Intermediate to Advanced
NISM Series XV — Research Analyst Certification
Series XV is the hardest and most valuable of the NISM certifications, and it is a SEBI requirement for anyone working as a research analyst. This is our most comprehensive track: alongside the full official syllabus we teach the practical craft the exam assumes — economy and industry analysis, financial modelling, valuation, and writing a research note someone would actually act on. You finish with a certification and a portfolio of your own written research.
- Duration
- 10 weeks
- Mode
- Classroom + Live Online + Recorded
- Language
- English & Hindi
- Level
- Intermediate to Advanced
₹1,25,000
Or 3 instalments of ₹41,667
- Full official Series XV syllabus plus practical modelling
- Build and defend your own valuation models
- Write research notes reviewed by a mentor
- Full-length mocks in a replica exam interface
Or call +91 96963 71476
Curriculum
What you will cover
6 modules, each taught then applied. Nothing moves forward until the previous idea works on a chart.
01
The Research Ecosystem
- What a research analyst does, and for whom
- Buy side versus sell side, and how reports are consumed
- Terminology, data sources and research infrastructure
- Qualities and ethics of a credible analyst
02
Economy & Industry Analysis
- Macroeconomic indicators that actually move markets
- Business cycles and sector sensitivity
- Porter, SWOT and structural industry analysis
- Regulatory and policy risk in Indian sectors
03
Company & Financial Analysis
- Reading annual reports past the headline numbers
- Quality of earnings and accounting red flags
- Ratio analysis, DuPont and peer benchmarking
- Building a three-statement financial model
04
Valuation
- Discounted cash flow from first principles
- Relative valuation: P/E, EV/EBITDA, P/B and when each fails
- Sum-of-the-parts and sector-specific methods
- Sensitivity analysis and defending your assumptions
05
Report Writing & Recommendation
- Structuring a research note: thesis, evidence, risks
- Target price derivation and rating frameworks
- Writing for a reader who will disagree with you
- Peer review of your own published notes
06
Regulation & Exam Readiness
- SEBI (Research Analysts) Regulations and disclosures
- Conflicts of interest and the code of conduct
- Timed full-length mocks in the replica interface
- Per-chapter weakness report and revision plan
OutcomesClear NISM Series XV and meet the SEBI research analyst requirement Build a three-statement model and a defensible DCF from scratch Write a research note that stands up to cross-examination Walk into interviews with published work, not just a certificate
By the end, you can
Who it is forAspiring equity research analysts and associates Finance graduates targeting AMC, PMS or broking research roles Working professionals moving into research from other functions Anyone required by SEBI to hold the Research Analyst certification
This track suits
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Sit in on a NISM Series XV session before you pay
Free demo class, no obligation. Watch how a live market analysis class actually runs, meet the mentor and decide after.