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How NISM XV Can Be Cleared in 3rd Attempt? (Mr. Rakesh Parmar PSKA Alumni)

This guide summarizes the experience of a finance professional who successfully cleared the NISM Equity Derivatives exam after multiple attempts. It highlights their challenges, successful strategies, and valuable tips for other students.


1. Background and Initial Challenges

  • Candidate Profile: The individual had an MBA in finance, completed through distance learning. At the time, part-time BA or RA programs were not available.
  • Initial Mindset: Believing the exam was easy, the candidate initially focused only on theory.
  • First Two Attempts:
    • Attempt 1: Scored 55 marks after answering 65 questions.
    • Attempt 2: Scored 45 marks after answering 67 questions. This exam had more mathematical problems compared to the first.
  • Key Realisations: After the failures, the candidate realised two important things: 
    • The difficulty of NISM questions increases with each attempt.
    • It is impossible to pass by attempting only a small number of questions; a higher number of attempts is necessary.

2. Successful Preparation Strategy

  • Course Enrollment: The candidate enrolled in a course with a teacher (later identified as Anjali ma'am/Sheetal Kunder) specifically to overcome their weakness in mathematics.
  • Study Materials and Methods:
    • Theory: The candidate had already completed the theory in the first 12 days.
    • Specific Chapters: Chapters 8, 10, and 9 from the course were studied thoroughly and found to be very beneficial.
    • Maths: The course explained mathematical concepts and formula application in detail.
    • Case Studies: The candidate found that the 4th and 7th case study questions from the teacher's course were very similar to questions on the actual exam, making the math section easier.
    • PDFs: Instead of reading the provided "one-liners," the candidate read the complete PDF at the back of every chapter, except for the first one.
  • Final Attempt and Result: The candidate scheduled the exam for a Sunday evening, performed a complete revision that morning, and passed with a score of 85 marks.

3. Future Plans and Professional Goals

  • Registration: The candidate plans to register as a Research Analyst (RA). This requires a No Objection Certificate (NOC) from their employer, which they discussed with Anjali ma'am. Previously, they lacked the necessary experience for RA registration.
  • Next Certifications: Once registered, the candidate intends to pursue other NISM certifications, including:
    • Investment Analyst.
    • Commodity Derivatives exam after a 2-3 month gap. This is important for managing mid-sized investments and is relevant for roles in PMS and AMCs.

4. Recommendations for Other Students

Based on their experience, the candidate offered the following advice for students and course creators:

  • Exam Strategy: Schedule the exam for a later date to allow sufficient time for revision.
  • Study Materials:
    • Create a single PDF with all the formulas, including ratio analysis, to make them easy to reference and understand.
    • Improve the course PDFs by making key points bold to enhance their effectiveness.


Prof. Sheetal Kunder

SEBI® Research Analyst. Registration No. INH000013800 M.Com, M.Phil, B.Ed, PGDFM, Teaching Diploma (in Accounting & Finance) from Cambridge International Examination, UK. Various NISM Certification Holders. Ex-BSE Institute Faculty. 18 years of extensive experience in Accounting & Finance. Faculty Development Programs and Management Development Programs at the PAN India level to create awareness about the emerging trends in the Indian Capital Market and counsel hundreds of students in career choices in the finance area

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