NISM Series XV Research Analyst Exam Prep + Internship
The PFA Institute NISM Research Analyst Preparatory Program is designed precisely for this reality.
This is a 30-day, intensive, syllabus-aligned training program, followed by a case-study-driven Equity Research Internship, built strictly on the official NISM Research Analyst Workbook (November 2025 version). The objective is clear: prepare candidates to think, analyse, and write like a professional Research Analyst—within SEBI’s regulatory framework.
Why This Program Matters
Most aspirants study NISM from notes.
Professionals are trained on how research is actually done.
At PFA Institute, the focus is not rote learning. The focus is:
Understanding how analysts evaluate businesses
Connecting macro, industry, company, valuation, and risk
Writing research that can withstand regulatory and investor scrutiny
This program bridges the gap between exam preparation and real-world equity research practice.
Program Philosophy
A Research Analyst is not a tip-giver.
A Research Analyst is a process-driven professional, accountable for:
Data quality
Assumptions
Valuation logic
Risk disclosure
Ethical conduct
This program trains candidates to:
Read financial statements beyond surface ratios
Identify governance and accounting red flags
Apply valuation with discipline, not optimism
Use technical analysis as a confirmation tool—not prediction
Write clear, compliant, unbiased research reports
Training Structure
Phase 1: NISM Research Analyst Exam Preparation
Duration: 30 Days
Class Format: 1.5 hours daily
Total Training: 45 hours
Coverage: 100% syllabus as per NISM Series XV
Every chapter—from Securities Markets to Technical Analysis—is taught with:
Conceptual clarity
Exam relevance
Practical illustrations
Case-based discussions
Phase 2: Equity Research Internship (Post Exam)
After appearing for / clearing the NISM exam, candidates enter a structured internship focused on:
Fundamental equity research case studies
Business & governance analysis
Financial statement diagnostics
Valuation reasoning
Integrated technical–fundamental views
Research report structuring and disclosures
This internship is academic and case-study based, designed to help candidates build a research portfolio, not to simulate a trading desk.
Who This Program Is For
Aspiring SEBI-registered Research Analysts
MBA / Finance graduates
CFA / FRM / CA aspirants
Professionals transitioning from trading to research
Analysts seeking process discipline and compliance clarity
What You Take Away
By the end of the program, participants will:
Be exam-ready for NISM Series XV
Understand how professional equity research is structured
Be capable of writing clear, ethical, compliant research notes
Develop analytical discipline instead of opinion-driven views
Build a research mindset aligned with SEBI regulations
Certification
A Certificate of Successful Completion will be issued by PFA Institute upon:
Appearing for / clearing the NISM Research Analyst Examination
Successful completion of internship case studies
Fees
₹25,000 + GST
(Includes 30-day training, study support, internship case studies, and certification)
Compliance & Transparency Commitment
PFA Institute operates with strict adherence to ethics, transparency, and regulatory discipline:
No job or placement guarantee
No exam-passing guarantee
NISM exam fees to be paid separately by the candidate
Internship is academic, not employment
No investment advice or stock recommendations
- All classes and sessions may be recorded for compliance and quality review
At PFA Institute, we don’t train tip-providers
We train analysts who understand responsibility, risk, and research integrity.