Best Study Materials for NISM-Series-XV Research Analyst Certification Exam
Preparing for the NISM-Series-XV Research Analyst Certification Exam can look difficult when you first see the syllabus. There are many topics, and you need to understand the stock market, company analysis, financial statements, valuation, risk, regulations and technical analysis.
Some topics may be completely new to you. This can make a beginner think:
“Which book should I study first?”
Or:
“Do I need to buy many books to pass the exam?”
The good news is that you do not need to collect a large number of books. The most important study material is available from NISM itself.
NISM provides an official workbook for the Research Analyst Certification Exam. The exam was also revised from January 20, 2026, so it is important to prepare from study material that matches the current exam.
But the workbook should not be your only way of preparing. You also need to understand the syllabus, practise calculations, solve questions and revise important topics.
Let's understand which study materials can help and how a beginner can use them.
1. Start With the Official NISM Workbook
The first study material you should use is the official NISM workbook. A workbook is simply the study book prepared for the exam, and it explains the subjects that you are expected to study.
NISM provides the study material to candidates and also provides a way to download the soft copy from its website.
Why should you start with this workbook? Because it is made for the NISM-Series-XV Research Analyst Certification Exam.
Suppose you search for “Research Analyst Exam Notes” on the internet. You may find many notes, videos and PDFs. Some may be useful, but some may be old.
Some may miss important topics, while others may explain topics that are not very important for the current exam. The official workbook gives you a proper starting point.
So instead of studying from ten different sources from the first day, begin with the NISM material.
2. Keep the Current Syllabus With You
The next useful study material is the official syllabus. A syllabus is simply a list of the subjects that can be covered in the exam.
This may look like a small thing, but it can help you plan your preparation. The revised NISM-Series-XV exam has 15 chapters.
These include topics such as securities markets, research, economic analysis, industry analysis, company analysis, financial analysis, valuation, risk and return, regulations and technical analysis.
Why is the syllabus useful? Suppose you spend five days studying one small topic, but that topic has very little weight in the exam. At the same time, you spend only one day studying a much bigger topic.
That may not be the best use of your time. The syllabus tells you how much weight different chapters carry.
Weightage simply means how many marks are linked to a particular part of the syllabus. For example, under the current syllabus, Technical Analysis carries 15 marks.
Company Analysis – Financial Analysis carries 12 marks. Valuation Principles also carries 12 marks, while the Legal and Regulatory Environment carries 10 marks.
This does not mean you should ignore smaller chapters. It simply helps you understand where more study time may be needed.
3. Use the Official Test Objectives as a Checklist
Another useful document is the NISM Test Objectives. This may sound technical, but the idea is simple.
Test objectives tell you what you are expected to know from different parts of the syllabus. For example, the current test objectives include understanding the role and responsibilities of a Research Analyst.
They also cover different securities, market structure, financial analysis, valuation, regulations and technical analysis. You can use these objectives like a study checklist.
Suppose you finish one chapter. Look at the test objectives for that chapter and then ask yourself:
“Do I understand these points?”
If the answer is yes, move ahead. If the answer is no, go back to the workbook and study that part again.
This is much better than simply reading pages without checking what you actually understood.
4. Make Your Own Short Notes
The official workbook can give you the information, but your own notes can make revision easier. You do not need to rewrite the complete workbook because that would take too much time.
Instead, write down important points in simple words. For example, suppose you are studying inflation.
Inflation simply means that the general prices of goods and services are increasing over time. You can write a short note such as:
Inflation rises → things become more expensive → interest rates may also be affected → businesses and markets may react.
The purpose of your notes is not to make another textbook. The purpose is to help you remember what you studied.
You can also make short notes for formulas. Suppose you learn a financial ratio. Write down:
What does the ratio mean?
What is the formula?
When is it useful?
What can a high or low number tell us?
This makes revision much easier later.
5. Keep a Separate Formula Sheet
Some parts of the Research Analyst exam require calculations. This can be difficult for someone who is not comfortable with numbers, but you do not need to become a mathematics expert.
The better approach is to understand the important formulas and practise using them. Make a separate formula sheet.
For each formula, write three things:
The formula
What it calculates
One simple example
For example, suppose a formula uses profit and sales. Do not only try to remember the formula. Understand what the numbers are telling you about the business.
This is important because knowing a formula and understanding a formula are not the same thing. You may remember a formula today and forget it after a few days, but if you understand why the formula is used, remembering it becomes easier.
