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100+ Free NISM Series XVII (Retirement Adviser) Practice Questions

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Key Facts: NISM Series XVII (Retirement Adviser) Exam

100 questions

NISM Series XVII has 100 one-mark multiple-choice questions totalling 100 marks

NISM - Retirement Adviser assessment structure

2 hours

Candidates must complete the NISM Series XVII exam in 120 minutes

NISM - Retirement Adviser assessment structure

60% pass

The passing score for NISM Series XVII is 60 out of 100 marks

NISM - Retirement Adviser FAQ

25% negative marking

Each wrong answer deducts 25% of the marks assigned to the question

NISM - Retirement Adviser assessment structure

Rs. 1,500

The NISM Series XVII examination fee is Rupees one thousand five hundred (plus applicable GST)

NISM - Retirement Adviser FAQ

3 years

The NISM Retirement Adviser certificate is valid for 3 years from the date of the exam

NISM - Retirement Adviser certification page

9 chapters

The Retirement Adviser syllabus is divided into nine weighted chapters

NISM - Retirement Adviser curriculum

100

Free original practice questions here

OpenExamPrep

NISM-Series-XVII (Retirement Adviser) is a PFRDA-aligned certification from the National Institute of Securities Markets for individuals looking to register as retirement advisers. The exam has 100 one-mark multiple-choice questions to be completed in 2 hours, with a 60% passing score and negative marking of 25% of the marks per wrong answer. The fee is Rs. 1,500 and the certificate is valid for 3 years from the date of the exam. The syllabus is weighted toward NPS (20%), retirement planning process (15%), and retirement planning strategies (12%). This 100-question bank gives original practice across the full Retirement Adviser curriculum with explanations for every option.

