NISM Series XV: Research Analyst Certification – Complete Guide 2025

Sat Nov 8, 2025

🌟 Introduction The financial markets in India are growing at a rapid pace, and with that growth comes a rising demand for skilled research analysts who can evaluate companies, interpret financial data, and make well-informed investment recommendations. If you’ve ever wondered how analysts on CNBC or in brokerage reports make those precise “Buy” or “Sell” calls — the answer often lies in structured research training. And the foundation for that training is the NISM Series XV: Research Analyst Certification Examination. This certification is mandatory for anyone who wishes to register as a Research Analyst with SEBI, and it’s one of the most respected credentials in the Indian financial ecosystem. In this guide, we’ll break down everything you need to know about the exam — from eligibility and syllabus to preparation strategies and career opportunities — plus how CrackCertify.in can help you pass it on your first attempt.

🎯 What is NISM Series XV: Research Analyst Certification? The NISM Series XV: Research Analyst Certification Examination is conducted by the National Institute of Securities Markets (NISM) — an educational initiative established by SEBI (Securities and Exchange Board of India). The purpose of this exam is to ensure that individuals involved in preparing and publishing research reports or giving investment recommendations possess the required knowledge of:

• Financial markets and instruments
• Company and industry analysis
• Valuation techniques
• Regulatory guidelines under SEBI

Passing this exam is a prerequisite to become a SEBI-registered Research Analyst under the SEBI (Research Analyst) Regulations, 2014. 👨‍🎓 Who Should Take This Exam? The NISM Research Analyst exam is ideal for:

• Finance students aspiring to start a career in stock market research or equity analysis.
• Working professionals in broking firms, mutual funds, and investment advisory firms.
• Traders and investors who want to analyze companies fundamentally before investing.
• Aspiring SEBI Registered Research Analysts (RAs) who must clear this exam as part of the SEBI registration process.
• Financial content creators and YouTubers who want to provide research-backed insights with credibility.

In short, anyone who wants to build a serious career in equity research, financial analysis, or investment advisory should take this certification. 📜 Eligibility Criteria NISM does not set any strict educational or age requirement for the exam, which means anyone can appear. However, for SEBI registration as a Research Analyst, the following conditions apply:

• Educational Qualification:
  A professional qualification or post-graduate degree/diploma in finance, accounting, business management, economics, or commerce.
• Experience:
  Minimum 5 years of experience in related activities like financial analysis, investment advisory, or portfolio management (if not holding a postgraduate qualification).
• Certification:
  You must pass the NISM Series XV: Research Analyst Certification Exam.

🧩 Exam Pattern and Structure

Particulars	Details
Exam Name	NISM-Series-XV: Research Analyst Certification
Conducted By	National Institute of Securities Markets (NISM)
Mode of Exam	Online (at NISM-designated test centers)
Total Questions	100 Multiple Choice Questions (MCQs)
Total Marks	100
Passing Marks	60% (i.e., 60 marks)
Negative Marking	25% deduction for each wrong answer
Exam Duration	2 hours
Certificate Validity	3 years
Exam Fee	₹1,500 (approx., subject to change)

📚 NISM Research Analyst Syllabus (2025 Updated) The syllabus is structured to test your understanding of financial markets, valuation, research methodology, and SEBI regulations. Key Modules:

1. Introduction to Research Analysis
• Role and importance of research analysts
• Types of research reports
• Ethical responsibilities
2. Fundamentals of Research
• Steps in research process
• Data collection and analysis techniques
• Quantitative and qualitative analysis
3. Economy and Industry Analysis
• Macroeconomic indicators (GDP, inflation, interest rates)
• Industry life cycle and structure
• Top-down vs bottom-up analysis
4. Company Analysis
• Understanding financial statements
• Ratio analysis and key performance indicators
• Evaluating management quality and business models
5. Valuation Principles
• Discounted Cash Flow (DCF) valuation
• Relative valuation (P/E, P/B, EV/EBITDA)
• Limitations of valuation models
6. Regulations and Compliance
• SEBI (Research Analyst) Regulations, 2014
• Code of Conduct for Research Analysts
• Avoiding conflict of interest and ensuring transparency

🧾 How to Register for the NISM Research Analyst Exam Follow these simple steps to register:

1. Visit the NISM Certification Portal
2. Create a new account using your email ID.
3. Log in and select NISM Series XV: Research Analyst exam.
4. Choose your test center and date.
5. Pay the exam fee online (₹1,500 approx.).
6. Download the hall ticket and appear for the exam.

