Table of Content of NISM Research Analyst Mock Test (Free PDF Download)

NISM-Series-XV: Research Analyst Certification Exam Mock Tests
What is NISM-Series-XV: Research Analyst Certification Exam?
Importance of the NISM Research Analyst Mock Test Exam
Detailed Syllabus of the NISM Research Analyst Mock Test Exam
Preparation Strategies of NISM Research Analyst Mock Test Exam
NISM Research Analyst Mock Test Exam Section – Practice Questions
Career Opportunities after Clearing NISM Research Analyst Mock Test Exam
Common mistakes made by students
FAQ on NISM Research Analyst Mock Test Exam

NISM-Series-XV: Research Analyst Certification Exam Mock Tests – The Complete Guide

The financial world is based on informed decisions. Every investor, be it retail or institutional, relies on reliable research to understand market movements, company fundamentals, and future trends. Behind these insights are research analysts – professionals who collect, analyze, and interpret data to make meaningful recommendations.

In India, to become a certified research analyst, one must pass the NISM-Series-XV: Research Analyst Certification Examination, which is mandated by the Securities and Exchange Board of India (SEBI) for individuals engaged in investment research and advisory roles .

This exam isn’t just a memory test. It evaluates your practical understanding of markets, valuation, ethics, and compliance , making it an important milestone for aspiring analysts.

A very effective way to prepare for this exam is by taking mock tests . Mock tests simulate the actual exam environment, helping candidates build confidence, identify their weaknesses and improve time management skills.

What is NISM-Series-XV: Research Analyst Certification Exam?

NISM -Series-XV: Research Analyst Certification Exam is a mandatory exam for all those who wish to work as a Research Analyst in the financial markets of India.

Regulator : Securities and Exchange Board of India (SEBI)

Governing Body : National Institute of Securities Markets (NISM)

Objective : To assess knowledge of securities fundamentals, valuation techniques, company analysis, sector analysis, economics, regulatory framework and ethical practices

Eligibility : Anyone can register; no pre-qualification required, but financial background may help

Exam Pattern :

• Format: Multiple Choice Questions (MCQs)
• Number of questions: 100
• Duration: 2 hours
• Passing marks: 60% (i.e., 60 out of 100)
• Negative Marking: 25% deduction for each wrong answer

Validity : Certification is valid for 3 years

Importance of the NISM Research Analyst Mock Test Exam

Mandatory Compliance : SEBI has made it mandatory for professionals providing research services.

Credibility : Enhances your business standing in the financial industry.

Career Opportunities : Opens doors to roles in broking firms, investment advisory companies, asset management companies (AMCs) and financial research firms.

Skills Development : Builds practical skills in assessment, analysis, compliance, and ethical decision-making.

Detailed Syllabus of the NISM Research Analyst Mock Test Exam

There are many subjects covered in the exam. Let’s understand it in detail:

1. Introduction to the securities market

• Structure of Financial Markets
• Types of market participants
• regulatory framework
• Role of SEBI, RBI and other regulators

2. Basics of research

• Role and Importance of Research Analysts
• Types of research (fundamental, technical, quantitative)
• Research Methodology and Limitations

3. Fundamental analysis

• Economy Analysis : GDP, inflation, interest rates, monetary and fiscal policies
• Industry analysis : industry life cycle, competitive forces (Porter’s model)
• Company Analysis : Financial Statements, Balance Sheet, Profit & Loss Account, Cash Flow, Ratios

4. Valuation Theory

• value for money
• Discounted Cash Flow (DCF)
• Relative valuation: P/E, P/BV, EV/EBITDA, etc.
• Valuation of bonds and equities

5. Qualitative research

• Management Analysis
• corporate governance
• Business model evaluation

6. Legal and regulatory environment

• SEBI (Research Analysts) Regulations, 2014
• Insider Trading Regulation
• Code of Conduct and Ethics

7. Risk and reward concepts

• Risk measurement
• Beta, Alpha, Sharpe Ratio
• Benefits of Diversification

8. Ethics, Code of Conduct and Investor Protection

• Honesty and fairness
• Avoiding conflicts of interest
• Transparency and Disclosure Norms

Preparation Strategies of NISM Research Analyst Mock Test Exam

Many candidates fail not because the syllabus is difficult, but because they lack a proper preparation plan. Let’s take a look at some effective strategies:

Step 1: Understand the exam blueprint

NISM Workbook in detail . This is the official study material covering the complete syllabus.

Step 2: Create a study schedule

at least 4-6 weeks of preparation time. If you already have financial knowledge, 2-3 weeks may be enough.

