Research Analyst

A. Understand the Primary role of a Research Analyst

B. Know the Primary responsibilities of a Research Analyst

C. Know the Basic principles of interaction with Companies / Clients

D. Understand the Important qualities of a Research Analyst

A. Know about “Securities” and “Securities Market”

B. Understand Product Definitions / Terminology

C. Know the Structure of Securities Market

D. Know Various market participants and their activities

E. Learn about the Kinds of transactions

F. Know about Dematerialization and Rematerialization of securities

A. Know about the Terminology in Equity Market

B. Know about the Terminology in Debt Market

C. Understand the Types of Bonds

A. Learn about investing

B. Understand the Research on businesses or stocks

C. Understand Fundamental Analysis – Top down approach and Bottom up approach

D. Understand Technical Analysis

E. Know about Behavioral Finance

A. Understand the basic principles of microeconomics

B. Know the basic principles of macroeconomics

C. Know the Introduction to various macroeconomic variables

D. Know about the Sources of information for economic analysis

A. Understand Dr. Michael Porter’s five force model for industry analysis

B. Understand Political, Economic, Socio-cultural, Technological, Legal and Environmental (PESTLE) Analysis

C. Understand Boston Consulting Group (BCG) Analysis

D. Understand Structure Conduct Performance (SCP) Analysis

E. Know the Key Industry Drivers

F. Understand the Regulatory environment/framework

G. Know about the Sources of information for industry analysis

A. Understand Business and Business Models

B. Know the Competitive Advantages/Points of differentiation over the competitors

C. Understand Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis

D. Know about Quality of management (including independent directors) and governance

E. Understand Pricing power and sustainability of this power

F. Know about the Organization structure

G. Understand Critical business drivers/success factors

H. Know about the Risks in the business

I. Understand Compliance orientation of the company

J. Know about the Documentation on Guidance v/s Actuals

K. Know about the Sources of information for analysis

A. Know the History of Business Vs. Future of Business

B. Understand the Basics of Profit and Loss Account (P/L)

C. Understand the Basics of Balance Sheet (B/S)

D. Understand the Basics of Cash Flows

E. Know about the Contingent Liabilities, Off-balance sheet items, Accounting Policies, Notes to Accounts

F. Know the Basics of Taxation affecting to Companies

G. Know about the Important points to keep in mind while looking at financials

H. Know about the Quality of business in the past through quantitative lenses

I. Peeping in to future with caution

J. Understand Peer Comparison

K. Know the History of Equity expansion

L. Understand about Dividend and earnings history

M. Know the History of corporate actions

N. Know the Ownership and Insiders’ Sales and Purchase of stocks in the past

A. Understand the philosophy of corporate actions

A. Know the difference between Price and Value

B. Understand why Valuations are required

C. Know the Sources of Value in a Business – Earnings and Assets

D. Learn about the Discounted Cash Flows model for Business Valuation

E. Learn about Absolute Valuations vs. Price-Value sense

F. Know the Earnings based Valuation Matrices

G. Know the Assets based Valuation Matrices

H. Understand the Relative Valuations – Trading Multiples and Transaction Multiples

I. Know the Sum-Of-The-Parts (SOTP) Valuation

J. Know the other Valuation Parameters in new age economy and businesses

K. Understand the Capital Asset Pricing Model

L. Understand the Objectivity of Valuations

M. Know some important considerations in the context of Business Valuation

A. Understand the Concept of return of investment and return on investment

B. Know the Calculation of simple, annualized and compounded returns

C. Learn about the Risks in investments

D. Know the Concepts of market risk (Beta)

E. Understand Sensitivity analysis to assumptions

F. Know the Concept of Margin of Safety

G. Know the Comparison of equity returns with bond returns

H. Know the Basic Behavioral Biases influencing investments

I. Know about some pearls of wisdom from Investment Gurus across the world

A. Learn about the Qualities of a good Research Report

B. Know about the Checklist based approach to the Research Reports

C. Know about the sample checklist for Investment Research Reports

A. Understand the Regulatory infrastructure in Financial Markets s

B. Understand the Important regulations in Indian Securities Market

C. Know the Code of Conduct/Ethics for Research Analysts

D. Know the Disclosure Requirements for Research Analysts

A. Case Studies (Some cases from history on market events)

B. Suggested Readings

C. Reference websites

NISM-Series-XV: Research Analyst Certification Examination

Revised Examination of NISM Series-XV: Research Analyst Certification Examination w.e.f. May 22, 2018

The examination seeks to create a common minimum knowledge benchmark for all associated persons registered as research analyst under SEBI (Research Analyst) Regulations, 2014, individuals employed as research analyst and partners of a research analyst, engaged in preparation and/or publication of research report or research analysis.
An associated person shall be required to pass the NISM-Series-XV: Research Analyst Certification Examination to fulfill the requirements specified under Regulation 7(2) of the SEBI (Research Analysts) Regulations, 2014.

Assessment Structure:

The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. The passing score for the examination is 60%. There shall be negative marking of 25% of the marks assigned to a question for each wrong answer.

Test Details:
Name of Module: NISM-Series-XV: Research Analyst Certification Examination

Fees (Rs.) Test Duration (In Minutes) No. of Questions Max. Marks Pass Marks* (%) Certificate Validity (In Years)
1500+
120
100
100
60
3

+: Inclusive of Service Tax. Payment Gateway Charges extra.
*: Negative marking – 25% of the marks assigned to the question
# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.

Weightage: 

NISM Currency Exam (CD) Syllabus Weightages (Syllabus wise question %)
Unit 1: Introduction to Research Analyst Profession
3%
Unit 2: Introduction to Securities Market
6%
Unit 3: Terminology in Equity and Debt Markets
6%
Unit 4: Fundamentals of Research
5%
Unit 5: Economic Analysis
7%
Unit 6: Industry Analysis
10%
Unit 7: Company Analysis – Qualitative Dimensions
7%
Unit 8: Company Analysis – Quantitative Dimensions
15%
Unit 9: Corporate Actions
6%
Unit 10: Valuation Principles
15%
Unit 11: Fundamentals of Risk and Return
5%
Unit 12: Qualities of a good Research Report
5%
Unit 13: Legal & Regulatory Environment
10%

Programme Fees: Rs.15000+GST

Note : Examination fee of SEBI certification exam is extra.

Course Duration: 1 Month