NISM Series 10B Investment Advisor Exam 2026: Complete Syllabus & Study Plan

The NISM Series 10B Investment Advisor Exam 2026 is a critical certification for professionals seeking to build a career in financial advisory. This comprehensive guide provides everything you need to know about the exam syllabus, preparation strategy, and practical tips to crack the test on your first attempt. Whether you're a fresh graduate or an experienced finance professional, understanding the NISM Series 10B syllabus and creating a structured study plan will be your keys to success.

NISM Series 10B Investment Advisor Exam 2026: Exam Overview

The National Institute of Securities Markets (NISM) conducts the Series 10B exam to certify Investment Advisers (IAs) under SEBI regulations. The exam assesses your technical knowledge of investment products, risk management, and ethical practices. Here's a quick snapshot of the exam:

Section	Number of Questions	Marks	Duration
Investment Advisory	50	50	1 hour
Asset Management	20	20
Insurance	10	10
Mutual Funds	10	10
Equity Derivatives	10	10
Commodity Derivatives	10	10
Alternative Investment Funds	10	10
Ethical and Legal Aspects	10	10
Total	130	130

NISM Series 10B Syllabus 2026: Detailed Breakdown

The syllabus is divided into eight core domains. Below is a detailed breakdown of each section with key subtopics:

1. Investment Advisory (50 Marks)

• Investment Philosophy: Understanding risk-return trade-offs, asset allocation, and portfolio construction.
• Equity and Fixed Income Instruments: Detailed knowledge of stocks, bonds, debentures, and their valuation.
• Mutual Funds: Types (ELSS, ULIPs, etc.), NAV calculation, and exit loads.
• Derivatives: Futures, options, swaps, and their role in portfolio management.

2. Asset Management (20 Marks)

• Fundamental Analysis: Financial statement analysis, ratio analysis, and valuation techniques.
• Technical Analysis: Chart patterns, moving averages, and RSI indicators.
• Portfolio Rebalancing: Risk management strategies and diversification.

3. Insurance (10 Marks)

• Types of Insurance: Term life, whole life, health insurance, and their cash value components.
• Insurance Products: ULIPs, pension plans, and their investment features.

4. Mutual Funds (10 Marks)

• Types of Mutual Funds: Equity, debt, hybrid, and sector-specific funds.
• Tax Implications: Capital gains tax on mutual fund investments.

5. Equity Derivatives (10 Marks)

• Futures and Options: Contract specifications, margin requirements, and payoff diagrams.
• Swaps: Currency swaps and interest rate swaps.

6. Commodity Derivatives (10 Marks)

• Commodity Exchanges: MCX, NCDEX, and regulatory framework.
• Trading Strategies: Spread trading and hedging techniques.

7. Alternative Investment Funds (10 Marks)

• Private Equity and Hedge Funds: Structure, risks, and regulatory compliance.
• Real Estate Investment Trusts (REITs): Features and tax treatment.

8. Ethical and Legal Aspects (10 Marks)

• SEBI Regulations: Code of conduct, disclosure norms, and investor protection.
• Conflict of Interest: Managing conflicts and maintaining confidentiality.

How to Create an Effective NISM Series 10B Study Plan

A disciplined study plan is critical for clearing the exam in 2026. Follow this actionable strategy:

1. Week 1-2: Build a Strong Foundation

• Study the NISM Series 10B syllabus thoroughly.
• Focus on core concepts in Investment Advisory and Asset Management.
• Use NISM’s official e-learning modules and books.

2. Week 3-4: Deep Dive into Derivatives

• Dedicate 2 hours daily to Equity and Commodity Derivatives.
• Practice numerical problems on futures, options, and swaps.

3. Week 5-6: Master Insurance and Mutual Funds

• Revise insurance product features and tax implications.
• Solve mock questions on mutual fund types and taxation.

4. Week 7-8: Legal and Ethical Aspects

• Memorize SEBI regulations and code of conduct.
• Review case studies on conflict of interest and disclosure norms.

5. Week 9-10: Full-Length Mock Tests

• Take at least 5 full-length mock tests weekly.
• Analyze weak areas and revise selectively.

6. Final Week: Revision and Mock Tests

• Revise all formulas and key concepts.
• Attempt 3-4 timed mock exams to build speed.

Recommended Resources:

• NISM’s official study material (e-book).
• Rachna Foundation’s NISM Series 10B book.
• Upstox Academy and Groww Investor Education for video lectures.

Practical Tips to Clear NISM Series 10B on First Attempt

1. Focus on High-Weightage Topics: Investment Advisory (50 marks) carries 38% of the exam. Prioritize this section.
2. Practice Numerical Problems: Derivatives and mutual fund calculations are frequently tested.
3. Revise Daily: Spend 30 minutes reviewing previous day’s notes.
4. Use Flashcards: Create digital flashcards for SEBI regulations and product features.
5. Join Online Forums: Engage with peers on platforms like Pagalguy or Unacademy Discussion Groups.

Frequently Asked Questions (FAQs)

What is the eligibility criteria for NISM Series 10B Investment Advisor Exam?

There are no specific eligibility criteria for NISM Series 10B. However, candidates should have a basic understanding of finance, and it’s recommended to have completed a graduate degree or equivalent qualification.

How many attempts are allowed for the NISM Series 10B Exam?

There is no limit on the number of attempts for the exam. You can retake it as many times as needed until you pass.

Is the NISM Series 10B Exam conducted online or offline?

The exam is conducted offline in pen-and-paper mode at designated centers across India.

What is the passing mark for NISM Series 10B?

The passing mark is 50% of the total marks (65 out of 130). You must score at least 50% in each section.

Can I use electronic devices during the NISM Series 10B Exam?

No, the use of mobile phones, calculators, or any electronic devices is prohibited during the exam.

How long is the NISM Series 10B certificate valid?

The certificate does not have an expiry date. However, advisors must comply with ongoing SEBI regulations.

Final Thoughts: Start Practicing with Mock Tests Today

Clearing the NISM Series 10B Investment Advisor Exam 2026 requires more than just reading notes—it demands consistent practice and strategic preparation. Use the syllabus and study plan outlined above to stay on track. Register for mock tests on platforms like Testbook, BYJU’S, or NISM’s own portal to simulate exam conditions. With focused effort and regular revision, you’ll be ready to ace the exam and launch your career as a certified Investment Adviser.

Begin your mock test journey today—your future clients are waiting!