NISM exam preparation
NISM exam preparation: free mock tests and study guides
13 NISM exams, one place. Pick your exam, download the unit-wise study guide and practise with full mock tests that explain every answer.
Compare all NISM exams
| Exam | Title | Questions | Minutes | Pass | Negative marking |
|---|---|---|---|---|---|
| NISM Series V-A | Mutual Fund Distributors | 100 | 120 | 50% | None |
| NISM Series XII | Securities Markets Foundation | 100 | 120 | 60% | None |
| NISM Series VIII | Equity Derivatives | 100 | 120 | 60% | 25% of marks |
| NISM Series X-A | Investment Adviser (Level 1) | 100 | 120 | 60% | 25% of marks |
| NISM Series XV | Research Analyst | 100 | 120 | 60% | 25% of marks |
| NISM Series XXI-A | Portfolio Management Services (PMS) Distributors | 100 | 120 | 60% | 10% of marks |
| NISM Series XIX-A | Alternative Investment Funds (Category I and II) Distributors | 100 | 120 | 60% | 25% of marks |
| NISM Series XI | Equity Sales | 100 | 120 | 50% | 25% of marks |
| NISM Series I | Currency Derivatives | 100 | 120 | 60% | 25% of marks |
| NISM Series X-B | Investment Adviser (Level 2) | 120 | 180 | 60% | 25% of marks |
| NISM Series V-D | Mutual Fund: Specialized Investment Fund Distributors | 150 | 180 | 60% | 10% of marks |
| NISM Series VI | Depository Operations | 100 | 120 | 60% | 25% of marks |
| NISM Series XXI-B | Portfolio Managers | 120 | 180 | 60% | 25% of marks |
Choose by what you do
Mutual funds and distribution
Distribute funds, advise investors, understand the product.
Markets and foundations
How securities markets work, from first principles.
Derivatives
Futures, options and currency contracts, with the numbers.
Advice and research
Investment advisers and research analysts.
Alternatives and PMS
PMS and alternative investment fund distribution.
Broking and sales
Equity sales and client management.
Frequently asked questions
Which NISM exam should I take?
It depends on the role. Mutual fund distributors look at Series V-A, those new to markets at Series XII, and advisers and analysts at the advice and research exams listed below. Use the table to compare each exam.
Are these NISM mock tests free?
Yes. UpperCrust Academy gives free mock tests and a free study guide PDF for all 13 exams listed here.
How do I prepare for a NISM exam?
Read the study guide once, study the heaviest units first, then take mock tests. Move on only when you clear the pass mark by 15 marks, and redo every wrong answer.
Is the study material available in Hindi or Gujarati?
No. The app screens can be switched to Hindi or Gujarati, but NISM mock tests and study guide PDFs are in English, as the NISM exams themselves are.
Is UpperCrust Academy part of NISM?
No. It is independent preparation material from UpperCrust Wealth. Check the official NISM website for the latest syllabus and rules.
UpperCrust Academy is independent study material from UpperCrust Wealth. It is not affiliated with NISM, SEBI or AMFI. For education only. Not investment advice. Always confirm the latest syllabus and rules on the official NISM website.