Examination Overview - NISM Series XB: Investment Advisor (Level 2) w.e.f. March 29, 2025
The NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination is designed to create a common minimum knowledge benchmark for individual investment advisers, principal officers of non-individual investment advisers, and persons associated with investment advice, as specified under the SEBI (Investment Advisers) Regulations, 2013.
This examination builds upon the foundational knowledge assessed in the NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination, and focuses on the practical application of investment advisory concepts through case-based questions.
The Level 2 examination emphasizes advanced competencies in financial planning, asset allocation, product suitability, compliance, and client relationship management. Passing both Level 1 and Level 2 is mandatory for registration as an investment adviser or associated person under SEBI regulations.
The certification aims to enhance the quality of investment advisory and related services in India's financial services industry by ensuring that advisers meet a consistent standard of professional knowledge and ethical responsibility.
Examination Objectives
The NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination aims to assess the practical knowledge and advisory skills required under the
SEBI (Investment Advisers) Regulations, 2013. Upon successful completion of the examination, the candidate should be able to:
Understand and Apply Financial Planning Principles: Develop and implement comprehensive financial plans tailored to clients' goals, covering budgeting, goal-setting, cash flow analysis, and wealth accumulation strategies.- Know the Aspects of Insurance Planning and Risk Management: Understand various types of insurance products (life, health, general) and their role in managing personal and financial risk. Evaluate insurance needs and recommend suitable risk management strategies.
- Understand Retirement Planning and Products: Identify the features of retirement-related financial products (e.g., NPS, EPF, annuities) and advise clients on retirement planning strategies, considering income needs, inflation, and longevity risk.
- Understand Estate Planning Tools and Their Importance: Recognize the significance of estate planning in wealth transfer and succession. Understand tools such as wills, trusts, and power of attorney, and their role in meeting client estate objectives.
- Know Taxation Aspects of Financial Securities: Understand the tax implications of various financial instruments including equities, mutual funds, fixed income securities, insurance products, and retirement accounts, to offer tax-efficient advice.
- Assess Client Risk Profiles Effectively: Conduct comprehensive risk profiling by evaluating risk capacity, tolerance, and investment horizon, ensuring suitability of recommended strategies and products.
- Apply Behavioral Finance Insights in Client Advisory: Understand common behavioral biases that affect investment decisions and incorporate behavioral coaching to help clients make rational, goal-aligned financial choices.
- Construct and Manage Investment Portfolios: Apply asset allocation and diversification principles to design suitable portfolios, monitor performance, and rebalance as needed in line with client objectives and market conditions.
- Ensure Product Suitability and Regulatory Compliance: Match financial products with client needs in compliance with SEBI's suitability guidelines, while maintaining ethical standards and full disclosure.
- Demonstrate Problem-Solving through Case-Based Scenarios: Analyze and respond to real-life case studies involving client-specific financial goals, challenges, and regulatory considerations, showcasing holistic and compliant advisory solutions.
For more details, please visit the official website of
NISM.
Assessment Structure
| Component |
Details |
| Mode of Exam |
Online (Computer-Based Test) |
| Language Options |
English |
| Number of Questions |
120 |
| Type of Questions |
90 multiple-choice questions of 1 mark each and 6 caselets with 5 sub-questions of 2 marks each (Total 120 questions adding up to 150 marks). |
| Total Marks |
150 |
| Passing Criteria |
60% (You need at least 60 correct answers) |
| Negative Marking |
25% of the marks assigned to the question |
| Exam Duration |
3 Hours (180 Minutes) |
| Exam Fee |
Rs 3,000 (inclusive of GST) + payment gateway charges extra |
| Result Declaration |
Immediately after exam completion |
| Certificate Validity |
3 Years from the date of passing |
| PAN Requirement |
PAN must be updated in your profile to apply |
| Exam Delivery Modes |
At 150+ NISM test centers across India |
Syllabus Outline with Weightages
| Unit No. |
Unit Name |
Weightage (%) |
| Unit 1 | Derivatives Fundamentals | 10 |
| Unit 2 | Basics of Index | 5 |
| Unit 3 | Forward (Introduction) | 20 |
| Unit 4 | Options (Introduction) | 20 |
| Unit 5 | Strategies for Option Trading | 10 |
| Unit 6 | Trading Systems Introduction | 10 |
| Unit 7 | Clearing Introduction | 10 |
| Unit 8 | Legal and Other Regulations | 5 |
| Unit 9 | Accounts and Tax | 5 |
| Unit 10 | Investor Protection Service and Sales Practices | 5 |
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Frequently Asked Questions - NISM Series X-B: Investment Adviser (Level 2)
Finding a high-quality NISM X-B Investment Adviser (Level 2) Mock Test is essential for this advanced, case-study-driven exam. A reliable test must accurately simulate the complex scenarios you will face. At nismexams.in, our package is specifically designed for this, featuring over 600+ practice questions and 40 case study-based questions that mirror the real exam's focus on practical application and advanced advisory skills.
The NISM Series X-B exam is a rigorous 3-hour test, totaling 150 marks. The structure is heavily weighted towards practical application:
90 standard Multiple Choice Questions (MCQs) of 1 mark each.
6 extensive caselets, with 5 sub-questions each, where every question is worth 2 marks (totaling 60 marks for case studies). There is a 25% negative marking, and the passing score is 60% (a minimum of 90 marks).
