Series X-B · Advanced
Investment Adviser Level 2
The advanced half of the Investment Adviser certification.
Questions
120
Duration
180 min
Pass mark
60%
Negative marking
25%
Exam fee
₹3,000 + GST
Validity
3 years
Why this certification matters
Level 2 is case-study heavy and tests whether you can build an actual financial plan, not just recall definitions.
Who should take it: Candidates who have cleared Series X-A and want to complete RIA eligibility.
What you get after clearing it
- Completes the RIA certification requirement with X-A
- Case-based format mirrors real client work
- Deepens estate, retirement and comprehensive planning skills
- Signals genuine advisory capability to employers
Where it takes you
Mostly taken by candidates with some experience, but freshers who clear it stand out sharply.
Advisory income is fee-based, and experienced planners command premium retainers.
Explore finance careers6 week study plan
Week 1-2
Revise X-A
Products, taxation and TVM must be automatic before starting case work.
Week 3
Comprehensive planning
Building a full plan: goals, gap analysis, allocation, review.
Week 4
Estate and retirement
Wills, nomination, succession, retirement corpus planning.
Week 5
Case practice
Solve long caselets under time pressure, write the working out.
Week 6
Mocks
Full length mocks with caselets, review every calculation error.
Exam-day tips
- Caselets carry heavy marks, practise reading the data table first
- Keep a formula sheet for retirement and goal corpus calculations
- Watch the clock, most failures are time management failures
Full syllabus
Advanced Financial Planning
- Advanced goal setting and cash-flow planning
- Retirement planning and corpus estimation
- Education and estate planning
- Tax-efficient investing strategies
- Insurance needs analysis
Portfolio Construction & Management
- Modern portfolio theory and efficient frontier
- Asset allocation across client profiles
- Portfolio rebalancing strategies
- Performance measurement and benchmarking
- Behavioral finance and adviser-client communication
Advanced Products & Markets
- Equity and debt portfolio construction
- Alternative investments and structured products
- Mutual fund selection and review
- Derivatives and hedging in advisory portfolios
- Global investments and diversification
Regulations, Ethics & Compliance
- SEBI Investment Adviser Regulations, 2013 deeper compliance
- RIA agreement, disclosure, and reporting
- Segregation of advisory and distribution roles
- Client confidentiality and data protection
- Ethical decision-making in advisory practice
Case Studies & Advisory Scenarios
- Comprehensive client cases
- Asset allocation and product selection
- Regulatory compliance scenarios
- Handling conflicts of interest
- Long-term portfolio monitoring and review
Learn it first in VIA Capital Academy
Frequently asked questions
What is NISM Series X-B?
It is the second mandatory exam for SEBI-registered Investment Advisers (RIAs), focusing on advanced financial planning and portfolio advisory.
Who should take this exam?
Candidates who have passed Series X-A and want to complete their RIA eligibility under SEBI.
What is the passing score?
90 out of 150 marks (60%). There is 25% negative marking and the exam is 3 hours long.
Is this official NISM material?
No. These are independent practice questions. Refer to the official NISM workbook before the exam.
Can I take X-A and X-B together?
You can take them in any order, but both are required for SEBI RIA registration.
Ready to test yourself?
120 questions · 180 minutes · 25% negative marking. Free, no login.