NISM Series XXI-B Exam Pattern
150 marks, 3 hours, negative marking: exactly how Series XXI-B is scored and passed.
NISM Series XXI-B, the Portfolio Managers Certification Examination, is one paper with two question pools: 90 independent multiple choice questions of 1 mark each, and 6 case studies, each followed by 5 multiple choice questions of 2 marks each (30 questions, 60 marks). That is 120 questions and 150 marks in 3 hours. The pass mark is 90 out of 150 (60%).
Negative marking is 25% of the marks assigned to a question: 0.25 on a 1-mark MCQ and 0.5 on a 2-mark case question. A blank answer costs nothing. There is no sectional cut-off: 90 marks from any mix of the two pools passes. The 21 chapters are listed on the syllabus page.
Series XXI-B at a glance
As NISM states it under Assessment Structure on the exam page.
| Item | Detail |
|---|---|
| Independent MCQs | 90 questions of 1 mark each: 90 marks |
| Case-based questions | 6 cases, each with 5 questions of 2 marks: 6 x 5 x 2 = 60 marks |
| Total | 120 questions, 150 marks |
| Duration | 180 minutes (3 hours) |
| Pass mark | 90 out of 150 (60%) |
| Negative marking | 25% of the question's marks: 0.25 on an MCQ, 0.5 on a case question |
| Unanswered question | No deduction |
| Sectional cut-off | None |
| Mode | Computer-based at a test centre, on a slot you choose on NISM's portal |
| Result | Scorecard issued at the test centre |
How the score is worked out
Both pools follow the same rule: marks for right answers, minus a quarter of the marks for wrong answers. Four wrong MCQs cancel one right MCQ (4 x 0.25 = 1); four wrong case questions cancel one right case question (4 x 0.5 = 2). The totals are added and compared with 90.
A failing sitting. MCQs: 62 right, 28 wrong, so 62 minus 7 = 55. Case questions: 17 right, 13 wrong, so 34 minus 6.5 = 27.5. Total 82.5, a fail by 7.5 marks. The 13 wrong case answers alone cost 6.5.
If you attempt every question, the pass condition reduces to one line: MCQs right plus twice the case questions right must be at least 102. With 25 case questions right you need 52 MCQs right; with 15 you need 72. Skipping the cases means every one of the 90 MCQs must be right. The 60 case marks are not optional.
Old pattern still in circulation
NISM's own FAQ page for Series XXI-B still describes 60 independent MCQs, 9 case-based questions and a 2-hour paper. The exam page, which NISM updates, says 90 MCQs, 6 cases, 120 questions and 3 hours. Treat the exam page as the reference; material built on the 60 + 9 structure is for an older version of this exam.
Free account, this exam preselected.
When to guess and when to leave a question
The 25% rule gives the same answer in both pools:
- check_circleYou can rule out one or two options: answer. The expected gain is positive in both pools.
- check_circleYou have no idea: a blind guess gains on average only about 0.06 marks on an MCQ and 0.13 on a case question. Flag it and come back if time allows.
- check_circleNever leave blank a question you half know: you risk 0.25 or 0.5 to gain 1 or 2.
- check_circleRead the whole case before answering its 5 questions; a missed detail costs 0.5 each time.
Time across the two pools
180 minutes for 120 questions is 90 seconds each on average, but the pools are not equal. Aim for 60 to 75 seconds per MCQ, which leaves 65 to 90 minutes for the 6 cases, or 10 to 15 minutes per case. Do the MCQs first, flag the long calculations, then move to the cases.
How NISM Series XXI-B tests the material
The two pools produce different question styles:
- check_circleMCQs from the foundation chapters (securities markets, stocks, fixed income, derivatives, mutual funds, indices): definitions and one-step calculations such as a bond's yield.
- check_circleMCQs from the theory chapters (market efficiency, behavioural finance, portfolio theory, risk): concept recall. Which bias an investor is showing, what beta measures.
- check_circleMCQs from the PMS and regulation chapters: rule recall from the SEBI (Portfolio Managers) Regulations 2020. Minimum investment, fee limits, what the disclosure document must carry.
- check_circleCase studies: a client or a portfolio is described in a passage. The 5 questions apply the strategy, performance measurement and rebalancing chapters to it: which return measure fits, whether the manager beat the benchmark on a risk-adjusted basis, whether a rebalancing trigger has been hit.
- check_circleThe trap: answering a PMS question with mutual fund logic. The two differ on who may invest, who owns the securities, how fees are charged and how the client is taxed. In a case study the same mistake repeats across all 5 questions at 0.5 each.
Delivery mode and the result
Series XXI-B is a test-centre exam, not a remote-proctored one. You register on NISM's certification portal, then choose a centre, a date and a time slot. There is no exam date to wait for. The case passage stays on screen while you answer its questions.
A scorecard is issued at the test centre. NISM does not re-evaluate papers. If you believe a question had an error, say so before you leave the centre; NISM considers such requests for a question or two only and holds the scorecard back until it has checked. There is no later appeal.
Fee, PAN rule, validity and renewal are on the registration page; the chapter list is on the syllabus page.
FAQs
What is the exam pattern for NISM Series XXI-B?expand_more
90 MCQs of 1 mark plus 6 case studies with 5 questions of 2 marks each: 120 questions, 150 marks, 3 hours. Pass mark 90 out of 150 (60%). Negative marking 25% of a question's marks. Test centre.
How does negative marking work on the case-based questions in NISM XXI-B?expand_more
The same 25% rule applies to both pools. A case question carries 2 marks, so a wrong answer deducts 0.5; a wrong MCQ deducts 0.25. A blank answer deducts nothing.
What is the difference between the NISM 21A and 21B exams?expand_more
Series XXI-A is the PMS Distributors exam: 100 MCQs of 1 mark each, 2 hours, 0.10 deducted per wrong answer. Series XXI-B is the Portfolio Managers exam for PMS principal officers and employees: 90 MCQs plus 6 case studies, 150 marks, 3 hours, 25% negative marking.
Can I take the NISM XXI-B exam from home?expand_more
No. Series XXI-B is a test-centre exam; NISM does not list it among its remote-proctored certifications. You choose a centre, date and slot on the portal.
What happens if I fail NISM Series XXI-B?expand_more
You register again and book a fresh slot. The fee and the rules on re-attempts are on the registration page.
Next steps
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