Series XXI-B · Advanced
Portfolio Managers
The senior-most portfolio management certification.
Questions
120
Duration
180 min
Pass mark
60%
Negative marking
25%
Exam fee
₹3,000 + GST
Validity
3 years
Why this certification matters
Principal officers and key employees of SEBI-registered portfolio managers must hold it. It is the toughest module on this list and carries the most weight.
Who should take it: PMS principal officers, senior fund managers, and employees of PMS firms.
What you get after clearing it
- Mandatory for PMS principal officers and key staff
- Deep coverage of portfolio theory, performance and compliance
- Strongest credential for a fund management track
- Caselet format mirrors real portfolio decisions
Where it takes you
Usually taken by experienced professionals; freshers should clear XXI-A and XV first.
Portfolio management is among the highest paying tracks in Indian asset management.
Explore finance careers8 week study plan
Week 1-2
Portfolio theory
Risk, return, diversification, efficient frontier, CAPM.
Week 3-4
Asset allocation
Strategic vs tactical allocation, rebalancing, client mandates.
Week 5
Performance measurement
TWRR, attribution, risk-adjusted ratios, benchmarking.
Week 6
Regulation
SEBI PMS Regulations, compliance, disclosure, code of conduct.
Week 7-8
Caselets and mocks
Six caselets per session under a strict three hour timer.
Exam-day tips
- Caselets are 60 of 150 marks, they decide pass or fail
- 25% negative marking is heavy, accuracy beats attempts
- Practise attribution and ratio maths until it is mechanical
Full syllabus
Investment Basics & Securities Markets
- Basics of investments and securities markets
- Investing in stocks, fixed income, and derivatives
- Mutual funds and ETFs
- Market indices and information efficiency
- Behavioural finance basics
Portfolio Theory & Management
- Modern portfolio theory and efficient frontier
- Equity portfolio management strategies
- Fixed income portfolio management strategies
- Asset allocation and diversification
- Portfolio construction and rebalancing
PMS Operations & Performance
- Role of portfolio managers and operational aspects
- Portfolio management process
- Performance measurement and evaluation
- Risk management in PMS
- Client reporting and disclosures
Taxation, Regulation & Governance
- Taxation aspects of PMS investments
- SEBI (Portfolio Managers) Regulations, 2020
- Governance and ethical aspects of portfolio managers
- Client agreement and segregation requirements
- Investor protection and grievance redressal
Case Studies
- Portfolio construction cases
- Performance evaluation and attribution
- Regulatory compliance scenarios
- Client suitability and risk assessment
- Ethical and governance dilemmas
Learn it first in VIA Capital Academy
Frequently asked questions
What is NISM Series XXI-B?
It is the Portfolio Managers certification, mandatory for principal officers and other employees of SEBI-registered PMS firms.
Who should take this exam?
PMS principal officers, senior fund managers, and employees of PMS firms.
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.
What is the exam structure?
90 MCQs (1 mark each) + 6 caselets with 5 questions each (2 marks each = 60 marks). Total 150 marks.
Ready to test yourself?
120 questions · 180 minutes · 25% negative marking. Free, no login.