NISM Series XV mock test
Research Analyst 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 NISM publishes, so the mix matches the real paper.
- 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 Research Analyst certification — economic and industry analysis, financial statements, valuation, technical analysis and the regulatory framework. NISM presents twenty of its hundred marks as five case studies of four questions each; every question is worth one mark, so the marking here matches, but this paper serves a hundred standalone questions rather than reproducing the caselets.
- Questions
- 100
- Duration
- 120 min
- Pass mark
- 60/100
- Negative marking
- −25%
The certificate is valid for 3 years. Clearing this examination is required under the SEBI (Research Analysts) Regulations, 2014 for persons registered as research analysts, individuals employed as research analysts and partners of a research analyst who prepare or publish research reports.
Syllabus and weightages
15 units, weighted as NISM publishes them. Technical Analysis alone is 15% of the paper — worth knowing before you decide where your week goes.
| Unit | Weight | Questions |
|---|---|---|
| 1. Introduction to Research Analyst Profession | 1% | 1 |
| 2. Introduction to Securities Market | 2% | 2 |
| 3. Terminology in Equity and Debt Markets | 2% | 2 |
| 4. Fundamentals of Research | 5% | 5 |
| 5. Economic Analysis | 5% | 5 |
| 6. Industry Analysis | 8% | 8 |
| 7. Company Analysis — Business and Governance | 6% | 6 |
| 8. Company Analysis — Financial Analysis | 12% | 12 |
| 9. Corporate Actions | 5% | 5 |
| 10. Valuation Principles | 12% | 12 |
| 11. Fundamental Analysis of Commodities | 5% | 5 |
| 12. Fundamentals of Risk and Return | 7% | 7 |
| 13. Qualities of a Good Research Report | 5% | 5 |
| 14. Legal and Regulatory Environment | 10% | 10 |
| 15. Technical Analysis | 15% | 15 |
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.