Introduction to NISM Exam Patterns
Understanding the NISM exam pattern is crucial for every candidate aspiring to clear these certifications in their first attempt. The National Institute of Securities Markets (NISM), established by SEBI in 2006, conducts certification examinations across 28+ different series, each with specific exam patterns tailored to different roles in the securities market.
The exam pattern provides essential information about the number of questions, exam duration, passing marks, negative marking criteria, and question format. This knowledge helps candidates develop effective preparation strategies, manage time during the examination, and increase their chances of success.
While NISM certifications share some common elements, there are significant variations across different series. Some exams have negative marking while others don't, passing percentages vary from 50% to 60%, and exam durations range from 1 hour to 3 hours. Understanding these nuances is critical for targeted preparation.
This comprehensive guide covers the exam pattern for all 28 NISM certifications available in 2025, helping you understand exactly what to expect when you sit for your chosen certification exam.
General NISM Exam Pattern Framework
Before diving into specific certifications, let's understand the common elements that form the foundation of most NISM examinations:
Question Format
All NISM examinations use Multiple Choice Questions (MCQs) as the primary format. Each question typically has four options, from which candidates must select the correct answer. Some advanced certifications (like Investment Adviser Level 1) may also include case-based questions that test practical application of concepts.
The MCQ format is designed to assess candidates' conceptual clarity, regulatory knowledge, and understanding of securities market operations. Questions are drawn from the official NISM workbooks and cover all chapters specified in the syllabus.
Computer-Based Testing (CBT)
All NISM examinations are conducted through computer-based testing at authorized test centers across India. The CBT format offers several advantages:
- Flexibility: Candidates can schedule exams at their convenience based on available slots
- Instant Results: For most certifications, results are available immediately after exam completion
- User-Friendly Interface: Simple navigation with options to mark questions for review
- Secure Environment: Proctored testing ensures examination integrity
NISM has also introduced Remote Proctored Mode for select certifications, allowing candidates to take exams from home under online supervision.
Standard Exam Duration
The most common exam duration across NISM certifications is 2 hours (120 minutes) for 100-question papers. This translates to approximately 1.2 minutes per question, which is sufficient for reading the question, analyzing options, and selecting the answer.
However, exam duration varies based on the number of questions:
- 1 hour: Renewal certifications (50 questions)
- 2 hours: Most standard certifications (50-100 questions)
- 3 hours: Advanced certifications like Investment Adviser Level 1 (150 questions)
Passing Marks Criteria
NISM certifications typically have two passing mark thresholds:
50% Passing Marks:
- • Mutual Fund Distributors (Series V-A)
- • Mutual Fund Foundation (Series V-B)
- • Securities Markets Foundation (Series XII)
- • Financial Education (Series XVIII)
60% Passing Marks:
Most other certifications including Equity Derivatives, Research Analyst, Investment Adviser, Commodity Derivatives, and others
The 60% threshold is more common and applies to certifications that are mandatory for specific regulatory roles.
Negative Marking System
Negative marking is a critical factor that significantly impacts exam strategy:
25% Negative Marking:
Most NISM certifications deduct 0.25 marks (25% of the question's marks) for each incorrect answer. This means:
- • Correct answer: +1 mark
- • Wrong answer: -0.25 marks
- • Unattempted question: 0 marks
No Negative Marking:
- • NISM Series V-A: Mutual Fund Distributors
- • NISM Series V-B: Mutual Fund Foundation
- • NISM Series XII: Securities Markets Foundation
- • NISM Series XVIII: Financial Education
- • All renewal/CPE examinations
Certifications without negative marking allow candidates to attempt all questions without penalty, making them relatively more accessible for first-time test-takers.
Marking Scheme
The standard marking scheme is straightforward:
- Each question carries 1 mark
- Total marks = Number of questions
- No partial marking (either full marks or zero/negative)
Some advanced certifications use different structures:
- Investment Adviser Level 1: 90 independent MCQs (1 mark each) + 9 case-based questions (total 60 marks for cases)
- Portfolio Management Services Distributors: 80 MCQs + 3 case-based questions (total 20 marks for cases)
Detailed Exam Pattern by Certification Series
Now let's explore the specific exam patterns for each NISM certification, organized by popularity and importance.