Step 3: Focus on key areas

• High-weightage topics : Fundamental analysis, valuation, legal/regulatory framework, ethics
• Scoring Topics : Basic Concepts, Formulas, Definitions

Step 4: Practice mock tests

Mock tests help in:

• Becoming familiar with question types
• Improving accuracy under time pressure
• Identifying weak areas

Step 5: Revise regularly

Last minute revision of formulas, ratios and key definitions is important.

NISM Research Analyst Mock Test (Free PDF Download)

NISM Research Analyst Mock Test Exam Section – Practice Questions

Section A: Basics of Securities Market

Q1. Which of the following is the primary objective of SEBI?
a) Controlling inflation b) Protecting the interests of investors c) Managing foreign exchange d) Issuing currency

Answer: b) Protecting investor interests
Explanation: SEBI regulates securities markets with the main objective of ensuring investor protection and fair practices.

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Q2. Which of the following is not a money market instrument?
a) Treasury bills b) Commercial paper c) Certificate of deposits d) Equity shares

Answer: d) Equity shares
Explanation: Equity shares are long-term instruments traded in the capital market and not in the money market.

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Question 3. Which body regulates the Indian banking sector?
a) SEBI b) RBI c) IRDAI d) Ministry of Finance

Answer: b) RBI
Explanation: The Reserve Bank of India (RBI) regulates banks, monetary policy and credit.

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Question 4. A company issues additional shares to existing shareholders. This is called:
a) IPO b) Rights issue c) Bonus issue d) FPO

Answer: b) Rights issue
Explanation: A rights issue gives existing shareholders the right to buy more shares at a discount.

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Question 5. The minimum face value of a debenture in India is generally:
a) ₹1b) ₹10c) ₹100d) ₹1,000

Answer: d) ₹1,000
Explanation: In India, debentures/bonds are usually issued at a face value of ₹1,000.

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Section B: Basics of Research and Analysis

Q6. Which of the following is not a step in the research process?
a) Data collection b) Hypothesis formulation c) Report writing d) Dividend distribution

Answer: d) Dividend distribution
Explanation: Dividend distribution is not a part of research; it is a corporate finance decision.

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Question 7. Which type of analysis studies GDP, inflation and monetary policies?
a) Industry analysis b) Technical analysis c) Economy analysis d) Quantitative analysis

Answer: c) Economy Analysis
Explanation: Economic indicators form the basis of economy analysis in fundamental research.

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Question 8. In fundamental analysis, what comes first?
a) Company analysis b) Industry analysis c) Economy analysis d) Valuation

Answer: c) Economy Analysis
Explanation: The top-down approach starts from economy → industry → company.

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Q9. Ratio analysis is most useful for:
a) Technical research
b) Fundamental research
c) Behavioural finance d) Portfolio diversification

Answer: b) Fundamental research
Explanation: Ratios measure profitability, liquidity, and efficiency for company valuation.

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Question 10. Moving averages are used in:
a) Technical analysis b) Fundamental analysis c) Valuation analysis d) Credit analysis

Answer: a) Technical analysis
Explanation: Moving averages identify price trends and signals in stock markets.

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Section C: Assessment Concepts

Question 11. A stock pays a dividend of ₹ 6 next year, with an expected return of 12% and a growth rate of 6%. Price = ?
a) ₹ 50b) ₹ 100c) ₹ 120d) ₹ 150

Answer: b) ₹100
Explanation: Using Gordon growth model: P = D1 / (r – g) = 6 / (0.12–0.06) = ₹100.

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Question 12. Which valuation ratio compares stock price to net asset value?
a) P/E ratio b) P/BV ratio c) EV/EBIT d) Dividend yield

Answer: b) P/BV ratio
Explanation: The price-to-book value compares the market price with the book value per share.

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Question 13. A bond has face value ₹ 1,000, coupon 10%, maturity 5 years, yield 10%. Price = ?
a) ₹ 1,000b) ₹ 950c
) ₹ 1,050d
) ₹ 1,200

Answer: a) ₹ 1,000
Explanation: When coupon rate = yield, the bond trades at par.

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Question 14. A high P/E ratio usually indicates:
a) low market valuation b) high growth expectations c) the company is in distress d) negative cash flows

Answer: b) higher growth expectations
Explanation: Investors are willing to pay more for growth companies.

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Question 15. If the required return increases, the intrinsic value of the stock will:
a) increase b) decrease c) remain the same d) cannot be determined

Answer: b) Decrease
Explanation: A higher discount rate decreases the present value of future cash flows.

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Section D: Company and Industry Analysis

Question 16. Which ratio measures a company’s ability to pay its short-term liabilities?
a) Debt-equity ratio b) Current ratio c) Net profit margin d) EPS

Answer: b) Current ratio
Explanation: Current ratio = Current assets / Current liabilities.

