NISM exam guide
Which NISM exam should I take?
Pick by what you want to do. A table of 13 exams matched to the job each one is for.
Find your exam by your job
The right NISM exam follows the role you want. Find your situation in the table.
| If… | Take | Exam |
|---|---|---|
| You sell or distribute mutual funds (ARN holder or sales staff) | NISM Series V-A | Mutual Fund Distributors |
| You distribute specialized investment funds (SIF) | NISM Series V-D | Mutual Fund: Specialized Investment Fund Distributors |
| You distribute PMS products | NISM Series XXI-A | Portfolio Management Services (PMS) Distributors |
| You distribute AIFs (Category I and II) | NISM Series XIX-A | Alternative Investment Funds (Category I and II) Distributors |
| You deal in equity derivatives at a broker | NISM Series VIII | Equity Derivatives |
| You deal in currency derivatives | NISM Series I | Currency Derivatives |
| You want to publish research as a research analyst | NISM Series XV | Research Analyst |
| You want to become an investment adviser, Level 1 | NISM Series X-A | Investment Adviser (Level 1) |
| You are an investment adviser, Level 2 | NISM Series X-B | Investment Adviser (Level 2) |
| You work in equity sales | NISM Series XI | Equity Sales |
| You work in depository operations | NISM Series VI | Depository Operations |
| You manage portfolios (portfolio manager) | NISM Series XXI-B | Portfolio Managers |
| You are new to the market or a student and want a first exam | NISM Series XII | Securities Markets Foundation |
Not sure where to start?
Students and career changers usually begin with NISM Series XII, a broad market foundation. Anyone planning to sell mutual funds starts with Series V-A. Check your employer or the rule for your role before you pay for an exam.
Compare pass marks and length
See passing marks for every NISM exam before you choose.
Frequently asked questions
Which NISM exam is required to sell mutual funds?
NISM Series V-A, Mutual Fund Distributors.
Which NISM exam is required for a research analyst?
NISM Series XV, Research Analyst.
Which NISM exam is required for an investment adviser?
Investment advisers take NISM Series X-A (Level 1) and X-B (Level 2).
Which NISM exam is best for beginners?
NISM Series XII, Securities Markets Foundation, is a broad first exam. If you plan to distribute mutual funds, start with V-A.
More NISM guides
Rules and fees change. Check cert.nism.ac.in before you book.
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.