While NISM X-A builds the foundation, NISM X-B is a test of practical application and advanced competency. The key differences are:
Focus: Level 2 emphasizes real-world advisory skills through complex case studies.
Question Value: The case study questions in Level 2 are worth 2 marks each, making them much more critical to your final score.
Syllabus Depth: Level 2 covers advanced topics like estate planning, retirement planning strategies, and behavioral finance in greater detail.
While there isn't a chapter-wise weightage provided, the examination objectives make it clear that you must focus on the practical application of knowledge. The most critical areas are:
Comprehensive Financial Planning and Application
Case-Based Scenarios involving product suitability, asset allocation, and risk profiling.
Advanced Advisory Topics like Retirement Planning, Estate Planning, and Behavioral Finance. Our NISM X-B Practice Test is designed to build your skills in these specific areas.
Case studies are the heart of the NISM X-B exam. They constitute 60 out of 150 marks (40% of the exam), and each question is worth 2 marks. They are designed to test your ability to move beyond theory and apply holistic financial planning principles to solve real-life client problems. Your success in this exam is directly tied to your performance in this section, which is why our course includes 40 specific case study-based questions.
Relying solely on a free Investment Adviser Mock Test is highly inadvisable for the Level 2 exam. The complexity of the 2-mark case studies and the advanced syllabus require a structured, in-depth preparation plan. Free resources are unlikely to provide the quality or quantity of case studies needed to prepare effectively.
Yes, trying a NISM X-B Demo Test is a very smart move, especially to understand the difficulty and format of the 2-mark case study questions. A good demo should give you a clear idea of how a complex client scenario is presented. While our main offering at nismexams.in is a premium package, a demo helps you see the value you'll get from our full Investment Adviser Practice Test.
To successfully pass the NISM Series X-B Certification Exam, you must score a minimum of 60%, which translates to 90 marks out of the total 150. Achieving this score requires a very strong performance in the high-value case study section, especially with the 25% negative marking.
You can find a complete Investment Adviser Model Test, including a rich bank of advanced case studies, within the comprehensive preparation package at nismexams.in. Our platform is specifically designed to provide an authentic exam experience. Each NISM X-B Model Test is created by industry experts to accurately reflect the difficulty and practical nature of the actual NISM exam.
The 25% negative marking is particularly impactful on the 2-mark case study questions. For every incorrect answer in this section, 0.5 marks will be deducted. This makes random guessing very costly. Your strategy must be to answer only when you are confident in your analysis of the case. Practicing with our NISM X-B Practice Test helps you develop the accuracy needed for these high-stakes questions.
Yes, absolutely. The NISM Investment Adviser certification is a two-level examination. Passing the NISM-Series-X-A: Investment Adviser (Level 1) exam is a mandatory prerequisite before you can appear for the NISM-Series-X-B (Level 2) exam.
The 15-day access plan at nismexams.in is designed for focused, short-term preparation. A successful 15-day strategy would be:
Days 1-7: Go through our Concise Short Notes to quickly cover the advanced concepts like estate planning, retirement strategies, and behavioral finance.
Days 8-12: Dedicate this time to intensive practice with our 600+ MCQs and 40 Case Study-Based Questions.
Days 13-15: Take multiple full-length mock tests to master the 3-hour time limit and refine your case study analysis skills.
Yes, these are key distinguishing topics of the Level 2 exam. The syllabus requires a deep understanding of Estate Planning tools (wills, trusts) and the ability to apply insights from Behavioral Finance to coach clients and help them avoid common investment biases.
This is a core objective because the Level 2 exam is not about recommending individual products in isolation. It tests your ability to create a holistic financial plan that integrates all aspects of a client's financial life, including insurance, retirement, investments, and estate planning, which is a key skill for a professional investment adviser.
Our package is designed for thorough practice. We offer 15 test attempts per set, which allows you to retry the tests multiple times. This repetition is key to mastering the complex case studies and tracking your improvement, ensuring you are fully confident on exam day.
Yes, absolutely. Our content is always aligned with the latest NISM syllabus. We ensure our question bank and mock tests reflect the current curriculum, including the changes effective from March 29, 2025, so you are studying the most relevant information.
After you successfully pass the exam, the NISM Series X-B: Investment Adviser (Level 2) Certification is valid for a period of three years. To maintain your overall Investment Adviser certification, you must adhere to the renewal requirements prescribed by NISM, which may include re-taking the exams or completing a CPE program.
Yes, our NISM X-B Practice Test gives significant importance to the practical application of tax knowledge. Our case studies and questions are designed to test your ability to understand the tax implications of various financial products and offer tax-efficient advice, which is a key objective of the exam.
An Investment Adviser Demo Test is a short, free sample designed to give you a preview of our platform, especially how we handle the advanced, 2-mark case studies. In contrast, a full mock test is a complete 3-hour, 150-mark simulation of the actual exam. A demo is for a quick look, but only the full mock tests can properly prepare you for the endurance and complexity of the real exam.
Our course provides exceptional value, especially for an advanced exam like NISM Series X-B. For just Rs. 599, you get a complete and expertly designed preparation toolkit, including a large bank of both MCQs and crucial, high-value case studies, concise revision notes, and multiple test attempts. This affordable package offers a structured and reliable path to passing a mandatory SEBI certification.
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