In a medium mixing bowl, combine the softened cream cheese and powdered sugar. Use a hand mixer to whip until smooth and creamy. Add the vanilla extract and mix until fully incorporated.

Gently fold in 1 cup of the whipped topping into the cream cheese mixture until well combined.

In a separate bowl, whisk together the chocolate pudding mix and milk until it thickens, about 2 minutes.

Stir in the hot cocoa mix into the prepared chocolate pudding until fully blended.

In a 9x13 inch dish, spread the cream cheese mixture evenly on the bottom.

Follow with half the chocolate pudding mixture, and layer the remaining cream cheese mixture on top.

Pour the rest of the chocolate pudding mixture over the cream cheese layer and spread out evenly.

Cover the dish with the remaining whipped topping, and add marshmallows and chocolate shavings for garnish.

Refrigerate for at least 4 hours or overnight prior to serving.