AIF ManagersCertification Guide.
Advanced certification for AIF managers covers fund management, portfolio construction, due diligence, valuation, compliance, and governance. Mandatory for AIF KMPs.
Difficulty
Advanced
Suggested prep: 25-30 days
Negative marking
25%
Avoid blind guessing.
Validity
3 years
Computer-Based Test (CBT)
Priority
Rank 9
Alternative Investments track
What this certification is really testing.
This template pulls directly from the NISM database so the article stays factual, structured, and easy to scan before you register.
Ideal for
Senior fund management professionals at AIFs
Those launching their own AIF
Career paths
AIF Fund Manager
PE/VC Partner
Head of Investments at AIF
Mandatory for
Key Management Personnel (KMP) of AIFs
Fund managers at AIF firms
Study by chapter weightage, not by guesswork.
The highest scoring chapters carry 77% of the paper. Start there, then use the low-weight chapters for polish.
High-weightage focus
Fund Management and Portfolio Construction
20%AIF Framework and Structure
15%Due Diligence and Valuation
15%Regulatory and Compliance
15%Risk Management
12%Key concepts to remember
AIF managers (KMP) must hold XIX-C certification mandatory for fund management roles
Fund manager fiduciary duty: must act in best interest of investors, not personal
Due diligence before investment is mandatory documented process required
Valuation of AIF portfolio: must follow SEBI-prescribed valuation norms
Conflicts of interest: must be identified, disclosed, and managed proactively
Capital commitment model: investors commit capital, called when investments are identified (drawdown)
A clear way to study this module.
Use the database strategy as the practical order of attack: official workbook first, high-weightage chapters next, then mocks and exam-day control.
Study strategy
Focus on Fund Management (Ch 3, 20%) and Due Diligence/Valuation (Ch 4, 15%)
Regulatory and Compliance (Ch 6, 15%) SEBI AIF Regulations for KMPs
AIF Framework and Structure (Ch 2, 15%) sponsor, manager, trustee roles
This is an advanced exam requires understanding of PE/VC fund mechanics
Exam-day tips
Standard format 100 MCQs, 120 minutes
Fund management and governance questions dominate
0.25 negative marking be cautious with specific regulatory requirements
Due diligence and valuation questions are often scenario-based
Scoring warning
The pass mark is simple. The paper is not.
Because this paper has negative marking, precision matters more than speed. Attempt the sure questions first, then return to calculations and close-call options.
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