NISM Series V-A (Mutual Fund Distributors) and Series VIII (Equity Derivatives) are the two exams most students ask us about. They lead to different jobs, and one is clearly harder. Here is how to choose.
Side-by-side
| Series V-A | Series VIII | |
|---|---|---|
| What it covers | Mutual funds: products, NAV, taxation, regulations, selling to investors | Futures and options: pricing, strategies, trading, clearing, risk |
| Questions | 100 (1 mark each) | 100 (1 mark each) |
| Time | 2 hours | 2 hours |
| Pass mark | 50% | 60% |
| Negative marking | None | 25% of the question’s marks |
| Fee | ₹1,500 + gateway charges | ₹1,500 + gateway charges |
| Certificate valid for | 3 years | 3 years |
Who should take V-A first
- You want to become a mutual fund distributor. V-A is needed to get your ARN from AMFI.
- You are joining a bank, AMC or wealth firm in a sales or relationship role
- You are new to finance. V-A is the easier start: lower pass mark and no negative marking
Who should take VIII first
- You are joining a stockbroker as a dealer or in F&O operations
- You already trade options and want to understand them properly
- You have basic stock market knowledge already
How much preparation?
Most students need 2–3 weeks for V-A and 4–6 weeks for VIII, studying 1–2 hours a day. VIII takes longer because of option pricing, payoff calculations and the negative marking.
Our suggestion
If you are unsure, start with V-A. It builds your base in markets and regulation, and it gives you a certificate you can use right away. Take VIII next if your career goes towards trading or broking.
IFPI prepares students for both exams near Dwarka Mor Metro Station and online. See the NISM V-A course or talk to a counsellor.
Exam details checked on 28 September 2026 on nism.ac.in. NISM can change them, so confirm on the official website. IFPI is an independent training institute and is not part of NISM.