💼 Career Opportunities After NISM Research Analyst Certification Once you clear this exam, you open doors to multiple roles in the finance sector, such as:

• Equity Research Analyst – Analyze companies, write research reports, and recommend stocks.
• Investment Advisor – Guide clients on portfolio allocation based on analysis.
• Financial Analyst – Work in banks, AMCs, or consulting firms analyzing balance sheets and forecasts.
• Research Associate – Support senior analysts with data, models, and reports.
• Content Creator/Finance Educator – Build credibility as a SEBI-certified expert.

💰 Average Starting Salary: ₹4 – ₹6 LPA (freshers)
💼 Experienced Analysts: ₹10 – ₹20 LPA or more, depending on role and firm. 🧠 Why NISM XV is Crucial for SEBI Registration If you want to become a SEBI Registered Research Analyst (RA), this certification is non-negotiable. Under SEBI’s 2014 regulations, every person or firm publishing research reports or making stock recommendations must be registered with SEBI — and passing NISM Series XV is one of the eligibility requirements for that registration. This ensures that analysts maintain high standards of integrity, accuracy, and transparency — protecting investors from misleading information or biased recommendations. 🧩 Preparation Strategy for NISM Research Analyst Exam 1. Understand the Syllabus Start by reading the official NISM workbook thoroughly. It forms the base for most exam questions. 2. Practice Mock Tests Regularly Mock tests simulate real exam conditions and help identify weak areas. On CrackCertify.in, you’ll find topic-wise tests, full-length mocks, and chapter quizzes designed exactly as per the NISM pattern. 3. Revise Key Formulas and Ratios Questions often test your understanding of financial ratios, valuation methods, and interpretation of financial statements. 4. Focus on SEBI Regulations Around 15–20% of the exam questions come from the SEBI (Research Analyst) Regulations, 2014, so don’t skip it. 5. Stay Updated on Markets Basic awareness of ongoing economic trends helps you answer analytical questions with better context. 🚀 How CrackCertify.in Helps You Succeed At CrackCertify.in, we simplify NISM exam preparation through: ✅ Chapter-wise Quizzes – Test yourself after every topic.
✅ Full-Length Mock Tests – Simulate real exam environment with 100 timed questions.
✅ Detailed Explanations – Understand not just the answer, but the logic behind it.
✅ Performance Analytics – Identify your strengths and weak areas instantly.
✅ Exam Updates & Notifications – Stay informed about syllabus or pattern changes. Whether you’re a student or a working professional, our mock tests and courses are designed to make your NISM Series XV exam preparation efficient and exam-oriented. 👉 Start your NISM Research Analyst Mock Test today on CrackCertify.in and boost your confidence before the actual exam. ❓ FAQs on NISM Series XV: Research Analyst 1. What is the validity of NISM Research Analyst Certification?
The certificate is valid for 3 years from the date of passing. 2. Is there negative marking in the exam?
Yes, there is a 25% negative marking for every wrong answer. 3. How difficult is the NISM Series XV exam?
It’s moderately difficult. With proper preparation and mock tests, most students clear it easily. 4. Can a beginner take the Research Analyst exam?
Yes, even beginners or students without prior finance background can take the exam. 5. What are the passing marks?
You need to score at least 60 marks out of 100 to pass. 6. Can I apply for SEBI registration immediately after passing the exam?
Yes, provided you also meet the academic and experience criteria prescribed by SEBI. 7. How often can I retake the exam?
You can retake it anytime after 15 days of the previous attempt. 🏁 Conclusion The NISM Series XV: Research Analyst Certification is not just another exam — it’s your gateway to a rewarding career in financial research, stock analysis, and investment advisory. It validates your analytical skills, builds trust with clients and employers, and gives you a competitive edge in the finance industry. With the right preparation, the exam is absolutely achievable — especially when you have structured resources and mock tests to guide you. So, if you’re serious about becoming a SEBI-certified Research Analyst, start your preparation today with CrackCertify.in’s mock tests and courses. ✨ Get certified. Get recognized. Get ahead with CrackCertify.