1️⃣ Introduction
Appearing for a NISM certification exam without knowing the exam pattern is like stepping into the market without a strategy. To improve your chances of success, it’s essential to understand how the exam is structured.
Knowing the time duration, number of questions, marking scheme, and negative marking rules in advance allows you to plan your preparation and time management more effectively. It also reduces exam-day anxiety by setting clear expectations.
In this article, we’ll walk you through the detailed pattern followed across various NISM modules — including differences in exam formats, modules with or without negative marking, question types, and pass mark criteria.
2️⃣ Standard Exam Pattern Across Most NISM Modules
While each NISM module has its own specifics, most exams follow a common structure and pattern. Understanding this base format can help you prepare smartly and efficiently across any certification.
Here’s the standard exam format followed in most NISM certifications:
- 🕒 Exam Duration: Typically 2 hours. Some modules (like Level 1 & 2 of Investment Adviser) run for 3 hours, and some foundation modules take just 1 hour.
- ❓ Total Questions: Usually 100 MCQs. Some exams have 50 or 150 questions depending on the complexity.
- 📊 Total Marks: Modules are marked out of 100 or 150. Each question carries 1 or 1.5 marks.
- ✅ Passing Marks: The pass percentage is generally between 50% to 60%.
- 💻 Exam Mode: All exams are computer-based (CBT). You can choose to take it at a test center or via remote proctoring.
- 🗂️ Language: Most modules are in English. Some popular modules like Mutual Fund Distributor (V-A) are also offered in Hindi and select regional languages.
These standard settings are designed to maintain consistency across different modules while also matching the complexity and regulatory needs of each certification.
3️⃣ Question Types and Format
NISM exams are structured in a clear and consistent way to test your practical and theoretical understanding of the financial markets. All questions are objective and designed to evaluate your decision-making and regulatory awareness.
Here’s what you can expect in terms of question types and format:
- 🔘 Type of Questions: All questions are Multiple Choice Questions (MCQs) with 4 options and one correct answer.
- 📋 Number of Options: Every question comes with four choices – labeled A, B, C, and D.
- 🧠 Concept Coverage: Questions are designed from the entire syllabus – including definitions, calculations, case-based logic, and regulatory updates.
- 🖥️ On-Screen Interface: One question appears at a time. You can mark it for review, move ahead, or return later before submission.
- ⏳ Timer: A live countdown timer appears on your screen showing time remaining.
- 📌 Navigation: You can freely move between questions, skip, or flag them for review as needed.
The test interface is user-friendly, with built-in features to ensure smooth navigation and proper time management during the exam.
4️⃣ Marking Scheme Explained
Understanding the marking scheme is crucial for any exam strategy. NISM exams are designed to test your knowledge fairly — rewarding correct answers while penalizing incorrect ones only in select modules.
Here’s how the NISM marking system generally works:
- ✅ Correct Answer: You are awarded full marks — usually 1 mark or 1.5 marks per correct MCQ, depending on the module.
- ❌ Wrong Answer: Some modules include negative marking — mostly at 25% of the question’s value. For example, if a question carries 1 mark, a wrong answer deducts 0.25 marks.
- 🚫 Unattempted Questions: No marks are awarded or deducted for skipping a question.
- 🧮 On-Screen Calculator: A scientific calculator is provided within the exam interface for calculation-based questions (especially in Derivatives, Research, and IA exams).
Being aware of negative marking helps avoid unnecessary guesswork and lets you focus on questions you are more confident about.
5️⃣ Modules with Negative Marking
Not all NISM exams follow the same evaluation strategy. Some modules include negative marking to discourage guesswork, especially where regulatory knowledge and precision are important.