Top 10 Most Popular NISM Certifications
1. NISM Series V-A: Mutual Fund Distributors Certification
Mutual Fund Distributors Certification
Why This Pattern Matters
This is one of the most beginner-friendly NISM certifications. The absence of negative marking means candidates can attempt all 100 questions without fear of losing marks. The 50% passing threshold is also lower than most other certifications. This pattern makes it ideal for those new to NISM examinations.
Preparation Strategy
- Attempt every question since there's no penalty for wrong answers
- Focus on achieving accuracy of at least 60% to comfortably clear the 50% threshold
- Allocate approximately 1 minute per question for time management
- Even educated guesses on uncertain questions can help increase score without risk
The syllabus was revised in August 2021 and remains current in 2025, with emphasis on SEBI regulations, mutual fund products, and distribution practices.
2. NISM Series VIII: Equity Derivatives Certification
Equity Derivatives Certification
Why This Pattern Matters
This is a mandatory certification for anyone dealing in equity derivatives. The 25% negative marking makes it more challenging than the mutual fund exam. Candidates need to be selective about which questions to attempt.
Preparation Strategy
- With negative marking, net score = (Correct × 1) - (Wrong × 0.25)
- To score 60 marks: if you answer 70 correctly and 30 wrongly, score = 70 - 7.5 = 62.5 marks
- Avoid random guessing unless you can eliminate at least two options
- Focus on building strong conceptual foundation to answer with confidence
The certification remains highly relevant with growing derivatives trading volumes in Indian markets. Recent updates include enhanced focus on SEBI's risk management framework.
3. NISM Series XV: Research Analyst Certification
Research Analyst Certification
Why This Pattern Matters
This certification is mandatory for all research analysts and associated persons under SEBI (Research Analysts) Regulations, 2014. The exam tests in-depth knowledge of securities markets, research methodology, and regulatory compliance.
Preparation Strategy
- The exam covers diverse topics from financial analysis to regulatory frameworks
- Given 60% pass mark and negative marking, aim for attempting 80-85 questions with high confidence rather than all 100
- Focus heavily on SEBI regulations and research fundamentals
- Practice elimination techniques to improve accuracy on uncertain questions
NISM launched the Series XV-B renewal certification in March 2025, replacing the earlier CPE route. The renewal exam has 50 questions, 1-hour duration, 50% passing marks, and no negative marking.
4. NISM Series X-A: Investment Adviser Level 1 Certification
Investment Adviser Level 1 Certification
Why This Pattern Matters
This is one of the most comprehensive NISM certifications, designed for investment advisers who provide financial planning services. The inclusion of case-based questions tests practical application abilities, not just theoretical knowledge.
Preparation Strategy
- Allocate time wisely: approximately 90-100 minutes for independent MCQs (1 minute each)
- Spend 100-110 minutes for case-based questions (11-12 minutes per case)
- Case studies require careful reading and analysis—they typically present client scenarios with 6-7 questions per case
- Practice case-based scenarios extensively to improve speed and accuracy
This certification continues to be mandatory for SEBI-registered investment advisers under IA Regulations, 2013.
5. NISM Series XI: Securities Market Compliance Professional
Securities Market Compliance Professional
Why This Pattern Matters
This certification focuses on compliance and regulatory requirements for securities market intermediaries. It's essential for compliance officers and professionals in broking firms.
Preparation Strategy
- Compliance exams are regulation-heavy; success requires thorough knowledge of SEBI Act, SCRA, PMLA, and various SEBI regulations
- Create a regulation map during preparation to organize content
- Attempting 75-80 well-prepared questions is a solid strategy with this pattern
- Focus on recent SEBI circulars and regulatory amendments
Reflects the latest SEBI circulars and regulatory amendments up to 2025.
6. NISM Series I: Currency Derivatives Certification
Currency Derivatives Certification
Why This Pattern Matters
Currency derivatives certification is required for professionals dealing in currency futures and options. The exam tests knowledge of forex markets, currency trading mechanisms, and regulatory frameworks.
Preparation Strategy
- Focus on understanding currency market basics, exchange rate mechanisms, and derivatives strategies
- The exam includes practical questions on calculating payoffs, understanding quotes, and hedging strategies
- Practice numerical problems extensively to build speed
- Understand both theoretical concepts and practical applications
Continues to be relevant with increasing forex hedging requirements for corporates and the growth of currency derivatives trading on NSE and BSE platforms.
