85% Pass Rate (vs 50% Industry Average)

Ace NISM Series 21BPortfolio Managers (PMS) Certification

Professional certification for portfolio managers. Master portfolio construction, risk management, and SEBI PMS regulations.

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Introduction to NISM Series XXI-B Portfolio Managers Certification

The NISM Series XXI-B Portfolio Managers Certification represents the pinnacle of professional qualifications in India's discretionary portfolio management industry. This prestigious certification is mandatory for principal officers and employees of SEBI-registered Portfolio Management Services (PMS) firms, creating a common minimum knowledge benchmark for professionals managing High Net-Worth Individual (HNI) and Ultra High Net-Worth Individual (UHNI) client portfolios worth crores of rupees.

PrepCore's comprehensive NISM Series XXI-B mock test platform provides you with 496 expertly crafted practice questions covering portfolio construction, risk management, performance measurement, and PMS regulations. With detailed explanations for every question, advanced analytics, and unlimited access for just ₹199/month, we offer the most effective and affordable preparation solution for aspiring portfolio management professionals.

Important
Mandatory for PMS Professionals: SEBI requires principal officers and key employees of PMS firms to possess the NISM Series XXI-B certification to ensure comprehensive knowledge of portfolio construction principles, valuation methodologies, risk management frameworks, and regulatory compliance obligations.

Whether you're an investment professional joining a PMS firm, a mutual fund manager transitioning to discretionary portfolio management, or a finance graduate aspiring to work with elite HNI clients, our platform delivers the depth and exam simulation necessary to excel in this demanding certification.

₹7.5 Lakh Cr

PMS AUM (2025)

440+ Firms

SEBI-Registered PMS

₹50 Lakh

Minimum PMS Investment

About NISM Series XXI-B Portfolio Managers Certification

The NISM Series XXI-B Portfolio Managers Certification Examination creates a professional standard for individuals working in India's rapidly growing Portfolio Management Services industry. As of 2025, over 440 SEBI-registered PMS firms manage assets exceeding ₹7.5 lakh crore, serving sophisticated investors seeking customized investment solutions beyond standard mutual fund offerings.

SEBI Regulated

Governed by SEBI (Portfolio Managers) Regulations, 2020, ensuring professional competency standards and investor protection through rigorous examination and continuing education.

Discretionary Authority

Portfolio managers have full investment decision-making authority for client portfolios based on agreed objectives, risk parameters, and strategy guidelines.

Elite Career Path

Portfolio managers occupy the elite tier of investment professionals, managing substantial wealth with compensation packages of ₹15-40+ lakhs annually.

HNI Client Focus

Manage portfolios for High Net-Worth and Ultra High Net-Worth clients with investable assets exceeding ₹50 lakhs, requiring exceptional service and sophisticated analytics.

The Portfolio Management Services Industry

Portfolio Management Services represent the premium segment of India's asset management landscape, catering exclusively to High Net-Worth Individuals with investable assets exceeding ₹50 lakhs. Unlike mutual funds that offer standardized products to retail investors, PMS provides bespoke portfolio construction tailored to individual client risk profiles, investment objectives, and tax considerations.

Leading PMS firms such as Marcellus Investment Managers, IIFL Wealth, Motilal Oswal PMS, Aequitas, and Renaissance Investment Managers manage multi-thousand crore portfolios, delivering alpha through concentrated positions, thematic strategies, and active portfolio management. The industry has experienced explosive growth, driven by wealth creation among India's entrepreneurial class and increasing sophistication of HNI investors.

Pro Tip
Discretionary vs Non-Discretionary PMS: Discretionary PMS (80%+ of industry AUM) gives portfolio managers full authority to make investment decisions without prior approval for each transaction. Non-Discretionary PMS requires explicit client approval for all trades. The certification covers both models comprehensively.

Regulatory Framework and Professional Requirements

The Securities and Exchange Board of India (SEBI) regulates Portfolio Management Services under the SEBI (Portfolio Managers) Regulations, 2020, which mandate strict compliance, transparency, and professional competency standards. SEBI requires that principal officers and key employees of PMS firms possess the NISM Series XXI-B certification to ensure comprehensive knowledge of portfolio construction, valuation, and risk management.

The certification demonstrates deep understanding of Modern Portfolio Theory, Capital Asset Pricing Model, asset allocation frameworks, equity and debt valuation methodologies, risk management techniques, performance measurement standards, and regulatory compliance obligations specific to portfolio management.

NISM Series XXI-B Exam Pattern

Understanding the examination structure is essential for strategic preparation. The exam tests comprehensive knowledge across portfolio construction, investment analysis, regulatory compliance, and performance measurement.

120
Total Questions
180 minutes
Duration
60%
Passing Marks
₹2,500
Exam Fees

Negative Marking Applied

Incorrect answers will reduce your score

Question Structure and Format

The examination consists of 100 questions totaling 100 marks: 90 standalone multiple-choice questions (1 mark each) and 6 case-based questions organized into 2 case studies (3 questions per case, 1 mark each). This structure tests both conceptual knowledge and practical application.

