Hello everyone, I recently passed my NISM Series-XV Research Analyst certification exams. Before the examination, I had countless questions about exam preparation, its difficulty level, how much time I needed to prepare, and the most important one—when should I appear for it? Now that I have all the answers, I thought I’d document my rollercoaster journey.
I initially planned to take the National Institute of Securities Markets (NISM) Research Analyst exam in January 2024, as it was on my 2024 most important to-do list. However, I kept postponing it for various reasons and finally took the certification exam in August 2024.
So, there is no perfect time, and day-to-day life will always present challenges. If you want to take the exam and it’s on your bucket list, visit the NISM website, select the certification course, and choose a date that suits you. Trust me, if you don’t do this, you might keep postponing it like I did. But once you have registered for the exam, you’ll be motivated to prepare and score well.
Is the NISM Research Analyst Exam tough?
Before I took the exam, this was the most common question I looked for. I searched on Google and YouTube and came across various responses. One YouTube video said they prepared and cleared the exam in just 10 days. Another video claimed that the exam is super easy. I find these responses misleading because if we take the exam just for the sake of passing, we may miss out on the very purpose of NISM—to enhance the quality of services provided by research analysts in the financial services industry (NISM Website).
From my experience, the exam is manageable with the right preparation. It covers various topics, including financial analysis, research methodologies, and regulatory requirements. Familiarity with these subjects is crucial. If we prepare well for all the topics, practice the mathematical questions, and keep revising before the exam, then scoring good marks is achievable.
How Much Time Does It Take to Prepare for the Exam?
The amount of time needed to prepare for the NISM Research Analyst Exam can vary depending on your background and familiarity with the topics covered. If you have a strong background in finance or have studied similar subjects before, you might require less time. On the other hand, if you are new to these topics, you might need more time to grasp the concepts.
It took me one month to get versed with the syllabus and concepts. However, this might not be entirely accurate for everyone. I have a master’s degree in Economics and Finance, so I am well-versed in major economic areas like micro and macroeconomic factors, GDP and its calculations, fiscal and monetary policies of the government and the Central Bank. Additionally, I have been in the finance field for more than a year, which has given me a good grasp of the concepts.
Overall, my preparation for the exam started long ago, and in one month, I revised all the concepts and took time to understand the syllabus and other requirements of the Research Analyst exam. So, next time if somebody tells you that they cleared it in a month or two weeks, don’t believe them because the story behind the scenes is different.
On average, 6 to 8 weeks is a good preparation time, depending on your prior knowledge and study habits.
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NISM Research Analyst Book
NISM provides a comprehensive workbook that covers the entire syllabus to assist candidates in preparing for the NISM Certification Examination for Research Analyst. The book includes all the important topics required to perform research on companies, such as the basics of Indian securities markets, various terminologies used in the equity and debt markets, and top-down and bottom-up approaches to fundamental research. The book is available for download as a PDF online, free of cost.
I printed the entire book as it is easier for me to read from a hard copy than online. Plus, it helps reduce distractions from those drop-down notifications.
Apart from reading the book, you can also develop the habit of reading financial news from authentic sources like Livemint, Business Standard, and The Economic Times. Staying informed about the financial environment in the country and the market is crucial. Additionally, visit websites like Screener and Ticker Finology for real-time analysis of the fundamentals and financials of companies, as well as various profitability and valuation ratios.
Further, read blogs on websites like Daily Stocks Dekho, Moneycontrol, Trade Brains, and more to get an idea of stock analysis. Also, visit the company websites, let’s say Tata Motors, to analyse annual reports, business models, management teams, and the vision of the company. The NSE and BSE websites also provide detailed research reports.
NISM Research Analyst Mock Test
Mock tests are very important because they help us understand the level of our preparation. They also help us revise the concepts where we might be lacking. Once you register on the NISM portal, you will find a few mock tests there. On the day I started my preparation, I took one of these tests to check my grasp of the concepts. To my surprise, I couldn’t pass. This made me realize that even though I am in the finance field, I needed to put in sincere effort as this exam requires a deeper understanding of research and analysis. After preparing for 20 days, I took the same mock test again and this time, I passed it with good marks. This boosted my confidence.
Additionally, I practised free NISM model exam papers on various websites (NISM Mock Test). The Pass4Sure paid mock test series was of great help, and I practised almost all of them. The pattern is similar to the real exam, which helped me get familiar with what could be asked.
One very important thing to note is that the exam centres are equipped with either Microsoft Excel or OpenOffice calculators. Try your hands on both of these software to gain prior experience. During my exam, my Excel calculator didn’t operate because of some error, so I had to do all the calculations manually on the white sheet they provided during the exam.
Conclusion
In summary, my journey to prepare for the NISM Research Analyst certification exam was enriching. The exam is very much crackable with the right strategy. A well-structured study plan can significantly impact your preparation time. Breaking down the syllabus into manageable sections and setting realistic daily or weekly goals can make the process more efficient. Practice as many mathematical questions as you can, and revise the various formulas and financial ratios for better retention. Assign more time to chapters with higher weightage.
Regular and consistent study sessions are more effective than cramming. Dedicating a few hours each day over a few weeks or months can lead to better retention and understanding.
That’s all for today’s post.
All the best for your levelling-up journey!
Happy Reading!!