7. NISM Series XVI: Commodity Derivatives Certification
Commodity Derivatives Certification
Why This Pattern Matters
This certification is mandatory for professionals in commodity derivatives markets. The exam covers agricultural, metal, and energy commodities, along with derivatives concepts.
Preparation Strategy
- Commodity derivatives combine market knowledge with derivatives theory
- Understand commodity-specific factors (seasonality, storage, quality variations) along with futures and options mechanics
- The 60% threshold with negative marking requires focused preparation on high-weightage topics
- Stay updated on commodity market regulations and trading mechanisms
Reflects SEBI's expanded role in commodity derivatives regulation following the merger of FMC with SEBI.
8. NISM Series VI: Depository Operations Certification
Depository Operations Certification
Why This Pattern Matters
This certification is essential for depository participant staff involved in dematerialization and settlement operations. It tests knowledge of NSDL and CDSL operations, regulations, and procedures.
Preparation Strategy
- Depository operations are process-oriented; focus on understanding different types of transactions
- Study demat, remat, transmission, pledge processes, timelines, and documentation requirements
- SEBI Depository Regulations form a significant portion of the exam
- Practice scenario-based questions on various transaction types
Updated to reflect latest depository procedures and SEBI regulatory changes.
9. NISM Series XIII: Common Derivatives Certification
Common Derivatives Certification
Why This Pattern Matters
NISM Series XIII is a consolidated certification that covers currency derivatives, equity derivatives, and interest rate derivatives in a single exam. It serves as an alternative to taking Series I, IV, and VIII separately.
Preparation Strategy
- This is one of the most comprehensive examinations with 150 questions covering three derivative segments
- The 3-hour duration provides adequate time (1.2 minutes per question)
- Prioritize common topics like derivatives fundamentals, trading mechanisms, and regulations that apply across all segments
- Create integrated study notes covering all three derivative types
Offers significant time savings for professionals who need multiple derivatives certifications.
10. NISM Series XII: Securities Markets Foundation Certification
Securities Markets Foundation Certification
Why This Pattern Matters
This is a foundational certification covering basics of Indian securities markets. The absence of negative marking makes it accessible for beginners, though the 60% passing threshold is higher than the mutual fund exam.
Preparation Strategy
- With no negative marking, attempt all 100 questions
- The exam covers broad topics including equity markets, debt markets, derivatives basics, mutual funds, and regulatory framework
- It's ideal as a first certification before specializing in specific areas
- Focus on breadth of knowledge rather than deep specialization
Serves as an excellent entry point for those new to securities markets, with updated content reflecting current market structure and regulations.
Other NISM Certifications (Series 2-28)
NISM Series II-A
Registrar and Transfer Agent - Corporate
NISM Series II-B
Registrar and Transfer Agent - Mutual Fund
NISM Series III-A
Securities Intermediaries Compliance
NISM Series IV
Interest Rate Derivatives Certification
NISM Series V-B
Mutual Fund Foundation Certification
NISM Series VII
Securities Operations and Risk Management
NISM Series IX
Merchant Banking Certification
NISM Series X-B
Investment Adviser Level 2 Certification
NISM Series XIV
Pension Advisers
NISM Series XVII
Retirement Adviser
NISM Series XVIII
Financial Education Certification
NISM Series XIX-A
Alternative Investment Fund Managers (Cat I & II)
NISM Series XIX-D
Alternative Investment Fund Managers (Cat I & II - New)
NISM Series XIX-E
Alternative Investment Fund Managers (Cat III)
NISM Series XXI-A
Portfolio Management Services Distributors
NISM Series XXIII
Securities Intermediaries and Clearing Corporation Employees
NISM Series XXIV
AML and CFT Provisions in Securities Markets
Renewal and CPE Certifications
NISM Series X-C
Investment Adviser Certification (Renewal)
NISM Series XV-B
Research Analyst Certification (Renewal)
Discontinued Certifications
The following certifications have been discontinued as of 2024-2025:
- • NISM Series III-B: Issuers Compliance (discontinued)
- • NISM Series XX: Taxation in Securities Markets (discontinued from July 1, 2024)
- • NISM Series XXII: Fixed Income Securities (discontinued from October 1, 2024)
Comprehensive Comparison Tables
Table 1: Exam Pattern by Duration
| Duration | Certifications | Questions | Typical Use Case |
|---|---|---|---|
| 1 Hour | Series XV-B (Renewal), Series X-C (Renewal) | 50 | Renewal/CPE certifications |
| 2 Hours | Series V-A, V-B, VIII, XV, I, XVI, VI, XII, XVIII, and most others | 50-100 | Standard certifications |
| 3 Hours | Series X-A (Investment Adviser Level 1), Series XIII (Common Derivatives) | 150 | Advanced/comprehensive certifications |
Table 2: Certifications by Negative Marking
| Negative Marking | Certifications | Strategy |
|---|---|---|
| No Negative Marking | V-A (Mutual Fund Dist.), V-B (MF Foundation), XII (Securities Foundation), XVIII (Financial Education), All Renewals (X-C, XV-B) | Attempt all questions; focus on 60-70% accuracy |
| 25% Negative Marking | Series VIII, XV, X-A, I, IV, VI, VII, IX, XI, XIII, XIV, XVI, XVII, XIX, XXI-A, XXIII, XXIV | Selective attempting; eliminate options before answering |
Table 3: Certifications by Passing Percentage
| Passing Marks | Certifications | Difficulty Level |
|---|---|---|
| 50% | V-A, V-B, XVIII, X-C (Renewal), XV-B (Renewal) | Easier; beginner-friendly |
| 60% | All others (VIII, XV, X-A, I, IV, VI, VII, IX, XI, XII, XIII, XIV, XVI, XVII, XIX, XXI-A, XXIII, XXIV) | Standard; regulatory requirement |
Table 4: Top 10 Easiest to Hardest NISM Exams (Based on Pattern)
Series V-A: Mutual Fund Distributors
Series V-B: Mutual Fund Foundation
Series XVIII: Financial Education
Series XII: Securities Markets Foundation
Series VI: Depository Operations
Series I: Currency Derivatives
Series VIII: Equity Derivatives
Series XV: Research Analyst
Series X-A: Investment Adviser Level 1
Series XIII: Common Derivatives
Table 5: All 28 NISM Certifications Pattern Summary
| Series | Certification Name | Questions | Duration | Pass % | Negative | Fee (₹) |
|---|---|---|---|---|---|---|
| I | Currency Derivatives | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| II-A | RTA - Corporate | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| II-B | RTA - Mutual Fund | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| III-A | Securities Intermediaries Compliance | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| IV | Interest Rate Derivatives | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| V-A | Mutual Fund Distributors | 100 | 2 hrs | 50% | None | ₹1,500 |
| V-B | Mutual Fund Foundation | 50 | 2 hrs | 50% | None | ₹1,416 |
| VI | Depository Operations | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| VII | Securities Operations & Risk | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| VIII | Equity Derivatives | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| IX | Merchant Banking | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| X-A | Investment Adviser Level 1 | 150 | 3 hrs | 60% | 25% | ₹1,500 |
| X-B | Investment Adviser Level 2 | 100+ | 2-3 hrs | 60% | 25% | ₹1,500 |
| X-C | IA Renewal | 50 | 1 hr | 50% | None | ₹2,500 |
| XI | Securities Market Compliance | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| XII | Securities Markets Foundation | 100 | 2 hrs | 60% | None | ₹1,500 |
| XIII | Common Derivatives | 150 | 3 hrs | 60% | 25% | ₹1,500 |
| XIV | Pension Advisers | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| XV | Research Analyst | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| XV-B | Research Analyst Renewal | 50 | 1 hr | 50% | None | ₹2,500 |
| XVI | Commodity Derivatives | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| XVII | Retirement Adviser | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| XVIII | Financial Education | 50 | 2 hrs | 50% | None | ₹1,416 |
| XIX-A | AIF Managers Cat I & II | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| XIX-D | AIF Managers Cat I & II (New) | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| XIX-E | AIF Managers Cat III | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| XXI-A | PMS Distributors | 80+3 cases | 2 hrs | 60% | 25% | ₹1,500 |
| XXIII | Securities Intermediaries & CC | 100 | 2 hrs | 60% | 25% | ₹1,500 |
| XXIV | AML & CFT | 100 | 2 hrs | 60% | 25% | ₹1,500 |
*Note: Fees include GST. Payment gateway charges are additional.
