Investment Adviser (Level 2) — mock test
Level 2 of the SEBI Investment Adviser certification — case-based advice across insurance, retirement, tax, estate and behavioural finance. Both X-A and X-B must be cleared to register as an RIA.
Free · no sign-up · 3 hours for the full paper · 180 original questions in the bank
The exam at a glance
The mock is set to the same pattern: 90 mcqs (1 mark) + 6 caselets of 5 questions (2 marks each) = 150 marks.
Questions
120
150 marks
Duration
3 hours
Pass mark
90 / 150
60%
Negative marking
25%
of the question’s marks, per wrong answer
Certificate validity
3 years
Exam fee
₹3,000 + taxes
Charged by NISM
Syllabus and chapter weightage
Marks per chapter as published by NISM. The mock paper draws exactly this many marks from each chapter.
Risk Management and Insurance Planning
25 marks
- 01Basics of Insurance6marks
- 02Life Insurance Products7marks
- 03Non-Life Insurance Products12marks
Retirement Planning
30 marks
- 04Retirement Planning Basics9marks
- 05Retirement Products13marks
- 06Miscellaneous Aspects of Retirement Planning8marks
Taxation
20 marks
- 07Concepts in Taxation3marks
- 08Capital Gains12marks
- 09Income from Other Sources1mark
- 10Taxation of Debt Products1mark
- 11Taxation of Equity Products1mark
- 12Taxation of Other Products1mark
- 13Tax Provisions for Special Cases1mark
Estate Planning
20 marks
- 14Basics of Estate Planning12marks
- 15Tools for Estate Planning8marks
Behavioural Finance
10 marks
- 16Basics of Behavioural Finance5marks
- 17Behavioural Finance in Practice5marks
Comprehensive Financial Advice
45 marks
- 18Risk Profiling for Investors15marks
- 19Comparison of Products across Categories10marks
- 20Case Studies in Comprehensive Financial Advice20marks
Questions candidates ask
What is the pattern of the NISM-Series-X-B exam?
90 MCQs (1 mark) + 6 caselets of 5 questions (2 marks each) = 150 marks — 150 marks in total, to be completed in 3 hours.
What is the pass mark for NISM-Series-X-B?
90 marks out of 150 (60%). The certificate is valid for 3 years.
Is there negative marking in NISM-Series-X-B?
Yes — 25% of a question's marks per wrong answer. This mock applies exactly the same deduction, so your score here reflects how the real paper would be marked.
Are these the real NISM exam questions?
No. NISM’s question bank is confidential. Every question here is original, written for practice against NISM’s published syllabus and chapter weightages. Use it to test your understanding — the NISM workbook remains the primary study material.
Do I need to sign up, and is it free?
It is free and there is no sign-up. Your attempts, mistake notebook and progress are stored only in your own browser, on your own device.
Where these exam facts come from
The pattern, pass mark and chapter weightages above were checked against NISM’s own published details on 28 September 2026. NISM can revise an exam at any time — confirm the current rules on the official pages before you register:
- NISM — Investment Adviser (Level 2) certification
- NISM Annexure I — X-B examination structure and weightages
Independent study aid — not affiliated with, or endorsed by, NISM or SEBI. All questions are original and written for practice; none is taken from NISM’s question bank. A mock score is a guide to your preparation, not a prediction of your exam result.