Examination Overview - NISM Series XB: Investment Advisor (Level 2)w.e.f. March 29, 2025
TThe 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
On successful completion of the examination, the candidate should be able to:
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 |
What We Offer
Master the NISM-Series VIII: Equity Derivatives Certification Exam effortlessly with our comprehensive package:
- 800+ Exam-Focused Questions: Practice with a vast question bank covering all key topics.
- Engaging Video Lectures: Learn complex concepts easily with expert-led sessions.
- Concise Short Notes: Quick revision material for fast recall.
- 15-Days Access: Sufficient time to prepare and revise.
- 15 Test Attempts per Set: Practice repeatedly and monitor your progress.
- Affordable Pricing: Only Rs 599 (including GST) for complete study access.
Be exam-ready. Be SEBI-compliant. Be certified.
Enroll Now for Rs 599 - Start Your Preparation!