Introduction: The Post-Graduation Dilemma for BFM Students

Lately, I've been seeing a lot of questions about careers. A lot of students from Mumbai University do this course called BFM, which stands for Bachelor in Financial Markets. And financial markets basically mean what you know as the stock market. This course is a 3-year degree, and after that, students often get stuck wondering what to do next. So, this blog is for those students and anyone looking to build a career in financial markets.

If you're thinking about building a career in the financial market, then I believe NISM could be the best path for you.

Which NISM Certification Should You Start With?

Here's the thing: NISM offers like 25 to 30 different certifications, so which one should you start with?

Out of the 25-28 certifications offered by NISM, some are linked to legal or regulatory aspects. SEBI wants that if you're working in any area of the financial market—like equity derivatives, currency, or mutual funds—you can't be allowed to work unless and until you have a minimum knowledge base. This minimum knowledge base is determined by the NISM certification. These are what we call mandatory exams.

For example, if you want to build a career in mutual funds, you have to clear the Series V-A exam for mutual fund distributors. This is a mandatory exam under SEBI’s regulatory framework.

Here is a recommended path to navigate the NISM certifications.

Step 1: The Foundation (NISM Series XII - Securities Market Foundation)

In my opinion, the very first certificate you should go for is the NISM Series XII: Securities Market Foundation exam.

This certification doesn't fall into the compulsory category. However, it provides a comprehensive overview of the primary market, secondary market, and market participants (intermediaries). You’ll also learn about mutual funds and the equity derivatives market. I think this exam is right for you.

Even if you feel you don’t need to take the exam because it’s not compulsory and want to save the ₹1500 fee, you should still go to the NISM website, download the workbook, and read through it. Make your own notes and get your foundation ready for the financial or securities market.

Step 2: Your Entry Ticket (NISM Series V-A - Mutual Fund Distributors)

In my opinion, the ideal one to start with is the Mutual Fund Distributor exam (Series V-A). Nowadays, we've seen that many people are distributing mutual funds.

Brokers at broking firms are looking for candidates who are Series V-A certified.

Most employees working in banks nowadays are NISM certified, especially in the mutual fund area. Banks actually insist that their employees complete the NISM Series V-A certification.

I think this certificate would be good for you as well.

Step 3: Dive into Derivatives

The next certificates you should consider are:

Series VIII: Equity Derivatives: This is a key certification.

Series I: Currency Derivatives: You can also take this along with the equity derivatives exam.

There is also a commodity derivatives exam, but if you don’t want to go too deep, just focus on Series VIII related to equity derivatives.

Step 4: The Analyst's Edge (NISM Series XV - Research Analyst)

Assuming you come from a commerce background or are pursuing a BFM/MBA in Finance, the most relevant exam for you is the NISM Series XV: Research Analyst.

SEBI has introduced a regulation that says all analyst firms must have their employees—whether they’re dealing with clients, handling compliance, or generating calls—clear this exam. It’s definitely mandatory.

A Word of Caution: The exam is a bit tough, so it needs more preparation. You’ll have to study in detail because the questions are number-based, with practical, case-study-based questions. I think you’ll need at least a month to prepare if you want to clear it in one or two attempts. The exam fee is ₹1500, and its importance has increased a lot recently due to changes in SEBI regulations for research analysts.

Step 5: Exploring Portfolio Management (NISM Series XXI - PMS Distributors)

Another series that can help you build your concepts and open up paths into the securities market is the PMS Distributor (Series XXI), which is an exam for Portfolio Management Services Distributors. It's a 100-mark exam with case studies, and the fee is ₹1500. This could be a good certification for you.

The Final Frontier: The Investment Advisor Certification

The certification that could be good for you after the others is the Investment Advisor. I am mentioning this last because, by the time you take all the other certification exams, most of your concepts will already be pretty clear.

Key points about the Investment Advisor exam:

Two Levels: The certification has two parts: Level One and Level Two. You need to clear both to become a certified Investment Advisor with NISM.

Higher Stakes: The exam is for 150 marks (90 marks theory, 60 marks case studies), unlike other exams which are 100 marks.

Passing Score: The passing score is 90 marks (60%).

Negative Marking: Like most other NISM exams (except Mutual Fund Distributor), there is negative marking.

A Crucial Warning: Don’t just jump straight to the investment advisor exam. First, build your basics properly. I recently came across a girl who was on her third or fourth attempt, having already invested almost ₹12,000 in exam fees with no result. Start with the foundational exams first.

Beyond Certifications: Skills That Set You Apart

If you’re thinking about giving exams like research analyst or investment advisor, make sure you also learn Advanced Excel. There’s no exam for it, but you can do courses. Advanced Excel is really useful in the finance field.

If you start getting interested in that, you can take it a step further and complete a financial modelling course. This will give you an extra advantage, especially if you plan to do CFA or something similar in the future.

A Special Roadmap for BFM Students

If you've made it this far and you're a BFM student, here’s some advice:

- Get the NISM certifications.

- Complete an advanced Excel course.

- Try to get an internship or a small job for about a year to enter the industry.

- After that, apply for an MBA.

NISM is going to help you get exposure in the industry. Many employers, like brokers and banks, ask for NISM certificates. The people connected with employment through me usually ask for NISM-certified candidates.

Conclusion: Your Time is Now

Preparing for the NISM exam is definitely worth it. I understand how important these certificates can be for you. If you have any questions related to your career, just let me know in the comments. And if you found this helpful, please make sure to give it a like.

Thanks for your time, and all the best!