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

Revised NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination w.e.f.  September 30, 2021.

The examination seeks to create a common minimum knowledge benchmark for an individual investment adviser or principal officer of a non-individual investment adviser, under SEBI (Investment Advisers) Regulations, 2013 and persons associated with investment advice.

NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination is the level 1 examination and NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination is the level 2 examination.

An individual investment adviser or principal officer of a non-individual investment adviser, registered under SEBI (Investment Advisers) Regulations, 2013 and persons associated with investment advice are required to pass both the levels (i.e. NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination and NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination to fulfill the requirements under SEBI (Investment Advisers) Regulations, 2013.

The certification aims to enhance the quality of investment advisory and related services in the financial services industry.

Examination Objectives

On successful completion of the Investment Adviser certification examination, the candidate should:

  • Know the comprehensive financial planning in the context of households to apply the planning elements learnt in Level 1 Certification Examination.
  • Understand the structure and performance of securities markets; importance of asset allocation and impact of the market movement on the performance of the assets.
  • Know the practical aspect of product selection, portfolio construction, review and rebalancing based on clients’ need.
  • Know the compliance, operations and service elements in investment advice.

Assessment Structure

The Investment Adviser certification examination consists of 8 caselets with 4 multiple-choice questions of 2 marks each per caselet and 36 multiple-choice questions of 1 mark each adding up to 100 marks. The examination should be completed in 2 hours. There is a negative marking of 25% of the marks assigned to a question. The passing score for the examination is 60 marks.

Test Details

Name of Module: NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination

~ 36 multiple-choice questions of 1 mark each and 8 caselets with 4 multiple-choice questions of 2 marks each (Total 68 questions adding up to 100 marks).

*: Negative marking – 25% of the marks assigned to the question
+ Payment gateway charges extra.
# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details

  • 1500+
  • 120
  • 68~
  • 100
  • 60
  • 3