Curriculum - NISM-Series-XV Research Analyst Exam
Chapter 1: Introduction to Research Analyst Profession
- Primary role and responsibilities of a Research Analyst
- Basic principles of interaction with companies and clients
- Important qualities desired in a Research Analyst
Chapter 2: Introduction to Securities Market
- Basics and terminologies of securities markets
- Structure of primary and secondary markets
- Market participants, products, transactions and processes
- Dematerialization and rematerialization of securities
Chapter 3: Terminology in Equity, Debt & Commodity Markets
- Equity market terminologies
- Debt market terminologies
- Types of bonds and their features
- Commodities market terminologies
Chapter 4: Fundamentals of Research
- Role of research in investing
- Technical, Fundamental, Quantitative & Behavioural analysis
- Top-down and bottom-up approaches
- Commodity research fundamentals and case studies
Chapter 5: Economic Analysis
- Micro and macroeconomic principles
- Macroeconomic variables and trends
- Role of economic analysis in fundamental research
- Sources of economic information
Chapter 6: Industry Analysis
- Industry definition, cyclicality and life cycle
- Market sizing, trends, and competitive landscape
- Industry drivers, KPIs and regulatory aspects
Chapter 7: Company Analysis – Business & Governance
- Business models and competitive advantages
- Pricing power, SWOT and management quality
- Corporate governance and ESG analysis
Chapter 8: Company Analysis – Financial Analysis
- Balance sheet, P&L, cash flow and ratios
- Dupont analysis and peer comparison
- Audit reports, equity dilution & ownership tracking
Chapter 9: Corporate Actions
Dividend, Rights Issue, Bonus, Stock Split, M&A, Buyback, Delisting, Share Swap, Demerger and Scheme of Arrangement.
Chapter 10: Valuation Principles
- Price vs Value and sources of value
- DCF, relative valuation & SOTP
- CAPM and valuation objectivity
Chapter 11: Fundamental Analysis of Commodities
Supply-demand dynamics, global correlations, government policies, macro indicators, hedging and geopolitical factors.
Chapter 12: Fundamentals of Risk and Return
Returns, risk types, beta, margin of safety, risk-adjusted returns, behavioural biases and liquidity.
Chapter 13: Qualities of a Good Research Report
Qualities, rating conventions, checklist-based approach and sample checklist evaluation.
Chapter 14: Legal and Regulatory Environment
Regulatory framework, key regulations, code of conduct, conflicts of interest and surveillance mechanisms.
Chapter 15: Technical Analysis
Charts, Dow Theory, trends, patterns, support-resistance, trendlines and indicators.
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