What is the NISM XB exam?
The NISM Series X-B: Investment Adviser (Level 2) certification is the second mandatory exam under SEBI regulations for individuals who wish to offer investment advisory services in India. Along with NISM Series X-A (Level 1), passing X-B is required to register as a SEBI Investment Adviser. X-B focuses on applied, scenario-driven knowledge: financial planning, risk profiling, portfolio construction, taxation, and client suitability — tested through both direct MCQs and caselet-based questions.
What this practice test covers
- Financial planning process and goal-based planning
- Risk profiling, suitability assessment, and asset allocation
- Portfolio construction, returns, variance, and correlation
- Retirement planning and taxation for individuals
- Behavioral finance and investment adviser regulations
- Investment products: equity, debt, mutual funds, and derivatives
Passing the NISM XB exam
The NISM XB exam has 150 total marks: 90 direct MCQs worth 1 mark each, and 6 caselets with 5 questions each worth 2 marks each. You need 60% (90 marks) to pass. There is negative marking of 25% of the marks assigned for each wrong answer, so accuracy matters. The exam is 3 hours long and is conducted online at supervised test centres.
Why practice with mock tests
NISM XB is scenario-driven — you need to read a client situation and decide what to recommend. Reading the workbook builds knowledge; timed mock tests build the decision-making speed and accuracy the exam demands. Practising caselet-style questions is the most reliable way to close the gap between knowing the theory and applying it under exam conditions.