Sample NISM Series XVII (Retirement Adviser) Practice Questions

Try these sample questions to test your NISM Series XVII (Retirement Adviser) exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which of the following factors has contributed most significantly to the increased need for retirement planning in India in recent decades?
A.The rapid shift from traditional joint families to nuclear family structures
B.A steady decrease in the average life expectancy of the population
C.The availability of comprehensive state-funded pension systems for all citizens
D.A consistent decline in the rate of inflation over the past thirty years
Explanation: The breakdown of the joint family system in India has reduced the traditional safety net where younger generations supported retired elders. With the rise of nuclear families, individuals must accumulate their own retirement corpus to ensure financial independence.
2If the annual inflation rate is 6% and a client requires a monthly expense of Rs. 50,000 today, what will be the inflation-adjusted monthly expense needed in 20 years?
A.Rs. 1,60,357
B.Rs. 1,10,000
C.Rs. 98,345
D.Rs. 1,80,456
Explanation: Using the compounding formula FV = PV * (1 + r)^n, we calculate FV = 50000 * (1 + 0.06)^20. This equals 50000 * 3.207135, which yields Rs. 1,60,357.
3Which of the following illustrates the primary benefit of starting to save for retirement at age 25 rather than age 35?
A.The compounded returns over the extra ten years generate a larger final corpus with lower monthly savings
B.A younger saver receives guaranteed higher coupon rates on long-term government bonds and corporate debt instruments
C.The Income Tax Act offers twice the maximum investment deduction limit under Section 80C for individuals under 30
D.Early savings completely eliminate the need for any equity investments during the accumulation phase
Explanation: Starting early allows compounding to work on the accumulated interest over a longer duration. This exponential growth means a smaller monthly contribution at age 25 can outperform a much larger contribution started at age 35.
4Longevity risk in retirement planning refers to the risk that a retiree will:
A.Outlive their accumulated financial resources and run out of money
B.Suffer from chronic medical conditions requiring long-term hospitalization
C.Experience a severe drop in the value of their equity assets due to market cycles
D.Pass away early and leave unpaid debt obligations to their surviving dependents
Explanation: Longevity risk is the risk of outliving one's savings due to living longer than expected. Retirement advisers must plan for this risk by ensuring the withdrawal rate and asset allocation support a longer distribution period.
5According to research on the psychological aspects of retirement, which phase is characterized by a retiree experiencing a sudden sense of boredom, loss of identity, and lack of purpose after the initial excitement of leaving work wears off?
A.The disenchantment phase
B.The honeymoon phase
C.The reorientation phase
D.The stability phase
Explanation: The disenchantment phase occurs when retirees feel a letdown after retirement starts, often due to a loss of the structure, status, and social network associated with their careers. Planning must address both financial and emotional readiness.
6Which of the following statements correctly distinguishes between savings and investments?
A.Savings focus on preserving nominal value and liquidity, while investments aim to generate real inflation-adjusted growth
B.Savings are always tax-exempt in India, whereas investments are always fully taxable at the individual slab rate
C.Savings products carry zero credit risk, while investment products are completely free from liquidity risk
D.Savings must always be held in commercial bank accounts, while investments are restricted to equity mutual funds
Explanation: Savings typically involve short-term, low-risk, highly liquid options like bank deposits to preserve capital. Investments involve committing capital to assets like equities or real estate, accepting higher risk in pursuit of long-term real growth.
7How do equity and debt asset classes generally compare in terms of risk, return, and inflation protection over the long term?
A.Equity offers higher long-term returns and inflation hedge, but carries higher short-term volatility
B.Debt provides superior capital growth and inflation protection, while equity offers fixed periodic income
C.Equity and debt carry identical risk profiles, but equity returns are guaranteed by market regulators
D.Debt options are completely risk-free, while equity is only suitable for short-term speculation
Explanation: Equities represent ownership in businesses, enabling them to pass on rising costs to consumers and grow earnings, providing long-term inflation protection. Debt provides predictable, fixed interest payouts but is vulnerable to purchasing power erosion by inflation.
8When the Reserve Bank of India (RBI) raises benchmark interest rates, what is the typical impact on existing fixed-income debt securities in the secondary market?
A.The market prices of existing bonds decline, with longer-duration bonds experiencing larger drops
B.The market prices of existing bonds rise, because their coupon rates become more attractive to investors
C.The coupon payments of all outstanding bonds immediately increase to match the new benchmark rate
D.The credit ratings of corporate debt issuers are automatically upgraded due to higher yields
Explanation: Bond prices and interest rates have an inverse relationship. When rates rise, existing bonds with lower coupons become less attractive, so their prices fall to align their yield to maturity with new market rates; longer-duration bonds are more sensitive to this change.
9Which of the following best describes the difference between Strategic Asset Allocation (SAA) and Tactical Asset Allocation (TAA)?
A.SAA sets long-term target asset mixes based on risk, while TAA allows short-term tactical deviations
B.SAA is used exclusively during the accumulation stage, while TAA is implemented only during the distribution stage
C.SAA restricts investments entirely to debt instruments, while TAA focuses solely on high-risk equity derivatives
D.SAA is managed automatically by robo-advisers, while TAA requires manual approval from the market regulators
Explanation: Strategic Asset Allocation (SAA) sets the baseline asset mix that aligns with the client's long-term goals and risk profile. Tactical Asset Allocation (TAA) allows active managers to temporarily deviate from this baseline to take advantage of short-term market anomalies.
10Which type of investment risk is diversifiable through holding a broad portfolio of securities across different sectors?
A.Unsystematic risk
B.Market risk
C.Interest rate risk
D.Purchasing power risk
Explanation: Unsystematic risk, also known as business or specific risk, affects a particular company or industry. Since it is localized, investing in a variety of unrelated businesses and sectors effectively dilutes and reduces this risk.

About the NISM Series XVII (Retirement Adviser) Exam

NISM-Series-XVII: Retirement Adviser Certification Examination is a SEBI and PFRDA-aligned certification administered by the National Institute of Securities Markets. It is designed to establish a common minimum knowledge benchmark for retirement advisers registered under the PFRDA (Retirement Adviser) Regulations, 2016. The syllabus covers fundamental concepts in retirement planning, features of financial markets and investment products, the multi-stage retirement planning process, detailed workings of the National Pension System (NPS), evaluation of fund performance and selection, other mandatory and voluntary retirement products (including EPF, PPF, SCSS, APY, and annuities), retirement planning strategies, estate planning, and PFRDA regulations. The examination has 100 one-mark multiple-choice questions to be completed in two hours, a 60% passing score and negative marking of 25% per wrong answer, and the certificate is valid for three years.

Assessment

100 multiple-choice questions of 1 mark each, totalling 100 marks, drawn from nine chapters covering the fundamental retirement planning concepts, investment products, NPS, fund evaluation, other schemes, and regulatory code of conduct.

Time Limit

2 hours (120 minutes).

Passing Score

60% (60 out of 100 marks). Negative marking of 25% of the marks assigned to a question applies for each wrong answer.

Exam Fee

Rs. 1,500 (plus applicable GST). (National Institute of Securities Markets (NISM), established by SEBI.)

