NISM Research Analyst Certification Exam Guide 2025

The NISM Research Analyst Exam is a mandatory certification for anyone aspiring to become a SEBI-registered Research Analyst in India. Conducted by the National Institute of Securities Markets (NISM), this exam evaluates a candidate’s understanding of financial markets, company analysis, valuation techniques, and research ethics.

To be eligible for the NISM Research Analyst certification, candidates must hold a graduate degree in any discipline. The exam syllabus covers key topics such as fundamentals of research, quantitative concepts, company and industry analysis, valuation principles, and legal frameworks under SEBI regulations.

The NISM Research Analyst exam fee is ₹1,500, and it can be taken online at designated test centers across India. After passing the exam, candidates receive the NISM Research Analyst certification, which is valid for three years.

To become a SEBI Registered Research Analyst, you must also complete the BSE RA Registration process by submitting relevant documents and fulfilling regulatory requirements.

Recommended study materials include NISM’s official workbook, financial market guides, and mock tests. Consistent practice, understanding real-world examples, and revising key SEBI guidelines are essential to clear the exam and build a successful career as a certified Research Analyst.