How Exam Pattern Affects Preparation Strategy
Understanding the exam pattern is not just about knowing the format—it's about developing a targeted preparation strategy that maximizes your chances of success.
Risk-Reward Analysis Strategy
Key Principles
- •Every incorrect answer costs you 0.25 marks
- •To score 60 marks: Answer 70 correctly + 40 incorrectly = 70 - 10 = 60 marks
- •To score 60 marks: Answer 75 correctly + 25 incorrectly = 75 - 6.25 = 68.75 marks
- •To score 60 marks: Answer 80 correctly + 20 incorrectly = 80 - 5 = 75 marks
Strategy Steps
- First Pass (60 minutes): Answer all questions where you're 80%+ confident
- Second Pass (40 minutes): Tackle questions where you can eliminate 2 options
- Third Pass (20 minutes): Review marked questions and make calculated guesses only if you can eliminate options
- Never randomly guess unless you're very close to the passing threshold
- If you can eliminate even one wrong option, probability improves from 25% to 33%
- If you can eliminate two options, you're at 50% probability—expected value becomes positive
Attempt All Questions Strategy
Key Principles
- •Fundamental Principle: Attempt every single question, no exceptions
- •With no penalty for wrong answers, only constraint is time management
- •Even with 60 confident answers + 40 guesses, probability suggests 10 correct by chance = 70 total marks
Strategy Steps
- First Pass (70-80 minutes): Answer all questions you know confidently
- Second Pass (30-40 minutes): Tackle remaining questions with logical reasoning
- Final Minutes (5-10 minutes): Make educated guesses on any unanswered questions
- Speed matters more than perfection
- A reasoned guess is always better than no answer
Time Management Per Question Type
Standard MCQs (100 questions in 2 hours)
Average Time Per Question
1.2 minutes
Easy Questions
30-45 seconds
Moderate Questions
1-1.5 minutes
Difficult Questions
2-3 minutes
Case-Based Questions (Investment Adviser Level 1)
Average Time Per Question
10-12 minutes per case
Easy Questions
N/A
Moderate Questions
N/A
Difficult Questions
N/A
3-4 minutes: Read and understand case scenario; 6-8 minutes: Answer associated questions (1 minute per question)
150-Question Exams (3 hours)
Average Time Per Question
1.2 minutes
Easy Questions
Same as standard
Moderate Questions
Same as standard
Difficult Questions
Same as standard
Use extra hour to complete challenging questions without rushing, review calculations, and revisit flagged questions
Building Confidence Through Practice
Mock Tests Aligned with Exam Pattern:
Take at least 5-10 full-length mock tests that exactly replicate the exam pattern:
- • Same number of questions
- • Same time duration
- • Same marking scheme (including negative marking)
- • Same question distribution by chapter
Analyze Performance Metrics:
After each mock test, calculate:
- • Accuracy Rate: (Correct answers / Attempted questions) × 100
- • Attempt Rate: (Attempted questions / Total questions) × 100
- • Net Score: Correct - (Incorrect × 0.25)
- • Chapter-wise Performance: Identify weak areas
Target Benchmarks Before Actual Exam:
Exams with Negative Marking
Target Accuracy: 65-70%
Attempt Rate: 75-85%
Minimum Mock Tests: 5
Exams without Negative Marking
Target Accuracy: 60-65%
Attempt Rate: 100%
Minimum Mock Tests: 5
Consistent performance across 3-5 consecutive mock tests indicates readiness for the actual exam.
