NISM-Series-15: Research Analyst Mock Tests

The NISM-Series-XV: Research Analyst Certification Examination is designed to establish a common minimum knowledge benchmark for individuals registered as research analysts or those employed in research analysis roles.

Examination Objectives:

Upon successful completion of the examination, candidates should possess a comprehensive understanding of the following areas:

• Indian Securities Markets: Basics of the markets and various terminologies used in equity and debt segments.
• Research Approaches: Knowledge of both top-down and bottom-up approaches to fundamental research.
• Economic Analysis: Basic principles of micro and macro-economic analysis, including macroeconomic variables and sources of information.
• Industry Analysis: Understanding key industry drivers and identifying information sources for industry-specific analysis.
• Company Analysis: Grasping the qualitative and quantitative dimensions involved in analyzing a company.
• Risk, Return, and Valuation: Knowing the fundamentals of risk and return, various valuation principles, and the philosophy behind corporate actions.
• Research Reporting: Understanding the essential qualities that constitute a good research report.
• Advanced Analysis: Comprehending aspects of technical analysis and commodities research.

Assessment Structure:

The examination evaluates candidates through multiple-choice and case-based questions as detailed below:

• Total Marks: 100 marks.
• Question Format:
  • Multiple Choice Questions: 80 questions of 1 mark each (80 marks total).
  • Case-based Questions: 5 cases, with each case containing 4 questions of 1 mark each (20 marks total).
• Duration: The examination must be completed within 2 hours.
• Passing Score: The passing mark is 60% (60 marks).
• Negative Marking: There is a penalty for wrong answers; 25% of the marks assigned to a question will be deducted for each incorrect response.

Chapter-wise Weightage of Marks:

One of the most strategic aspects of NISM Series XV preparation is understanding the chapter-wise marks distribution. Not all chapters carry equal weight. Smart candidates allocate their study time proportionally — giving more hours to high-weightage chapters and building a solid foundation in the moderate-weightage ones.

The following table is sourced directly from the official NISM Series XV Research Analyst Workbook (March 2025 edition):

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