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NISM Series XXI-B: Portfolio Managers Exam Pattern
- Exam Fees: ₹3000 + (may indicate taxes or additional fees)
- Test Duration: 2 hours
- Total Questions: 100 questions
- Maximum Marks: 100 marks
- Passing Marks: 60% (i.e., 60 marks)
- Negative Marking: –25% deduction for each incorrect answer
NISM Series XXI-B: Portfolio Managers Syllabus Outline
The exam covers the following units:
- Investment Landscape: Overview of the investment environment, asset classes, and market participants.
- Introduction to Securities Markets: Structure and functioning of primary and secondary markets.
- Investing in Stocks: Fundamentals of equity investing, valuation basics, and stock selection factors.
- Investing in Fixed Income Securities: Understanding bonds, yields, interest rates, and debt instruments.
- Derivatives: Basics of futures, options, and their applications in hedging and trading.
- Mutual Funds: Structure, types, and role of mutual funds in portfolio construction.
- Role of Portfolio Managers: Responsibilities, functions, and importance of portfolio managers in wealth management.
- Operational Aspects of Portfolio Managers: Processes, documentation, compliance, and execution involved in portfolio management.
- Portfolio Management Process: Steps involved in managing portfolios from planning to execution and review.
- Taxation: Tax implications on various investment instruments and portfolio returns.
- Regulatory, Governance and Ethical Aspects: SEBI regulations, compliance requirements, and ethical standards for portfolio managers.
- Introduction to Indices: Understanding market indices, their construction, and significance.
- Concept of Informational Efficiency: Market efficiency theories and their impact on investment strategies.
- Behavioural Finance: Investor psychology, biases, and their influence on decision-making.
- Modern Portfolio Theory: Concepts of diversification, risk-return optimization, and efficient portfolios.
- Capital Market Theory: Relationship between risk and return, CAPM, and market equilibrium concepts.
- Risk: Types of investment risks and methods to measure and manage them.
- Equity Portfolio Management Strategies: Active and passive strategies, stock selection, and portfolio building techniques.
- Fixed Income Portfolio Management Strategies: Strategies for managing bond portfolios, duration, and interest rate risk.
- Performance Measurement and Evaluation: Techniques to evaluate portfolio returns and manager performance.
- Portfolio Rebalancing: Adjusting portfolio allocations to maintain desired risk-return profile.