund Distribution & Channel Management Practices - Part 1
00:12:37
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Fund Distribution & Channel Management Practices - Part 2
00:21:12
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Concept Builder - Part 3
00:05:43
Chapter 7 - Net Asset value, Total Expense Ratio & Pricing of Units
2 Lessons
00:42:34 Hours
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Net Asset value, Total Expense Ratio & Pricing of Units - Part 1
00:36:40
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Concept Builder - Part 2
00:05:54
Chapter 8 - Taxation
2 Lessons
00:28:57 Hours
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Taxation - Part 1
00:23:54
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Concept Builder - Part 2
00:05:03
Chapter 9 - Investor Services
7 Lessons
02:01:16 Hours
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Investor Services - Part 1
00:15:05
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Investor Services - Part 2
00:20:26
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Investor Services - Part 3
00:17:54
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Investor Services - Part 4
00:19:30
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Investor Services - Part 5
00:19:27
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Investor Services - Part 6
00:23:35
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Practice Questions
00:05:19
Chapter 10 - Risk, Return and performance of Funds
5 Lessons
01:36:34 Hours
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Risk, Return and performance of Funds - Part 1
00:15:50
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Risk, Return and performance of Funds - Part 2
00:27:10
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Risk, Return and performance of Funds - Part 3
00:21:07
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Risk, Return and performance of Funds - Part 4
00:26:31
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Practice Questions
00:05:56
Chapter 11 - Mutual Funds Scheme Performance
3 Lessons
00:28:45 Hours
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Mutual Funds Scheme Performance - Part 1
00:08:31
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Mutual Funds Scheme Performance - Part 2
00:15:31
-
Practice Questions
00:04:43
Chapters 12 - Mutual Funds Scheme Selection
3 Lessons
00:45:21 Hours
-
Mutual Funds Scheme Selection - Part 1
00:10:57
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Mutual Funds Scheme Selection - Part 2
00:29:12
-
Practice Questions
00:05:12
Mock Tests
6 Lessons
00:00:00 Hours
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NISM Series V-A Mock Test 1
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Answer Sheet Mock Test 1
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NISM Series V-A Mock Test 2
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Answer Sheet Mock Test 2
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NISM Series V-A Mock Test 3
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Answer Sheet Mock Test 3
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Our alumni work at India's leading wealth institutions
CWM® charterholders serve in private banking, wealth advisory, financial planning, and portfolio roles across these organizations — part of a 300,000+ global alumni network.
One exam, one certificate
Eligibility & pathway
What it leads to
On passing, you receive the NISM Series V-A certificate, which you use to apply for your ARN from AMFI and begin distributing mutual funds.
The certificate is valid for three years. Renewal is through a NISM Continuing Professional Education (CPE) programme or by re-taking the examination before it expires — check the current NISM policy at renewal time.
The counsellor call, replaced
Fees, exams & eligibility — answered
Everything you'd normally ask a counselor, answered here.
Fees and enrollment
It is the Mutual Fund Distributors Certification Examination conducted by NISM. Passing it is the regulatory requirement to obtain an ARN and sell or distribute mutual funds in India. Our training prepares you to clear it.
NISM conducts the examination and issues the certificate. NISM is a public trust established by SEBI. AAFM® India provides training to help you prepare, and you register and pay for the exam directly with NISM.
Yes. Clearing NISM Series V-A is what allows you to apply for your ARN from AMFI, which is mandatory before you can distribute mutual funds and earn commission.
If you only plan to distribute mutual funds, V-A is the exam you need. If you also intend to distribute Specialized Investment Fund (SIF) products, the newer V-D covers both in one certificate. Many distributors start with V-A and add V-D later as their practice grows — we offer training for both.
Exams and eligibility
100 multiple-choice questions of 1 mark each, completed in 120 minutes. You need 50% — 50 marks — to pass, and there is no negative marking, so it pays to attempt every question.
No. NISM Series V-A has no negative marking, which means you should never leave a question blank — an educated guess can only help.
Yes. Test-centre computers run Excel or LibreOffice Calc, and the numerical questions expect you to compute there. Our training walks you through NAV, return, load and taxation calculations so you're comfortable before exam day.
The NISM examination fee is ₹1,500, with payment gateway charges extra, paid directly to NISM when you register. This is separate from the training fee.
Three years. It is renewed through a NISM CPE programme or by re-taking the exam before expiry — check the current NISM policy at renewal time.
Structured coverage of all 12 chapters, concept explanations with exam-relevant examples, worked numericals, and practice questions in the exam's format — accessible on mobile and desktop, with dedicated learning support.
No. The training begins with the fundamentals of investing and mutual funds and builds up from there, so it suits complete beginners as well as those already in the industry.
The workbook is the syllabus, but it's a dense 300-page reference, not a study plan. Most people don't struggle to find the material — they struggle to work through it in the right order and turn it into exam answers, especially the numericals. That's exactly what our training does for you.
No — the exam is conducted and assessed entirely by NISM. What our training does is prepare you thoroughly, so you sit the exam ready rather than hoping. The result depends on your own preparation on the day.
Training fees are non-refundable once paid, so please review the full course details before enrolling. If anything is unclear, request a callback and an advisor will talk you through it first.
Global community
◆ AAFM®-certified professionals practise in the world’s major financial centres
Not sure whether to take V-A or V-D?
If you're selling only mutual funds, V-A is your exam. If you're moving into SIFs too, V-D covers both. A career expert can help you choose in ten minutes.
Talk to a Career Expert →Self-paced or live
◆Choose your Study Mode
Two ways to earn the CWM® charter. Both include your student registration fee and 12-month LMS access, both lead to the same charter, and exam fees are separate.
Study on your own schedule
₹999
+ 18% GST
₹1178.82 payable today
- Structured coverage of all 12 chapters
- Concept explanations with exam-relevant examples
- Worked numericals — NAV, returns, loads, taxation
- Practice questions in the exam format
- Access on mobile and desktop
- Dedicated learning support
Start your career as a mutual fund distributor.
NISM Series V-A is the first step, and this training gets you through it. Everything you need to decide is on this page — the syllabus, the exam pattern and the fees.
Enroll in the Training →
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