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NISM Series XV: Research Analyst exam preparation
Economy, industry, company, valuation and technicals, plus the SEBI rules for publishing research. Fifteen chapters, deeply worked.
NISM Series XV exam pattern
NISM Series XV syllabus, unit by unit
The exam covers 15 units. The percentage is the share of questions each unit usually carries, so spend your time in that proportion.
Unit 1 Introduction to the research analyst profession1%
Who a research analyst is and what the role demands.
- Role, skills and responsibilities.
Unit 2 Introduction to the securities market2%
A rapid overview of the market that analysts operate in.
- Primary and secondary markets, participants and regulators.
Unit 3 Terminology in equity and debt markets2%
Key terms the analyst must use correctly.
- Equity and debt terms.
Unit 4 Fundamentals of research5%
The framework for doing research: approaches, sources and a disciplined process.
- Top-down and bottom-up.
- Qualitative and quantitative analysis.
- Research process and data sources.
Unit 5 Economic analysis5%
How the economy drives sectors and stocks: growth, inflation, policy and the cycle.
- GDP, inflation, fiscal and monetary policy.
- Business cycle and indicators.
Unit 6 Industry analysis8%
Industries have their own economics. This chapter equips analysts to assess structure, competition and lifecycle.
- Porter's five forces.
- Industry life cycle.
- Cyclical versus defensive.
Unit 7 Company analysis: business and governance6%
Before the numbers, understand the business and the people running it.
- Business model and moat.
- Management quality.
- Corporate governance red flags.
Unit 8 Company analysis: financial analysis12%
The core of the analyst's craft: reading financial statements and ratios. Expect many calculation questions.
- Profitability, liquidity, leverage and efficiency ratios.
- DuPont analysis.
- Cash flow statement.
- Quality of earnings.
Unit 9 Corporate actions5%
Dividends, bonuses, splits, rights, buybacks, mergers and open offers, and what each means for shareholders and valuation.
- Ex-date and record date.
- Bonus, split and rights.
- Mergers, demergers, buybacks, delisting.
Unit 10 Valuation principles12%
Turning analysis into a price. Intrinsic and relative valuation methods, their assumptions and limits.
- DCF and its inputs.
- P/E, P/B, EV/EBITDA.
- Dividend discount model.
- WACC and CAPM.
Unit 11 Fundamental analysis of commodities5%
Commodities are valued by supply, demand and cost of carry rather than earnings.
- Demand and supply drivers.
- Contango and backwardation.
- Bullion and energy factors.
Unit 12 Fundamentals of risk and return7%
The portfolio theory behind research: expected return, volatility, correlation and CAPM.
- Risk measures.
- Correlation and diversification.
- CAPM and risk-adjusted performance.
Unit 13 Qualities of a good research report5%
What separates a useful report from a promotional one: structure, clarity, evidence and honesty.
- Structure and content of a report.
- Rating and target price.
- Risks and disclosures.
Unit 14 Legal and regulatory environment10%
SEBI's Research Analyst Regulations: registration, conduct, disclosures, trading restrictions, records and penalties. Many exact-rule questions.
- Registration and qualification.
- Conflicts and disclosures.
- Trading restrictions.
- Records and client agreement.
Unit 15 Technical analysis15%
Reading price and volume: trends, patterns, indicators and their limits. The largest single chapter.
- Dow theory and trends.
- Support and resistance.
- Moving averages, RSI, MACD, Bollinger.
- Candlesticks and chart patterns.
- Volume and breadth.
Try 4 sample questions
These are from Mock 1. Open the free mock to see the correct answer and the reason behind each one.
Q1. Which statement best describes “Timeliness and updates”?
- Receivable days measure the average time taken to collect payment from customers.
- Reports should be updated when material events occur and should state the date and data cut-off.
- A simple moving average is the average closing price over a set number of periods, smoothing price data to show the trend.
- SEBI regulates the securities market, RBI the money market and banks, and exchanges oversee their members.
Q2. Which statement best describes “Stock-to-use ratio”?
- The weighted average cost of capital blends the cost of equity and after-tax cost of debt in proportion to their weights, and is the discount rate for FCFF.
- Independent directors on the board and its committees provide oversight free from management and promoter influence.
- The record date is the date on which a shareholder must be on the company's register to be eligible for a corporate benefit.
- The stock-to-use ratio compares closing stocks with consumption; low levels signal tightness and price pressure.
Q3. Which term is described here? Frequent changes of auditors, qualified audit opinions and delays in results can signal accounting or governance problems.
- Auditor red flags
- Prohibited compensation
- Corporate governance
- Leading indicators
Q4. Which term is described here? Government policy, taxes and regulation can change industry profitability, such as price controls in pharma or spectrum charges in telecom.
- Rating and price target history
- Regulation and policy
- Bottom-up approach
- Receivable days
How to prepare for NISM Series XV
- Download the study guide and read the first three pages.
- Study the biggest units first. Their weight shows on this page.
- Take Mock 1 after one pass through the guide.
- Move to the next mock only when you clear the pass mark by 15 marks.
- Redo every wrong answer. Each one names its unit.
The app also lists your weak units after each mock and runs in English, Hindi or Gujarati. Mock tests and study material are in English.
Frequently asked questions
How many questions are there in NISM Series XV?
The NISM Series XV (Research Analyst) exam has 100 multiple-choice questions carrying 100 marks, to be answered in 120 minutes.
What is the passing score for NISM Series XV?
The pass mark is 60%. Aim to clear 75% in practice mocks before you book the real exam.
Is there negative marking in NISM Series XV?
Yes. The negative marking is 25% of marks. Practise leaving a question blank when you are unsure.
Is the NISM Series XV study guide free?
Yes. UpperCrust Academy gives a free 53-page study guide PDF for NISM Series XV, written unit by unit.
Are the NISM Series XV mock tests free?
Yes. You get 5 full-length mock tests with the answer and the reason for every question. Sign in once with your mobile number or Google to start.
Is this affiliated with NISM?
No. UpperCrust Academy is independent preparation material from UpperCrust Wealth. Confirm the latest syllabus and exam rules on the official NISM website.
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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.