Updated for 2026

NISM Certification Salary Guide 2026

Role-by-role salary breakdown for every major NISM certification — Research Analyst, Equity Dealer, Compliance Officer, Investment Adviser, and more. Real figures, updated for the current hiring market.

Research Analyst
₹4–18 LPA
Equity Dealer
₹3–20 LPA
Compliance Officer
₹5–25 LPA
Investment Adviser
₹4–30 LPA

NISM Salary by Certification Series

Salaries below are all-India market ranges in Lakhs Per Annum (LPA) for full-time employment. Metro premiums (Mumbai, Delhi, Bengaluru) are typically 20–30% higher.

Certification SeriesJob RoleFresher (0–2 yrs)Experienced (3+ yrs)Note
Series 15 (Research Analyst)Research Analyst₹4 – 6 LPA₹8 – 18 LPASEBI-mandatory for publishing buy/sell reports
Series 8 (Equity Derivatives)Equity Derivatives Dealer₹3 – 5 LPA₹8 – 20 LPAPerformance bonuses can add ₹2–10 LPA
Series 13 (Compliance Officer)Compliance Officer — Listed Companies₹5 – 8 LPA₹12 – 25 LPADemand has risen sharply after SEBI reforms
Series 10A/10B (Investment Adviser)Registered Investment Adviser (RIA)₹4 – 7 LPA₹10 – 30 LPA+AUM-based fee earners can scale to ₹50 LPA
Series 5A (Mutual Fund)Mutual Fund Distributor / ARN Holder₹2.5 – 5 LPA₹6 – 15 LPATrail commission model grows with AUM
Series 1 (Currency Derivatives)Currency Derivatives Dealer₹3 – 5 LPA₹7 – 15 LPATreasury desks at banks pay at the higher end
Series 7 (Securities Operations)Operations / Risk Officer₹3 – 5 LPA₹6 – 12 LPAClearing corp & exchange roles available
Series 9 (Merchant Banking)Merchant Banker / IPO Analyst₹5 – 8 LPA₹12 – 25 LPAInvestment banks and NBFCs are top payers

* Salary data sourced from Naukri.com, LinkedIn Salary Insights, and industry surveys (Q1 2026). Performance bonuses are not included unless stated.

Deep Dive: Top NISM Certifications & Salaries

Below are detailed salary breakdowns for the four most in-demand NISM certification series in 2026.

NISM Series 15 — Research Analyst

Salary range: ₹4–18 LPA
Fresher (0–2 yrs)₹4–6 LPA
Mid-level (3–6 yrs)₹7–12 LPA
Senior (7+ yrs)₹13–18 LPA
Top Employers
  • Motilal Oswal
  • IIFL Securities
  • Sharekhan
  • Zerodha
  • HDFC Securities
Research Analysts are among the highest-paid NISM-certified professionals. SEBI mandates Series 15 for anyone publishing equity research reports with buy/sell/hold recommendations. Entry-level analysts typically work at brokerages covering 5–10 stocks, graduating to sector-specialist or buy-side roles at mutual funds and hedge funds. Senior analysts with a 7+ year track record command ₹15–20 LPA at top-tier houses, with buy-side roles often crossing ₹25–30 LPA.

NISM Series 8 — Equity Derivatives

Salary range: ₹3–20 LPA + bonus
Fresher (0–2 yrs)₹3–5 LPA
Mid-level (3–6 yrs)₹7–12 LPA
Senior (7+ yrs)₹15–20 LPA + bonus
Top Employers
  • Zerodha
  • Upstox
  • Angel One
  • ICICI Securities
  • Kotak Securities
Equity Derivatives Dealers are mandatory hires at every broking firm. Freshers start on fixed salaries handling order execution; as they build client books the model shifts to variable pay. Senior dealers at large discount brokers or proprietary trading desks can take home ₹20–30 LPA when bonuses are included. Specialising in algo or F&O strategy can push total compensation significantly higher.

NISM Series 13 — Compliance Officer (Listed Companies)

Salary range: ₹5–25 LPA
Fresher (0–2 yrs)₹5–8 LPA
Mid-level (3–6 yrs)₹10–16 LPA
Senior (7+ yrs)₹18–25 LPA
Top Employers
  • Tata Capital
  • NSE
  • BSE
  • SEBI-regulated NBFCs
  • Large Listed Co.
Compliance Officers for listed companies have seen the sharpest salary growth after SEBI tightened governance requirements. Series 13 is mandatory for the designated Compliance Officer of any company listed on NSE or BSE. Law graduates or Company Secretaries with this certification are in high demand. Mid-level roles at large-cap companies easily cross ₹15 LPA, with senior roles touching ₹25 LPA in metro cities.

NISM Series 10A/10B — Investment Adviser

Salary range: ₹4–30 LPA+
Fresher (0–2 yrs)₹4–7 LPA
Mid-level (3–6 yrs)₹10–18 LPA
Senior (7+ yrs)₹20–30 LPA+
Top Employers
  • Scripbox
  • 1 Finance
  • Fincart
  • Independent RIA Firms
  • Wealth Desks
Registered Investment Advisers operate under a fee-only model regulated by SEBI. Both Level 1 (10A) and Level 2 (10B) certifications are required. The income potential scales directly with Assets Under Advice — advisers managing ₹50–100 crore AUA at a 0.5–1% annual fee generate ₹25–50 lakh in annual advisory income. It is one of the few NISM paths where individual practitioners build truly scalable businesses.

What Determines Your NISM Salary?

Two candidates with the same certification can earn very different salaries. Here are the biggest drivers.

Employer Type

Foreign brokerages, big-4 consultancies, and hedge funds pay 30–60% more than domestic mid-tier brokers for the same role.

Education

A CA, MBA (Finance), or CFA alongside your NISM certificate significantly boosts starting packages, especially in research and compliance.

City Tier

Mumbai, Delhi-NCR, and Bengaluru command a 25–35% premium over Pune, Ahmedabad, or Hyderabad for the same role.

Performance Track Record

For dealers and traders, a documented P&L history matters more than years of experience. Consistent performers double their base within 3 years.

Multiple Certifications

Holding Series 15 + Series 8 or Series 10A + Series 10B opens senior roles that single-certification holders cannot access.

AUM / Client Book

For RIAs and mutual fund distributors, total assets managed or distributed determines income far more than base salary.

NISM Jobs Salary Per Month — Quick Reference

Many job listings in India quote monthly & annual CTC. Here is how the LPA figures translate into approximate monthly in-hand salaries (assuming 70% take-home after PF and tax deductions).

Entry-level Dealer
₹3–5 LPA
₹17,500–₹29,000/mo
Research Analyst
₹5–8 LPA
₹29,000–₹46,500/mo
Mid-level RA / Advisor
₹8–12 LPA
₹46,500–₹70,000/mo
Senior / Compliance
₹15–25 LPA
₹87,500–₹1,45,000/mo

* Monthly in-hand estimates are approximate. Actual figures depend on CTC structure, tax slab, and employer.

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