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Question 17. DuPont analysis divides ROE into:
a) Profit margin, asset turnover, financial leverage b) EPS, DPS, P/E ratio c) Debt ratio, liquidity ratio, coverage ratio d) Operating profit, net profit, dividend

Answer: a) Profit margin, asset turnover, financial leverage
Explanation: ROE = (Net profit/Sales) × (Sales/Assets) × (Assets/Equity).

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Question 18. In which stage of the industry life cycle is the competition the highest?
a) Introduction b) Growth c) Maturity d) Decline

Answer: c) Maturity
Explanation: During maturity, competition is at peak, margins reduce.

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Question 19. Which statement shows the sources and uses of funds?
a) Balance sheet b) Profit and loss account c) Cash flow statement d) Notes to accounts

Answer: c) Cash flow statement
Explanation: It gives details of inflows/outflows from operations, investments, financing.

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Question 20. Corporate governance focuses on:
a) profitability b) transparency and accountability c) cost minimisation d) market share

Answer: b) Transparency and accountability
Explanation: Governance ensures ethical and responsible business conduct.

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Section E: Risk and Reward

Question 21. Risk-free return in India is usually represented by:
a) Sensex return b) 10-year government bond yield c) Corporate bond yield d) Bank FD rates

Answer: b) 10-year government bond yield
Explanation: Government bonds are considered risk free.

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Question 22. Beta > 1 means:
a) less volatile than the market b) similar to the market c) more volatile than the market d) risk-free asset

Answer: c) more volatile than the market
Explanation: Beta > 1 indicates greater sensitivity to the market.

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Question 23. Diversification reduces:
a) Systematic risk b) Unsystematic risk c) Market risk d) Interest rate risk

Answer: b) Unsystematic risk
Explanation: Company/sector-specific risk is reduced by diversification.

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Question 24. Sharpe ratio measures:
a) Return per unit of total risk b) Return per unit of systematic risk c) Profit margin d) Valuation multiple

Answer: a) Return per unit of total risk
Explanation: Sharpe Ratio = (Portfolio Return – Risk-Free Rate) / Standard Deviation.

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Question 25. A stock has an expected return of 14%, risk-free return 6%, beta 1.2, market return 12%. According to CAPM, is it undervalued/overvalued?
a) Undervalued b) Overvalued c) Fair valuation d) Cannot be said

Answer: a) Undervalued
Explanation: CAPM = Rf + β(Rm–Rf) = 6 + 1.2(6) = 13.2%. Since actual =14% > 13.2%, it is undervalued.

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Section F: Regulations and Ethics

Q 26. NISM-Series-XV exam is mandatory under:
a) RBI Regulations b) SEBI (Research Analysts) Regulations, 2014 c) Companies Act, 2013 d) FEMA Regulations

Answer: b) SEBI (Research Analysts) Regulations, 2014

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Question 27. Research analysts should maintain records for:
a) 2 years b) 3 years c) 5 years d) 10 years

Answer: c) 5 years
Explanation: SEBI mandates to keep the records for a minimum of 5 years.

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Question 28. Research reports should disclose the following:
a) Analyst’s personal holdings b) Conflicts of interest c) Compensation from covered companies d) All of the above

Answer: d) All of the above

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Q29. Insider trading refers to:
a) Trading with legally permitted insider tips b) Trading with non-public material information c) Trading after disclosure to SEBI d) None of the above

Answer: b) Trading with nonpublic material information
Explanation: Insider trading is illegal and punishable.

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Question 30. Which of the following is a core ethical principle?
a) Transparency b) Misrepresentation c) Market manipulation d) Insider trading

Answer: a) Transparency
Explanation: Ethical research demands honesty, objectivity, and transparency.

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Section G: Case-based and practical

Question 31. A company with high debt and falling sales faces:
a) business risk b) credit risk c) market risk d) systematic risk

Answer: b) Credit risk
Explanation: Higher debt + lower sales increase default chances.

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Question 32. If an analyst recommends a stock and then buys it secretly, it is:
a) Transparency b) Conflict of interest c) Fair dealing d) Insider trading

Answer: b) Conflict of interest

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Question 33. If GDP is growing, interest rates are falling, and inflation is stable, stock markets are likely to:
a) rise b) fall c) remain stable d) collapse

Answer: a) Growth
Explanation: Growth + low rates = bullish situation.

