NISM Series X-B: Investment Adviser (Level 2) Certification Exam

The NISM Series X-B exam is the advanced level certification conducted by the National Institute of Securities Markets (NISM). It is mandatory under the SEBI (Investment Advisers) Regulations, 2013 for individuals and principal officers of registered investment adviser firms, or associated professionals—following the successful completion of Level 1 (Series X-A). This exam strengthens professional standards in areas such as financial planning, insurance, retirement, taxation, estate planning, behavioral finance, and client advisory skills.

Exam Details

• The exam includes 90 multiple-choice questions (1 mark each) and 6 caselets (each with 5 sub-questions of 2 marks each), totaling 150 marks.
• Duration: 180 minutes (3 hours).
• A 60% passing score is required to clear the exam.
• Negative marking: 25% of the marks assigned for each wrong answer.
• Certificate validity: 3 years from date of passing.
• Exam fee: ₹3,000 plus payment gateway charges.

Why Finsafar Mock Tests Make a Difference

At Finsafar, we’ve developed a targeted mock test series and question bank tailored specifically for NISM Series X-B, aligned to the latest syllabus.

• 500+ high-quality, exam-oriented questions, including MCQs and caselets.
• Chapter-wise practice, full-length mocks, and last-day revision tests replicating the actual exam format.
• Detailed, step-by-step explanations for every answer, covering key domains like insurance, retirement, taxation, estate planning, behavioral finance, and comprehensive advisory.
• A concept-first, application-later approach to help you truly understand—not just memorize.

Subscription Cost: ₹349 only

Background of the Exam

This certification assesses advanced advisory capabilities, including risk/insurance planning, retirement strategies, taxation nuances, estate management, behavioural finance, and holistic financial advice. It focuses on the practical application of these concepts via case-based evaluation. Passing both Level 1 and Level 2 is mandatory under SEBI regulations.

Who Should Take This Exam?

• Individual Investment Advisers and Principal Officers of non-individual IAs registered under SEBI regulations.
• Associated persons offering investment advice.
• Finance professionals, wealth managers, financial planners, and serious students looking to specialize in holistic financial advisory.

Objectives of the Examination

• Apply insurance and risk management principles suited to client needs.
• Design effective retirement plans leveraging products like NPS, EPF, and annuities.
• Advise on income-efficient tax strategies across equity, debt, and other instruments.
• Utilize estate planning tools—wills, trusts, POA, etc.—for wealth succession.
• Integrate behavioral finance insights on biases and decision-making into advisory.
• Construct and manage comprehensive financial advice, including risk profiling, asset allocation, product selection, performance tracking, and rebalancing.

Study Material for the Exam

You’ll receive an official NISM workbook free of cost upon enrollment, and it’s also downloadable from the NISM website. However, the workbook is theory-heavy. Finsafar’s practice modules and mocks bring concepts to life with practical, exam-focused application.

Registration & Enrollment Procedure

• Register on the NISM Certification Portal using PAN, Name, and Date of Birth.
• Activate your account via email, login, and enroll in Series X-B: Investment Adviser (Level 2) exam.
• Select your city, exam center, date, and time slot.
• Pay the exam fee online and download your admit card.
• On exam day, carry your admit card and a valid ID proof (PAN, Aadhaar, Passport, or Driving License).

Syllabus at a Glance

• Risk Management & Insurance Planning – 25 marks
• Retirement Planning – 30 marks
• Taxation — 20 marks
• Estate Planning — 20 marks
• Behavioral Finance — 10 marks
• Comprehensive Financial Advice — 45 marks
• Total: 150 marks

Preparation Strategy

• Review the official workbook thoroughly.
• Study 2–3 hours daily for 3 weeks, focusing on caselet-heavy and high-weightage modules (Comprehensive Advice and Retirement Planning).
• Practice extensively with Finsafar Mock Tests to train for timing, case analysis, and performance.

Tip: Caselets alone carry 60 marks—practice them frequently for a big edge.

Exam Day Instructions

• Reach the exam center at least 30 minutes early with Admit Card + Valid ID.
• Prioritize caselet attempts (2 marks each), then proceed to MCQs.
• Manage time well—3 hours for 150 marks, be mindful of 25% negative marking.
• Results and marksheets are available immediately after submission.

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