NISM Series XVII Syllabus: Retirement Adviser
All 9 chapters of the Retirement Adviser workbook, with the weightage each carries in the exam.
The NISM Series XVII workbook has 9 chapters. It starts with the financial concepts behind retirement planning, moves through the planning process and the products used to carry it out, with the National Pension System (NPS) given a chapter of its own, and ends with the regulations that govern retirement advisers.
NISM publishes a weightage for every chapter as a percentage of the paper. The exam has 100 questions of 1 mark each, so the percentage is also the number of marks each chapter carries.
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All 9 chapters with weightage
Chapter names and weightage as in the June 2025 workbook.
1. Fundamental Concepts in Retirement Planning
Weightage
5%
What it covers
Why retirement planning is needed; time value of money, compounding, inflation, real rate of return, present and future value; features of the retirement goal; starting early; the emotional side of retirement
2. Financial Markets and Investment Products
Weightage
10%
What it covers
Savings versus investments, asset classes and their returns, investment risks, macro-economic factors, asset allocation, and products from equity and debt to small savings and real estate
3. Retirement Planning
Weightage
15%
What it covers
Evaluating the client's situation, estimating retirement expenses and the corpus needed, investing for accumulation, the distribution stage and its risks, monitoring the plan, behavioural biases
4. Retirement Planning Products: National Pension System
Weightage
20%
What it covers
NPS intermediaries (PFRDA, CRA, POPs, pension funds, trustee bank, custodian, annuity service providers), account types and models, charges, investment choices, exit and withdrawal, subscribing, grievances, tax
5. Evaluating Fund Performance and Fund Selection
Weightage
10%
What it covers
Return calculations (absolute, annualised, CAGR, XIRR), measures of risk, benchmarks, performance evaluation, matching funds to retirement needs
6. Retirement Planning Products: Other Investment Products
Weightage
8%
What it covers
EPF, EPS, EDLI and gratuity; PPF, mutual funds, insurance and pension plans; annuities, SCSS, PMVVY, deposits and SWPs; reverse mortgage
7. Retirement Planning Strategies
Weightage
12%
What it covers
Bridging a shortfall in the corpus, periodic investments, income from multiple sources, the bucket strategy, tax advantages at each stage, automating investments
8. Special Situations in Retirement
Weightage
10%
What it covers
Debt in retirement, working after retirement, medical costs, providing for a spouse, tax on retirement benefits, estate planning, NRIs, documents to keep
9. Regulations and Regulators
Weightage
10%
What it covers
The Indian regulatory system, PFRDA and the PFRDA Act, 2013, the PFRDA (Retirement Adviser) Regulations, ethics, subscriber grievance redressal
| Chapter | Weightage | What it covers |
|---|---|---|
| 1. Fundamental Concepts in Retirement Planning | 5% | Why retirement planning is needed; time value of money, compounding, inflation, real rate of return, present and future value; features of the retirement goal; starting early; the emotional side of retirement |
| 2. Financial Markets and Investment Products | 10% | Savings versus investments, asset classes and their returns, investment risks, macro-economic factors, asset allocation, and products from equity and debt to small savings and real estate |
| 3. Retirement Planning | 15% | Evaluating the client's situation, estimating retirement expenses and the corpus needed, investing for accumulation, the distribution stage and its risks, monitoring the plan, behavioural biases |
| 4. Retirement Planning Products: National Pension System | 20% | NPS intermediaries (PFRDA, CRA, POPs, pension funds, trustee bank, custodian, annuity service providers), account types and models, charges, investment choices, exit and withdrawal, subscribing, grievances, tax |
| 5. Evaluating Fund Performance and Fund Selection | 10% | Return calculations (absolute, annualised, CAGR, XIRR), measures of risk, benchmarks, performance evaluation, matching funds to retirement needs |
| 6. Retirement Planning Products: Other Investment Products | 8% | EPF, EPS, EDLI and gratuity; PPF, mutual funds, insurance and pension plans; annuities, SCSS, PMVVY, deposits and SWPs; reverse mortgage |
| 7. Retirement Planning Strategies | 12% | Bridging a shortfall in the corpus, periodic investments, income from multiple sources, the bucket strategy, tax advantages at each stage, automating investments |
| 8. Special Situations in Retirement | 10% | Debt in retirement, working after retirement, medical costs, providing for a spouse, tax on retirement benefits, estate planning, NRIs, documents to keep |
| 9. Regulations and Regulators | 10% | The Indian regulatory system, PFRDA and the PFRDA Act, 2013, the PFRDA (Retirement Adviser) Regulations, ethics, subscriber grievance redressal |
Chapter 4: the National Pension System, the largest chapter
At 20 marks, NPS is a fifth of the paper and by far the longest chapter in the workbook. It covers who does what in NPS, the types of account and the sectors they serve, the charges at each step, how contributions are invested, what happens at exit, how to subscribe and how NPS is taxed.
NPS rules on exit, withdrawal and tax are revised from time to time, so learn them from the June 2025 workbook rather than from older notes or general articles.
Chapters 1, 3, 5 and 7: the planning and the numbers
These four chapters carry 42 marks between them and are where the calculations sit. Chapter 1 introduces compounding, inflation and present and future value. Chapter 3 uses them to estimate a retirement corpus and the monthly saving needed to build it, and chapter 5 covers return measures such as CAGR and XIRR. The workbook shows several of these calculations with Excel's PV, FV and PMT functions.
Chapter 7 turns the plan into strategies: closing a shortfall, the bucket strategy for drawing income, and using tax advantages at each stage.
Free account, this exam preselected.
Chapters 2, 6, 8 and 9: products, situations and rules
Chapters 2 and 6 cover the investment products other than NPS, from asset classes in general to EPF, PPF, annuities and reverse mortgage. Chapter 8 covers the situations that complicate a plan, such as debt, medical costs, estate planning and NRI clients. Chapter 9 sets out the regulators and the PFRDA (Retirement Adviser) Regulations, which govern the role this certification is for.
Use the June 2025 workbook
These chapters and weightages follow the June 2025 workbook. Check NISM's exam page for the current version before you start, as NPS and tax rules in particular change over time.
FAQs
How many chapters are there in NISM Series XVII?expand_more
9, from Fundamental Concepts in Retirement Planning (chapter 1) to Regulations and Regulators (chapter 9).
Which chapter has the highest weightage in NISM Series XVII?expand_more
Chapter 4, the National Pension System, at 20%. Chapter 3, Retirement Planning, follows at 15%.
Which chapters carry the least weight?expand_more
Chapter 1 at 5% and chapter 6 at 8%.
Does the Series XVII syllabus include calculations?expand_more
Yes. Time value of money, the retirement corpus, monthly savings and return measures such as CAGR and XIRR appear in chapters 1, 3 and 5.
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