Conceptual (35-40%)

Portfolio theories, regulatory requirements, risk principles

Application (45-50%)

Valuation, performance measurement, risk analysis scenarios

Case-Based (10-15%)

Complex portfolio scenarios requiring integrated analysis

Warning
Negative Marking Strategy: With 0.25 marks deducted per incorrect answer, attempt questions where you can confidently eliminate 2+ wrong options. When completely uncertain, strategically skip to avoid penalties. Successful candidates typically answer 75-85 questions with high accuracy rather than attempting all 100.

Test Center and Registration

NISM-authorized test centers operate in major cities including Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Kolkata, Pune, Ahmedabad, and other tier-1 cities. Register online through certifications.nism.ac.in, select preferred test center and date, complete payment (₹2,500 + GST), and receive admit card 2-3 days before scheduled examination.

NISM Series XXI-B Syllabus: Comprehensive Coverage

The syllabus encompasses the complete knowledge spectrum required for professional portfolio management—from theoretical foundations to practical application, regulatory compliance to performance measurement.

Study Tip: Focus on chapters with 15%+ weightage for maximum impact.

Why Choose PrepCore for NISM Series XXI-B Preparation?

PrepCore stands apart through uncompromising quality, comprehensive coverage, and exceptional value. Our platform is designed for serious professionals who recognize that portfolio manager certification is not a mere regulatory hurdle but a foundation for excellence in managing HNI wealth.

496 Expertly Crafted Questions

Meticulously developed questions mirroring actual examination in structure, complexity, and content distribution. Questions span all 8 syllabus chapters matching official NISM weightages.

Detailed Analytical Explanations

Comprehensive explanations covering conceptual foundations, step-by-step solutions for calculations, analysis of all options, practical applications, and regulatory context.

Exam-Simulated Interface

Countdown timer, flexible navigation, negative marking implementation, and review summary—precisely mirroring NISM examination experience for optimal performance.

Advanced Analytics Dashboard

Chapter-wise performance breakdown, question type analysis, progress tracking, predicted examination score, time management insights, and comparative benchmarking.

Unbeatable Value: ₹199/Month

Unlimited access to all questions, explanations, and analytics for ₹199/month. No hidden costs, unlimited practice attempts, flexible subscription—60-80% lower than competitors.

Mobile-Optimized Platform

Practice anytime, anywhere on mobile, tablet, or desktop. Progress synchronizes across devices for seamless study experience during commute, lunch breaks, or travel.

Key Takeaway
2 Free Demo Tests: Experience PrepCore quality firsthand with 2 complete demo tests (20 questions each) before any payment commitment. No credit card required for demo access.

Career Opportunities After NISM Series XXI-B Certification

The certification unlocks access to some of the most prestigious and financially rewarding careers in India's financial services ecosystem. Portfolio managers occupy the elite tier of investment professionals, managing substantial wealth and commanding compensation packages commensurate with their responsibilities.

Portfolio Manager

Principal portfolio managers at leading PMS firms constructing and managing discretionary portfolios for HNI clients. Senior managers with proven track records earn ₹50+ lakhs with performance bonuses.

₹15-40 Lakhs/year
Salaried

Fund Manager

PMS fund managers responsible for specific investment strategies (large-cap value, mid-cap growth, thematic sectors) combining analytical rigor with investment authority.

₹12-30 Lakhs/year
Salaried

Research Leadership

Heads of research building and managing analyst teams while contributing to investment strategy formulation with significant performance bonuses.

₹20-35 Lakhs/year
Salaried

Client Relationship Manager

Senior relationship managers at premium PMS firms serving UHNI clients with revenue-sharing incentives managing relationships worth hundreds of crores.

₹10-25 Lakhs/year
Salaried

Risk & Compliance

Risk management and compliance professionals ensuring adherence to SEBI regulations, monitoring portfolio risk parameters, and managing regulatory reporting.

₹10-20 Lakhs/year
Salaried

Chief Investment Officer

CIOs at leading PMS firms responsible for overall investment strategy, risk management, and team leadership with compensation based on firm profitability.

₹50L - ₹2Cr+/year
Salaried
Pro Tip
Independent Practice: Qualified professionals can establish SEBI-registered independent PMS practices offering bespoke investment services to HNI clients. Successful independent portfolio managers build highly profitable businesses with 2-3% annual management fees plus 10-20% performance fees on profits.

NISM Series 21B vs 21A: Portfolio Managers vs Distributors

Understanding the distinction between Portfolio Managers (Series 21B) and PMS Distributors (Series 21A) clarifies professional roles in the PMS ecosystem.

NISM Series 21B

Portfolio Managers
Role:Portfolio Manager
Primary Function:Manage Portfolios
Authority:Investment Decisions
Exam Focus:Portfolio Construction + Valuation
Passing Marks:60%
Career Path:Portfolio Manager/CIO
Learn about Portfolio Managers

NISM Series 21A

PMS Distributors
Role:PMS Distributor
Primary Function:Distribute PMS Products
Authority:Client Sourcing
Exam Focus:Product Knowledge + Distribution
Passing Marks:60%
Career Path:Relationship Manager/Distributor
Learn about PMS Distributors

Frequently Asked Questions (FAQs)

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