- EXAM OVERVIEW
NISM Series X-B: Investment Adviser (Level 2) Exam Pattern
Key highlights about the exam structure, marking scheme and important guidelines.
Exam Fees ₹1500 +
(may indicate taxes or additional fees)
Maximum Marks
100 marks
Test Duration
2 hours
Passing Marks
50% (i.e., 50 marks)
Total Questions
100 questions
Negative Marking
25% of the marks assigned to the question
- Free Mock Tests | Year: 2026
Practice with exam-like mock tests and evaluate your preparation level.
FREE Mock Test 1
50 questions
FREE Mock Test 3
50 questions
FREE Mock Test 2
50 questions
Full-Length Test
100 questions
- SYLLABUS OUTLINE
NISM Series X-B: Investment Adviser (Level 2) Syllabus
The exam covers the following 11 units:
This module focuses on the role of insurance in comprehensive financial planning and risk management. Candidates must understand life insurance, health insurance, and general insurance products along with their features, benefits, exclusions, and suitability. Our NISM X-B Mock Tests heavily emphasise practical insurance planning scenarios, client protection needs, and risk mitigation strategies.
Retirement planning is a high-weightage and highly practical module in the examination. Candidates must understand retirement goal estimation, inflation impact, retirement corpus calculation, pension products, annuity plans, and withdrawal strategies. Questions frequently test the adviser’s ability to recommend suitable retirement solutions aligned with client age, income, lifestyle expectations, and risk appetite.
This module evaluates your understanding of taxation principles applicable to various investment products and income categories. Candidates must understand capital gains taxation, taxation of equity and debt products, income from other sources, and special tax provisions. Our NISM Investment Adviser Practice Tests strongly focus on tax treatment comparisons and practical client-oriented taxation scenarios.
Estate planning is an important advisory function for wealth preservation and succession management. This module covers wills, trusts, nominations, power of attorney, and succession laws applicable to asset transfer planning. Candidates must understand how advisers structure estate plans to ensure efficient wealth distribution, tax efficiency, and protection of beneficiaries’ financial interests.
Investor psychology significantly influences financial decision-making. This module explains behavioural biases such as overconfidence, loss aversion, anchoring, and herd mentality that affect investment behaviour. Candidates must understand how advisers identify emotional biases and guide clients toward rational financial decisions during volatile market conditions and long-term wealth creation planning.
This is the highest-weightage and most application-oriented module in the syllabus. Candidates must integrate financial planning, taxation, retirement, insurance, and investment concepts to provide comprehensive client advice. Our NISM X-B Model Tests extensively include case studies, product suitability analysis, risk profiling exercises, and scenario-based advisory questions aligned with real-world financial planning situations.
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- FAQ SECTION
Frequently Asked Questions
NISM Series X B Investment Adviser Level 2 Certification is a SEBI mandated certification exam designed for professionals involved in advanced financial planning and investment advisory services. The exam focuses on retirement planning, taxation, estate planning, behavioral finance, insurance planning, and comprehensive financial advice.
The NISM Series X B exam consists of:
● 100 multiple choice questions
● Total marks: 100
● Passing marks: 50 percent
● Duration: 2 hours
● Negative marking: 25 percent for incorrect answers Candidates should prepare according to the latest syllabus and exam pattern.
Yes, the NISM Series X B Investment Adviser exam includes 25 percent negative marking for incorrect answers. Proper conceptual understanding and mock test practice are important for improving exam accuracy.
The syllabus covers important topics including:
● insurance planning
● retirement planning
● taxation
● estate planning
● behavioral finance
● comprehensive financial advice
● client risk management
● financial advisory strategies These topics are important for advanced investment advisory and wealth management roles.
Comprehensive Financial Advice is considered one of the most important modules because it carries high weightage and focuses on practical client based financial advisory scenarios.
Candidates can practice free mock tests and exam oriented questions directly through the NISM Series X B Investment Adviser Level 2 Certification section available on the platform.
Candidates looking for advanced preparation can access premium mock tests, chapter wise practice questions, and full length tests through the premium NISM mock test platform designed for multiple NISM certification exams.
Expert curated short notes, revision material, taxation concepts, and exam focused preparation resources are available through the NISM study material and short notes section for Investment Adviser Level 2 certification preparation.
Yes, NISM Series X B certification is mandatory for individuals involved in investment advisory services under SEBI Investment Adviser Regulations along with the required Level 1 certification.
After clearing the certification, candidates can explore opportunities in:
● wealth management firms
● financial planning services
● investment advisory firms
● retirement planning
● estate planning consultancy
● private wealth advisory
● comprehensive financial consulting The certification helps strengthen professional credibility and advanced advisory expertise in financial services.