🔻 These modules usually have 25% negative marking for each incorrect answer:
- 📈 NISM Series I: Currency Derivatives
- 📊 NISM Series IV: Interest Rate Derivatives
- 💼 NISM Series VIII: Equity Derivatives
- 🧠 NISM Series XV: Research Analyst
- 🧑💼 NISM Series X-A: Investment Adviser Level 1
- 🧑💼 NISM Series X-B: Investment Adviser Level 2
- 💹 NISM Series IX: Merchant Banking
- 📉 NISM Series XVI: Commodity Derivatives
- 📋 IBBI Valuation Exams (All asset classes)
✅ These modules typically have NO negative marking:
- 📘 NISM Series V-A: Mutual Fund Distributors
- 📘 NISM Series V-B: Mutual Fund Foundation
- 📄 NISM Series XII: Securities Markets Foundation
- 🔍 NISM Series VI: Depository Operations
- 👨🏫 NISM Series VII: SORM (Securities Operations & Risk Management)
- 🛡️ NISM Series XXIV: AML & CFT
- 🫱 NISM Series XXIII: Social Impact Assessors
Always double-check the module’s official content outline PDF before registering, as rules may occasionally change based on SEBI directives.
6️⃣ Time Management Tips During the Exam
Managing your time wisely is just as important as knowing the answers. Many candidates struggle with finishing the NISM exam on time — not because they don’t know the material, but because they don’t pace themselves well.
Here are some effective time management tips for NISM exams:
- ⏱️ Keep an eye on the on-screen timer: All NISM exams display a countdown. Keep track without stressing over it constantly.
- ✅ Attempt known questions first: Don’t waste time stuck on one question. Answer what you know and mark the tough ones for review.
- 📌 Use “Mark for Review” wisely: Flag questions you’re unsure about and return to them later if time permits.
- 🧮 Use the calculator efficiently: Practice with the scientific calculator (on-screen) beforehand, especially for Derivatives and Investment Adviser modules.
- 📚 Leave time for final review: Aim to complete the paper 5–10 minutes before the end so you can recheck marked questions or submission status.
- 🚫 Don’t guess recklessly: In modules with negative marking, avoid blind guesses — especially in conceptual or regulation-based questions.
Time management isn’t about rushing — it’s about being strategic. Use the exam interface tools to your advantage, and stay calm under pressure.
7️⃣ Passing Criteria Summary Table
Below is a summary of exam duration, number of questions, passing percentage, and negative marking across commonly attempted NISM modules:
| Module | Questions | Duration | Pass % | Negative Marking | Certificate Validity |
|---|---|---|---|---|---|
| Series V-A: Mutual Fund Distributor | 100 | 2 hrs | 50% | No | 3 Years |
| Series XV: Research Analyst | 100 | 2 hrs | 60% | Yes (25%) | 3 Years |
| Series X-A: Investment Adviser (Level 1) | 135 | 3 hrs | 60% | Yes (25%) | 3 Years |
| Series X-B: Investment Adviser (Level 2) | 120 | 3 hrs | 60% | Yes (25%) | 3 Years |
| Series VIII: Equity Derivatives | 100 | 2 hrs | 60% | Yes (25%) | 3 Years |
| Series XII: Securities Market Foundation | 100 | 2 hrs | 60% | No | 3 Years |
| Series VI: Depository Operations | 100 | 2 hrs | 60% | Yes (25%) | 3 Years |
| Series XXIV: AML & CFT | 50 | 1 hr | 50% | No | 3 Years |
8️⃣ FAQs Related to Exam Pattern
Yes. The NISM test platform allows you to navigate between questions freely. You can modify your answers until the final submission.
This feature lets you flag questions you’re unsure about. You can review these marked questions before submitting the test.
Yes. NISM provides an on-screen scientific calculator for modules involving calculations like Derivatives, IA, and RA exams.
At test centers, yes — you’re provided with rough sheets. In remote proctored exams, you’re allowed to use one blank sheet after showing it to the webcam.
The exam is paused temporarily. You can resume from the same point once you reconnect. But if the issue persists, contact the exam support team immediately.
No. You can skip any question and return to it later. However, unanswered questions are not awarded any marks.
No. NISM exams follow a single-block timing approach. You can use the total allotted time across the paper without restrictions.
Yes. Your provisional result is displayed on-screen immediately after submission. A detailed scorecard is later available in your dashboard.
