NISM RA study kit

NISM Series XV: Research Analyst

Study kit

One page per chapter. Each page has notes, flashcards and an exam-style quiz.

Chapters ready

Orientation: the exam, the book and the plan

Exam format, marking, syllabus, booking, and how the group works. A score calculator and a short quiz on the exam rules.

The research analyst profession

1 mark. 18 flashcards, 14 MCQs, 4 case questions.

The securities market

2 marks. 52 flashcards, 42 MCQs, 8 case questions. Two interactive tools.

Terms in equity and debt markets

2 marks. 52 flashcards, 48 MCQs, 8 case questions. Two calculators: bond price and duration, commodity futures.

Fundamentals of research

5 marks. 41 flashcards, 34 MCQs, 8 case questions.

Economic analysis

5 marks. 43 flashcards, 39 MCQs, 8 case questions.

Industry analysis

8 marks. 60 flashcards, 49 MCQs, 8 case questions.

Company analysis: business and governance

6 marks. 45 flashcards, 35 MCQs, 8 case questions.

Company analysis: financial analysis

12 marks. 69 flashcards, 60 MCQs, 16 case questions. Includes both book case studies, a ratio formula sheet and a DuPont calculator.

Corporate actions

5 marks. 49 flashcards, 44 MCQs, 8 case questions. Bonus, split and consolidation calculator.

Valuation principles

12 marks. 56 flashcards, 51 MCQs, 10 case questions. Includes the book's case study and a CAPM, WACC and Gordon calculator.

Fundamental analysis of commodities

5 marks. 36 flashcards, 33 MCQs, 8 case questions. Hedge ratio calculator.

Fundamentals of risk and return

7 marks. 65 flashcards, 54 MCQs, 8 case questions. Return calculator and Sharpe, Treynor and Jensen calculator.

Qualities of a good research report

5 marks. 22 flashcards, 20 MCQs, 8 case questions.

Legal and regulatory environment

10 marks. 67 flashcards, 50 MCQs, 12 case questions. Includes the Investor Charter and a table of all quiet periods.

Technical analysis

15 marks. 51 flashcards, 47 MCQs, 12 case questions. Drawn candlestick and chart pattern diagrams.

The exam

100

marks, 100 questions

120

minutes

60

marks to pass

−0.25

for each wrong answer

The paper has 80 standalone MCQs of one mark each, plus 5 case studies with 4 questions each. This pattern started on 20 January 2026. The test computer has Excel or LibreOffice Calc for numericals, so practise on both.

Should you guess?With 4 options, a blind guess earns on average 0.25 × 1 minus 0.75 × 0.25 = +0.06 marks. Slightly positive, but a coin toss. If you can rule out one option, the average rises to +0.17. Rule out two and it is +0.38. So: skip only when you have no idea at all. If you can cross out even one option, answer.

Where the marks are

Official weights from the February 2026 workbook. Chapters 8, 10, 14 and 15 together carry 49 marks. Chapters 1 to 3 carry 5.

1Introduction to Research Analyst Profession Ready1

2Introduction to Securities Market Ready2

3Terminology in Equity and Debt Markets Ready2

4Fundamentals of Research Ready5

5Economic Analysis Ready5

6Industry Analysis Ready8

7Company Analysis: Business and Governance Ready6

8Company Analysis: Financial Analysis Ready12

9Corporate Actions Ready5

10Valuation Principles Ready12

11Fundamental Analysis of Commodities Ready5

12Fundamentals of Risk and Return Ready7

13Qualities of a Good Research Report Ready5

14Legal and Regulatory Environment Ready10

15Technical Analysis Ready15

How to use each chapter page

Learn

Read the notes before the meeting. Yellow marks are key terms. Red boxes are exam traps.

Flashcards

Mark each card "Got it" or "Again". The page remembers, on your own device.

Quiz

Take it in exam mode. Press "Copy result for the group" and paste it in the group chat.

Meet

Spend the meeting on the questions most people missed.