Handling Exam Day Based on Pattern
For Exams with Negative Marking:
- • Don't let difficult questions consume time—mark them and move on
- • Trust your preparation—if you've studied well, 70-75% accuracy is achievable
- • In the final 10 minutes, review flagged questions rather than random guessing
For Exams without Negative Marking:
- • Ensure you've attempted all 100 questions before time runs out
- • Speed matters more than perfection
- • A reasoned guess is always better than no answer
Pattern Changes and Updates (2024-2025)
NISM continuously updates its examination patterns to align with regulatory changes and industry needs. Here are the significant pattern changes in 2024-2025:
New Certifications Launched
1. Series XXI-A: Portfolio Management Services Distributors
March 2025- • Introduction of case-based questions (3 cases worth 20 marks)
- • New structure: 80 MCQs + 3 case studies
- • Passing marks: 60% with 25% negative marking
- • Reflects practical scenarios in PMS distribution
2. Series XV-B: Research Analyst Renewal
March 2025- • Replaced the earlier CPE route for renewal
- • Streamlined format: 50 questions, 1 hour
- • Mandatory 2-3 hours of video training before exam
- • No negative marking with 50% passing threshold
- • Effective from March 1, 2025
3. Series XIX-D and XIX-E: AIF Managers
June 2025- • Split AIF certification into separate streams
- • Series XIX-D: Category I and II AIF Managers
- • Series XIX-E: Category III AIF Managers
- • Standard 100Q/2hr/60% pattern with 25% negative marking
Discontinued Certifications
Series XX: Taxation in Securities Markets
July 1, 2024- • Reason: Overlap with other certifications and reduced regulatory requirement
Series XXII: Fixed Income Securities
October 1, 2024- • Content absorbed into other relevant certifications
Series III-B: Issuers Compliance
2024- • Replaced by updated Series III-A
Updated Certifications (2024-2025)
Series II-B: RTA-Mutual Fund
March 2025- • Syllabus updated to reflect latest mutual fund regulations
- • Pattern remains: 100Q/2hr/60%/25% negative
Series XXIII: Securities Intermediaries
March 2025- • Content updated with latest SEBI circulars
- • Emphasis on new compliance requirements
Series XXIV: AML and CFT
February 2025- • Enhanced focus on Prevention of Money Laundering Act amendments
- • Updated case studies on financial terrorism prevention
Remote Proctored Examination
Pattern Remains Identical:
Remote proctored exams maintain the exact same pattern as center-based exams—same questions, duration, and marking scheme. Only the delivery mode changes.
Syllabus and Weightage Updates
While exam patterns (number of questions, duration, passing marks) generally remain stable, NISM regularly updates:
- • Chapter weightages: Some chapters may increase/decrease in importance
- • Regulatory content: Latest SEBI circulars and regulations are incorporated
- • Case studies: Updated to reflect current market scenarios
Frequently Asked Questions (FAQ)
1. How many questions are there in NISM exams?
Most NISM exams have 100 MCQs, but this varies by certification: 50 questions for Mutual Fund Foundation (V-B), Financial Education (XVIII), and Renewal exams (X-C, XV-B); 100 questions for most standard certifications (Series I, V-A, VI, VIII, XI, XII, XV, XVI, etc.); 150 questions for Investment Adviser Level 1 (X-A) and Common Derivatives (XIII); 80 MCQs + 3 cases for Portfolio Management Services Distributors (XXI-A).
2. What is the duration of NISM certification exams?
Standard duration is 2 hours (120 minutes) for most certifications. Exceptions include: 1 hour for Renewal certifications (Series X-C, XV-B); 3 hours for advanced certifications (Series X-A with 150 questions, Series XIII with 150 questions).
3. Is there negative marking in NISM exams?
It depends on the certification. With 25% negative marking: Series I, IV, VI, VII, VIII, IX, X-A, XI, XIII, XIV, XV, XVI, XVII, XIX, XXI-A, XXIII, XXIV. No negative marking: Series V-A, V-B, XII, XVIII, and all renewal exams (X-C, XV-B). For exams with negative marking, 0.25 marks are deducted for each wrong answer.
4. What is the passing percentage for NISM exams?
NISM exams have two passing thresholds: 50% passing marks for Mutual Fund Distributors (V-A), Mutual Fund Foundation (V-B), Financial Education (XVIII), and renewal exams; 60% passing marks for all other certifications including Equity Derivatives, Research Analyst, Investment Adviser, etc.
5. Which NISM exam is easiest?
Based on exam pattern, the easiest certifications are: 1) NISM Series V-A (Mutual Fund Distributors): No negative marking, 50% passing marks; 2) NISM Series V-B (Mutual Fund Foundation): Only 50 questions, no negative marking, 50% passing; 3) NISM Series XVIII (Financial Education): 50 questions, no negative marking, 50% passing. However, "easiest" also depends on your background knowledge.
