What is NISM-Series-XV?
The NISM-Series-XV is a Research Analyst Certification Examination which is conducted by National Institute of Securities Markets (NISM), established by SEBI (Securities Exchange Board of India). It is compulsory for anyone who wants to work as a Research Analyst, then you can give this examination. Now, Let’s get into the exam details.
If we talk about:
- Eligibility: There is no specific educational qualification required, anyone who is interested or just starting in finance or in stock markets and research can take the exam. As it will enhance your knowledge.
- Mode: You can give this exam “Online”
- Format: 100 multiple-choice questions
- Duration: 2 Hours
- Passing Marks: 60% (i.e., 60 out of 100)
- Negative Marking: YES, 0.25 deducted for every wrong answer.
- Fee: ₹1500/-
Syllabus Overview of NISM-Series-XV
- Introduction to Research Profession
- Introduction to Securities Market
- Terminology in Equity & Debt Markets
- Fundamentals of Research
- Economic Analysis
- Industry Analysis
- Company Analysis – Qualitative Dimensions
- Company Analysis – Quantitative Dimensions
- Corporate Actions
- Valuation Principles
- Fundamentals of Risk and Return
- Qualities of a Good Research Report
- Legal and Regulatory Environment
Recommended Books & Resources for NISM-Series-XV
- NISM Official Workbook for Series XV (latest edition) – primary source.
- Practice questions and mock tests available on NISM’s official site.
- Books on Fundamental Analysis & Valuation (optional for deeper learning).
- Free resources like SEBI circulars, company annual reports, and financial news sites for real-world examples.
Preparation Strategy
- If you are consistent then it will take 1 or 2 months only. I am a slow learner so I took 2 months to prepare for it.
- Try to read the workbook at least once. It will definitely help you to get a good idea of what is inside the book. Some might try to skip and jump on short notes. You can do that but try to read the book once. (No shortcuts, Please)
- Make short notes on formulas like, (P/E ratio, P/BV, DCF, etc.).
- Take at least 5–6 mock tests, that will be enough.
- Use Chat GPT or Google Bard for the easy explanation or making notes or finding important questions.
Tips to Pass the Exam
- When I started, I thought mock tests weren’t needed. But after I tried them, I realized they make a huge difference. So don’t skip them
- Pay extra attention to valuation methods and ratio analysis — these are frequently asked in the exam of NISM-Series-XV.
- Learn how to apply concepts (case-study style questions are common).
- Avoid guesswork due to negative marking — otherwise you will lose marks. No need for “Jai Mata Di”
- In last 7–10 days, focus on revising notes and solving mocks.
Final Words
The exam is not that hard, you just need to be motivated and consistent enough. I tried to give this exam, I started prep and then lost motivation and then kept it aside. Don’t do this mistake which I did. Once you start then complete it. All the best and let’s start this journey for few months and score as much as you can in NISM-Series-XV exam. Let’s start with NISM Research Analyst Chapter 1: Introduction to Research Analyst Profession.