NISM Series-XV: Research Analyst Practice Exam

The NISM Series-XV: Research Analyst Certification Exam, administered by the National Institute of Securities Markets (NISM), is a prestigious program designed to assess and validate the knowledge and competency of individuals working as research analysts in the Indian securities market. Earning this certification demonstrates your proficiency in core principles and practices essential for effective research analysis within the financial services sector.

Who Should Take This Exam?

This certification caters to a wide range of professionals seeking to excel in financial research, including:

• Research Analysts: Employed by brokerage houses, investment advisory firms, or independent research firms.
• Investment Professionals: Individuals involved in making investment decisions, such as portfolio managers and financial advisors.
• Finance Graduates and Aspirants: Those seeking to enter the financial research field and establish a strong foundation.

Prerequisites for Exam Eligibility

The NISM mandates specific requirements for participation in the Series-XV program:

• Education: A bachelor's degree in any discipline from a recognized Indian university is mandatory.
• Experience: While not required to sit for the exams, having at least two years of experience in financial research or related fields is recommended for gaining practical knowledge.
• Ethics: Abiding by NISM's Code of Ethics is a core program requirement.

Roles and Responsibilities 

• Conduct Comprehensive Research: Effectively analyze financial data, interpret market trends, and generate insightful research reports to inform investment decisions.
• Adhere to Regulatory Compliance: Demonstrate a strong understanding of the Securities and Exchange Board of India (SEBI) regulations governing research analysts.
• Maintain Ethical Standards: Uphold ethical principles and avoid conflicts of interest in research practices.
• Communicate Research Findings Clearly: Effectively communicate complex financial information to various audiences, including investors and portfolio managers.

Exam Details 

• Exam Duration 120 mins
• Number of Questions 100 Questions
• Exam Language English
• Pass Score 60% and above

Examination Objectives

On successful completion of the examination the candidate should:

• Know the basics of Indian Securities Markets and different terminologies used in equity and debt markets
• Know about the top down and bottom up approach to fundamental research
• Know the basic principles for micro and macro-economic analysis, the sources of different information for analysis and the various macroeconomic variables affecting the analysis.
• Know the key industry drivers and sources of information for industry analysis.
• Understand about the Qualitative and Quantitative dimensions with regards to Company Analysis.
• Know about the Fundamentals of Risk and Return, Valuation Principles and the philosophy of various Corporate Actions.
• Understand the qualities of a good research report.