6. Which NISM certification is most difficult?
Based on exam pattern and syllabus breadth: 1) NISM Series XIII (Common Derivatives): 150 questions covering three derivative types, 3 hours, 60% passing, 25% negative marking; 2) NISM Series X-A (Investment Adviser Level 1): 150 questions including complex cases, 3 hours, 60% passing; 3) NISM Series XV (Research Analyst): Comprehensive syllabus with regulatory complexity, 60% passing, negative marking.
7. How is the NISM exam score calculated?
For exams with negative marking: Net Score = (Correct answers × 1) - (Wrong answers × 0.25) + (Unattempted × 0). Example: 70 correct, 25 wrong, 5 unattempted = 70 - 6.25 = 63.75 marks. For exams without negative marking: Score = Correct answers × 1. Example: 65 correct, 35 wrong = 65 marks.
8. Can I use a calculator in NISM exams?
No, calculators are not allowed in NISM examination centers. However, the computer-based testing platform provides a basic on-screen calculator for exams that involve numerical calculations (like derivatives, commodities, investment adviser certifications). Practice using an on-screen calculator during mock tests to build familiarity.
9. What happens if I fail the NISM exam?
If you score below the passing percentage: Results are available immediately (for most exams); You can register for the exam again after 7 days; No limit on number of attempts; You must pay the full examination fee for each re-attempt. There's no restriction on how many times you can attempt an exam.
10. How long is the NISM certification valid?
Most NISM certifications are valid for 3 years from the date of passing. To renew: Pass the same certification exam again before expiry, OR Complete a Continuing Professional Education (CPE) program in the 12 months before expiry, OR Pass a renewal certification exam (like Series X-C for IA, XV-B for Research Analyst).
11. Are NISM exams conducted online or offline?
NISM exams are computer-based and conducted in two modes: 1) Test Center Mode: At authorized NISM test centers across India (most common); 2) Remote Proctored Mode: From home with webcam/microphone under online supervision (available for select certifications). Both modes have identical exam patterns. You cannot take NISM exams on paper.
12. What is the exam pattern for NISM Series 5A (Mutual Fund)?
NISM Series V-A: Mutual Fund Distributors exam pattern: Total Questions: 100 MCQs; Duration: 2 hours (120 minutes); Total Marks: 100; Passing Marks: 50% (50 marks); Negative Marking: None; Exam Fee: ₹1,500 (including GST). This is one of the most popular and beginner-friendly NISM certifications due to the absence of negative marking.
Conclusion: Mastering the NISM Exam Pattern for Success
Understanding the NISM exam pattern is the foundation of effective preparation. Each certification has distinct characteristics—question count, duration, passing threshold, and negative marking—that directly impact your study strategy and exam-day approach.
Key Takeaways:
- 1. Pattern Dictates Strategy: Exams with negative marking require selective attempting and strong fundamentals. Exams without negative marking allow you to attempt all questions.
- 2. Time is Your Asset: With 1.2 minutes per question on average, practice time-bound mock tests to build speed and accuracy simultaneously.
- 3. Know Your Threshold: 50% vs. 60% passing marks significantly changes your target. Aim to score 10-15% above the threshold to account for unexpected difficulty.
- 4. Choose Wisely: If you're beginning your NISM journey, start with certifications that have no negative marking (V-A, V-B, XII) to build confidence before tackling advanced certifications.
- 5. Stay Updated: NISM regularly updates exam patterns and syllabi. Always refer to the official NISM website and latest workbooks before registration.
Your Preparation Roadmap:
Step 1: Identify which NISM certification aligns with your career goals
Step 2: Study the specific exam pattern (questions, duration, negative marking)
Step 3: Download the latest NISM workbook and syllabus
Step 4: Take pattern-aligned mock tests throughout your preparation
Step 5: Analyze performance metrics and adjust strategy
Step 6: Attempt the exam with confidence, applying pattern-specific techniques
The PrepCore Advantage:
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- ✓Detailed explanations for every answer
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- ✓Unlimited test attempts to build confidence
Whether you're targeting the beginner-friendly Mutual Fund Distributors certification or the comprehensive Investment Adviser Level 1 exam, understanding and practicing with the actual exam pattern is your shortest path to certification success.
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*Last Updated: November 2025 | Source: Official NISM website (nism.ac.in), SEBI regulations, and verified certification patterns*