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Question 34. Which analysis best evaluates management quality?
a) Technical analysis b) Qualitative analysis c) Ratio analysis d) Quantitative analysis

Answer: b) Qualitative analysis

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Question 35. If the Sensex rises by 10% and a stock rises by 15%, its beta is approximately:
a) 0.5
b) 1.0
c) 1.5 d) 2.0

Answer: c) 1.5
Explanation: The stock moves 1.5× the market.

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Section H: Numerical Applications

Question 36. Net income of a company = ₹ 50 lakh, Equity = ₹ 2 crore. ROE = ?
a) 10%b) 20%c) 25%d) 5%

Answer: b) 25%
Explanation: ROE = Rs 50 lakh ÷ Rs 200 lakh = 25%.

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Question 37. If EPS = ₹ 25 and market price = ₹ 500, P/E ratio = ?
a) 10b) 15c) 20d) 25

Answer: c) 20

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Question 38. Dividend ₹ 4, price ₹ 80. Dividend yield = ?
a) 2%b) 5%c) 8%d) 10%

Answer: b) 5%

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Q39. EBIT ₹10 lakh, Interest ₹2 lakh, EBT = ?
a) ₹12 lakhb) ₹8 lakhc) ₹6 lakhd) ₹10 lakh

Answer: b) ₹8 lakh

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Question 40. Inventory ₹ 5 lakh, Sales ₹ 50 lakh. Inventory turnover = ?
a) 5b) 8c) 10d) 12

Answer: c) 10
Explanation: Sales ÷ Inventory = 50 ÷ 5 = 10.

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Section I: Advanced Concepts

Question 41. The EV/EBITDA ratio is used for:
a) bank valuation b) capital structure-neutral valuation c) dividend discount d) technical analysis

Answer: b) Capital structure-neutral valuation

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Question 42. Price-sales ratio is useful for companies having:
a) Positive earnings b) Negative earnings c) No sales d) High dividends

Answer: b) Negative earnings
Explanation: The P/S ratio helps when earnings are negative.

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Question 43. Which is not a part of financial statement analysis?
a) Ratio analysis b) Trend analysis c) Technical charting d) Common size analysis

Answer: c) Technical charting

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Question 44. Which valuation approach uses comparables such as P/E, EV/EBITDA?
a) Relative valuation b) Absolute valuation
c) DCF
d) Dividend discount

Answer: a) Relative valuation

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Question 45. Duration of a bond measures:
a) Price volatility with respect to interest rate b) Time to maturity c) Coupon rate d) Face value

Answer: a) Price fluctuation with respect to interest rate

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Section J: Ethics and Compliance

Question 46. Analysts must disclose individual shareholding if the holding is ≥?
a) 1% b) 2% c) 5% d) 10%

Answer: b) 1%

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Question 47. Which of the following is prohibited for analysts?
a) Publishing objective research b) Disclosing disputes c) Front-running trades d) Keeping records

Answer: c) Front-running trades

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Question 48. If an analyst manipulates target prices for profit, it is:
a) ethical behaviour b) misrepresentation c) transparency d) governance

Answer: b) Misrepresentation

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Question 49. Investors must receive research reports that are:
a) Non-deceptive b) Transparent and fact-based c) Rumor-based d) Promotional

Answer: b) Transparent and fact-based

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Question 50. The primary duty of a research analyst is to:
a) employer b) investors and market integrity c) own benefit d) broker

Answer: b) Investor and market integrity

NISM Research Analyst Mock Test (Buy Now)

Career Opportunities after Clearing NISM Research Analyst Mock Test Exam

Clearing this exam makes you eligible for a variety of roles:

1. Equity Research Analyst
2. Fixed Income Analyst
3. Investment Advisor (after additional certification)
4. Portfolio Assistant
5. Financial journalist
6. Independent Research Consultant

Many brokerage houses, AMCs, and advisory firms prefer certified candidates for compliance and credibility reasons.

Common mistakes made by students

1. Ignoring the Ethics and Regulation section
2. Relying only on memory instead of practical application
3. Not practising numerical problems
4. Wrong time management in exams

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NISM Research Analyst Mock Test Free PDF Download (2025 Edition)

📥 NISM Research Analyst Mock Test – Free PDF Download

We’ve compiled high-quality mock test PDFs that are aligned with the latest 2025 syllabus. Each PDF includes multiple-choice questions (MCQs) with detailed answers and explanations.

NISM Research Analyst Mock Test (Free PDF Download)

Tips to Crack the NISM Research Analyst Exam

Start Early: Begin at least 3–4 weeks before your exam date.

Use NISM’s Official Workbook as your main resource.

Attempt mock tests regularly to track your progress.

Revise concepts weekly and focus on weak topics.

Avoid guesswork—accuracy matters even without negative marking.

September 8, 2025