NISM runs more than 20 certification exams, so it’s easy to pick the wrong one. Start from the job you want, not the exam name. This guide covers the four exams that most career paths in Indian markets need.
Mutual fund distributor or wealth sales: Series V-A
Needed to sell mutual funds and get an ARN from AMFI. It’s also the most common first exam for bank and AMC sales roles. 100 questions, 2 hours, 50% to pass, no negative marking, ₹1,500 fee.
F&O dealer or derivatives operations: Series VIII
For people working with equity futures and options at a stockbroker: dealers, sales traders and operations staff. 100 questions, 2 hours, 60% to pass, 25% negative marking, ₹1,500 fee.
SEBI-registered Investment Adviser: Series X-A and X-B
Individuals and staff giving investment advice as a SEBI-registered Investment Adviser need both levels. X-A covers financial planning basics and X-B goes deeper into advisory. X-A has 135 questions (including case studies) for 150 marks in 3 hours, a 60% pass mark and 25% negative marking. The fee is ₹3,000.
Research Analyst: Series XV
Needed under SEBI’s Research Analyst Regulations for people who prepare research reports or stock recommendations. 80 multiple-choice questions plus 5 case studies (100 marks), 2 hours, 60% to pass, 25% negative marking, ₹1,500 fee.
Just want to learn the markets?
If you don’t need a certificate for a job, a practical stock market or technical analysis course may help you more than an exam. Many students do both: a foundation course first, then the NISM exam their career needs.
Quick guide
| Your goal | Exam |
|---|---|
| Sell mutual funds / get an ARN | Series V-A |
| Work as an F&O dealer | Series VIII |
| Become a SEBI-registered Investment Adviser | Series X-A and X-B |
| Write research reports or stock calls | Series XV |
Not sure which one fits you? IFPI offers a free career counselling session at our centre near Dwarka Mor Metro Station or on a call. See all NISM programmes.
Exam details checked on 28 September 2026 on nism.ac.in. Regulatory requirements can change, so confirm with NISM, SEBI or your employer. IFPI is an independent training institute and is not part of NISM or SEBI.