Certification Guides
Two exams come up again and again for freshers entering banking and insurance — IRDAI's IC-38 and NISM Series V-A. They are for different jobs, and doing the wrong one costs you the fee and three weeks. Here is what each actually covers, what it costs, and who should skip it.
The pre-recruitment exam you must clear before you can be appointed as an insurance agent in India. What is on the paper, what it costs, and what the licence actually lets you do.
The exam you must clear before you can legally sell mutual funds in India. Here is what it costs, what is on the paper, and — honestly — what it does and does not do for a fresher.
At a glance
The two most-searched entry certifications in Indian BFSI, side by side.
Scroll sideways to see every column
| IC-38 | NISM V-A | |
|---|---|---|
| Regulator | IRDAI (via Insurance Institute of India) | SEBI (via NISM) |
| Fee | Varies by insurer — commonly ₹500–₹800 | ₹1,500 + GST |
| Questions | 50 | 100 |
| Duration | 60 minutes | 120 minutes |
| Pass mark | 18 of 50 (35%) | 50% |
| Negative marking | None | None |
| Validity | Tied to your agent appointment | 3 years |
| Best for | Insurance agency and advisory roles | Mutual fund sales, bank RM roles |
Pick by the job, not the exam. If you are aiming at a salaried role inside a bank where you will advise on investments, NISM V-A is the more useful credential and you can book it yourself. If you are joining an insurer or building an agency book, IC-38 is the one you need — and in most cases your employer will put you through it, because you generally need a sponsor to sit it at all.
If you are not sure which direction suits you, that is a better conversation than a purchase. Our counsellors will tell you when a free employer-led program is the smarter route than any paid certification — see the roles our candidates actually joined before you decide.
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