6. Practise With Questions
Reading is only one part of exam preparation. You also need question practice.
The current exam has 80 normal multiple-choice questions and 5 case-based questions. Each case has 4 questions, making the complete exam worth 100 marks.
A multiple-choice question, or MCQ, simply gives you a question with different answer choices. You have to select the correct answer.
A case-based question gives you some information about a situation and then asks questions based on that information.
Question practice helps you in two ways. First, it checks whether you really understood the topic. Second, it helps you get used to answering questions within a limited time.
Suppose you read a chapter and feel:
“Yes, I understand everything.”
Then you solve 20 questions and get only 10 correct. That tells you something important: you may need to study that chapter again.
This is why practice questions are useful.
7. Use Mock Tests Near the Exam
A mock test is a practice exam. You try to complete it like the real exam.
The current NISM-Series-XV exam gives you 2 hours for 100 marks, and you need 60% to pass. There is also negative marking of 25% of the marks given to a question when you answer it incorrectly.
Negative marking is important to understand. Suppose a question is worth 1 mark. If you answer it correctly, you get 1 mark. If you answer it incorrectly, 0.25 mark will be deducted.
Because of this, randomly guessing every answer may not always be a good idea. Mock tests help you practise this situation before the real exam.
They also show you whether you are spending too much time on difficult questions.
8. Videos Can Help With Difficult Topics
Sometimes you may read a topic two or three times and still not understand it. This is normal when you are learning something new, and a video explanation can help.
For example, financial statements may look confusing to a beginner. Terms such as:
Balance Sheet
Profit and Loss Statement
Cash Flow Statement
may all look difficult at first. A simple video can show you what these statements mean and how they are connected.
But videos should support your main study material. They should not completely replace it.
A video teacher may spend a lot of time on one topic and very little on another. So use videos when you need help understanding a difficult concept, and then return to the official material.
9. Do Not Depend Only on Very Short Notes
Short notes are useful for revision, but there is a problem if you use only short notes from the beginning.
They may tell you:
“P/E Ratio = Market Price ÷ Earnings Per Share.”
You may remember the formula, but do you understand what P/E means? Do you understand why investors use it?
Do you understand why two companies can have different P/E ratios? This is where proper study becomes important.
First understand the topic. Then use short notes to revise it. Do not try to replace understanding with memorising.
10. Make Sure Your Material Is Updated
This is especially important for the Research Analyst exam because rules and regulations can change.
The NISM-Series-XV exam itself was revised with effect from January 20, 2026. NISM said that the earlier workbook and test objectives would be replaced by the revised material from that date.
So if you find an old PDF or an old video course online, check when it was made. Do not assume that every old study resource still matches the current exam.
This matters even more for the regulatory part of the syllabus. If an old note says one thing and the current official NISM material says something different, follow the current official material.
A Simple Study Plan for Beginners
You do not need to make your preparation complicated. Start with the official workbook and read one chapter slowly.
Do not worry if you do not understand every line on the first reading. After finishing the chapter, check the test objectives and then make short notes.
Write down important formulas separately. After that, solve practice questions.
If you keep getting questions from one topic wrong, study that topic again. Once you have covered the complete syllabus, start taking mock tests.
This gives you a simple process:
Learn → Understand → Make notes → Practise → Check mistakes → Revise
Repeat this process until the exam.
Which Study Material Is Most Important?
If you have many study resources and do not know what to use first, keep the order simple. Your first choice should be the latest official NISM workbook.
Your second useful document is the current NISM syllabus and chapter weightage. Your third is the official test objectives.
After these, you can use your own notes, formula sheets, practice questions, mock tests and videos.
Think of it this way. The official NISM material tells you what to study, while extra learning material can help you understand and practise it.
Both can be useful, but they do different jobs.
Final Thoughts
You do not need twenty books to prepare for the NISM-Series-XV Research Analyst Certification Exam. Start with the official NISM workbook and keep the current syllabus and test objectives with you.
Make simple notes while studying and keep important formulas on a separate sheet. Practise questions after finishing each topic, and use mock tests to check your preparation before the exam.
Most importantly, do not only try to memorise answers. Try to understand what the topic actually means. If you understand a concept properly, answering different types of questions becomes easier.
The syllabus may look large when you see it for the first time, but you do not have to learn everything in one day. Study one topic, understand it and practise it. Then move to the next one.
That simple process can make the preparation much easier for a beginner.
You do not need to learn everything in one day. Study one topic at a time, understand the basics, practise questions, and keep revising until you feel confident.
