NISM Series IV mock test
Interest Rate Derivatives Certification Examination
The practice paper
Before you start
- 100 questions, 120 minutes. 1 mark each, and 25% off for a wrong answer — the same rules the real paper uses, so a question you cannot narrow down is better left blank.
- Questions are drawn to the syllabus weightages we have derived, because NISM publishes none for this examination.
- You can flag a question and come back to it. The clock does not stop.
- Nothing is saved. Close the tab and the attempt is gone.
The real examination
A practice paper for the Interest Rate Derivatives certification — the fixed income market and bond mathematics first, then futures and options on interest rates, hedging a bond portfolio, the trading and clearing mechanism, and the framework RBI and SEBI share. A hundred questions, negative marking of a quarter mark and a pass at 60.
- Questions
- 100
- Duration
- 120 min
- Pass mark
- 60/100
- Negative marking
- −25%
The certificate is valid for 3 years. Clearing this examination is the certification requirement for approved users and sales personnel of a trading member in the interest rate derivatives segment of a recognised stock exchange.
Syllabus and weightages
Ten units, weighted as we have derived them — NISM publishes no weightage table for this examination. Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Market alone is 18% of the paper — worth knowing before you decide where your week goes.
| Unit | Weight | Questions |
|---|---|---|
| 1. Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Market | 18% | 18 |
| 2. Interest Rate Derivatives | 8% | 8 |
| 3. Exchange Traded Interest Rate Futures | 9% | 9 |
| 4. Exchange Traded Interest Rate Options | 13% | 13 |
| 5. Strategies Using Exchange Traded Interest Rate Futures and Options | 9% | 9 |
| 6. Trading Mechanism in Exchange Traded Interest Rate Derivatives | 8% | 8 |
| 7. Clearing, Settlement and Risk Management in Exchange Traded Interest Rate Derivatives | 15% | 15 |
| 8. Regulatory Framework for Interest Rate Derivatives | 9% | 9 |
| 9. Accounting and Taxation | 3% | 3 |
| 10. Codes of Conduct and Investor Protection Measures | 8% | 8 |
Common questions
Is this the actual NISM examination?
No. It is a practice paper written by CAPITA1 from the syllabus NISM publishes. The real examination is conducted by NISM and can only be taken through them.
Does passing this get me certified?
No. Only NISM certifies, through its own examination. This tells you where you stand before you book it.
What score do I need in the real exam?
60 out of 100, which is 60%. A wrong answer costs 25% of the marks for that question, and an unanswered one costs nothing — so a guess you have no basis for is worse than leaving it.
Do I get the same questions each time?
No. A fresh paper is drawn from the bank each attempt, weighted to the same syllabus split.