NISM Series XVII (Retirement Adviser) Exam Content Outline

5%

Fundamental Concepts in Retirement Planning

Need for retirement planning, basic financial concepts, features of retirement goals, importance of early savings, risks of underestimating retirement goals, and emotional aspects of retirement.

10%

Financial Markets & Investment Products

Difference between savings and investments, asset classes (equity, debt, real estate, gold), sub-asset classes, features of investment products, common risks, asset allocation, and macro-economic factors.

15%

Retirement Planning Process

Evaluating client's current situation, setting retirement goals, investing for accumulation and distribution stages, risks in distribution stage, monitoring/updating plans, and behavioural biases.

20%

Retirement Planning Products: National Pension System (NPS)

Working mechanism of NPS, subscription processes, Tier I and Tier II accounts, investment options (Active and Auto Choice), pension fund managers, and tax implications.

10%

Evaluating Fund Performance & Fund Selection

Return on investment calculations (CAGR, XIRR), risk measures (standard deviation, beta, Sharpe ratio), benchmarking and performance evaluation, and matching products to investor needs.

8%

Retirement Planning Products: Other Investment Products

Mandatory retirement benefit schemes (EPF, EPS, Gratuity, Superannuation) and voluntary retirement products (PPF, SCSS, APY, Mutual Funds, Insurance products, Annuities).

12%

Retirement Planning Strategies

Bridging shortfalls in the retirement corpus, periodic investments, multi-source income strategies, bucket strategies, tax advantages, and automating investments.

10%

Special Considerations in Retirement

Managing debt obligations, reverse mortgage, medical emergencies and health insurance, estate planning, documentation, and nominee processes.

10%

Regulations & Regulators

Regulatory structure governing retirement advisers, PFRDA (Retirement Adviser) Regulations 2016, SEBI regulations, code of conduct, disclosures, and dispute resolution.

How to Pass the NISM Series XVII (Retirement Adviser) Exam

What You Need to Know

  • Passing score: 60% (60 out of 100 marks). Negative marking of 25% of the marks assigned to a question applies for each wrong answer.
  • Assessment: 100 multiple-choice questions of 1 mark each, totalling 100 marks, drawn from nine chapters covering the fundamental retirement planning concepts, investment products, NPS, fund evaluation, other schemes, and regulatory code of conduct.
  • Time limit: 2 hours (120 minutes).
  • Exam fee: Rs. 1,500 (plus applicable GST).

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

NISM Series XVII (Retirement Adviser) Study Tips from Top Performers

1Prioritise high-weight chapters: The NPS chapter carries a massive 20% weight, and the Retirement Planning Process and Strategies make up another 27%. Focusing on these areas covers almost half the marks.
2Understand the mechanics of the National Pension System (NPS), especially Active Choice vs Auto Choice (LC75, LC50, LC25 life cycle funds) and withdrawal/annuity rules at age 60.
3Master retirement math: annuity calculations, compounding, calculating inflation-adjusted retirement corpus, and matching tax-saving instruments.
4Get familiar with PFRDA (Retirement Adviser) Regulations, 2016, and the Code of Conduct, as Unit 9 tests these legal requirements.
5Avoid wild guessing because of the 25% negative marking. Eliminate clearly incorrect options first and only guess if you can narrow it down to two options.
6Manage your time carefully during mock practice: you must solve 100 questions within 120 minutes.

Frequently Asked Questions

How many questions are on the NISM Series XVII (Retirement Adviser) exam and how long is it?

The exam has 100 multiple-choice questions of 1 mark each, totalling 100 marks, and must be completed in 2 hours (120 minutes).

What is the passing score for NISM Series XVII?

The passing score is 60%, meaning you must score at least 60 out of 100 marks. There is also negative marking of 25% of the marks assigned to a question for each wrong answer (i.e. -0.25 marks).

Does NISM Series XVII have negative marking?

Yes. There is negative marking of 25% of the marks assigned to a question, so each wrong answer deducts 0.25 marks. Unanswered questions are not penalised.

What is the fee and certificate validity for NISM Series XVII?

The exam fee is Rs. 1,500 plus applicable GST. The certificate is valid for 3 years from the date of the examination.

Who is required to pass the NISM Series XVII (Retirement Adviser) exam?

PFRDA mandates it for individuals, partners, and representatives seeking registration as Retirement Advisers (RA) to provide advice on NPS and other pension products.

Are these official NISM practice questions?

No. These are original OpenExamPrep questions modelled on the NISM-Series-XVII (Retirement Adviser) syllabus. NISM provides its own workbook and certification materials separately on its website.