NISM Series 15 Research Analyst Previous Year Questions with Detailed Solutions

Practicing NISM Series 15 Research Analyst previous year questions is one of the most effective ways to understand the exam’s difficulty level, question pattern, and scoring areas. By solving real PYQs and reviewing step‑by‑step solutions, candidates can identify weak topics, improve time management, and boost confidence before the actual test.

Why Solve NISM Series 15 PYQs?

• Familiarizes you with the exact phrasing and style of questions asked in the exam.
• Highlights frequently tested concepts such as valuation methods, financial statement analysis, and regulatory guidelines.
• Helps you gauge the ideal time to spend on each question type during the actual 2‑hour test.
• Provides a benchmark for measuring progress when you compare scores across multiple practice sets.

Exam Pattern and Syllabus Overview

Section	Number of Questions	Marks per Question	Total Marks	Duration
Research Analyst (Core)	50	2	100	120 minutes

Syllabus Weightage (Approx.)

• Financial Statement Analysis – 25%
• Equity Valuation & Modeling – 20%
• Industry & Company Analysis – 15%
• Ethics & Professional Standards – 10%
• Regulatory Framework (SEBI Guidelines) – 10%
• Quantitative Techniques – 10%
• Report Writing & Presentation – 10%

How to Use Previous Year Questions Effectively

1. Start with a timed mock – Attempt a full PYQ set without breaks to simulate exam conditions.
2. Mark uncertain answers – Flag questions you guessed on or took >2 minutes to solve.
3. Review solutions thoroughly – Read each explanation, even for correct answers, to catch subtle concepts.
4. Create a mistake log – Note the topic, why you erred, and the correct approach; revisit this log weekly.
5. Repeat after revision – Re‑solve the same set after 2‑3 days to reinforce learning and measure improvement.

Sample PYQ with Detailed Solution

Question:
A company’s net profit for FY2023 is ₹120 crore. It has a dividend payout ratio of 30% and a retention ratio of 70%. If the return on equity (ROE) is 15%, what is the sustainable growth rate (SGR) using the Gordon growth model?

Solution:

• Sustainable Growth Rate = Retention Ratio × ROE
• Retention Ratio = 70% = 0.70
• ROE = 15% = 0.15
• SGR = 0.70 × 0.15 = 0.105 → 10.5%

Note: The dividend payout ratio is not needed for SGR calculation; it serves as a distractor.

Practical Tips for Scoring High

• Focus on valuation formulas – Memorize DCF, dividend discount model, and relative valuation multiples; they appear in ~30% of questions.
• Master ratio analysis – Practice quick calculations for liquidity, profitability, and leverage ratios; many PYQs test interpretation rather than computation.
• Know SEBI disclosure norms – Questions often ask about minimum public shareholding, insider trading limits, and research analyst certification requirements.
• Use elimination technique – If unsure, discard obviously wrong options first; this raises the chance of guessing correctly.
• Maintain a formula sheet – Write down key formulas (EPS, PE, PEG, EV/EBITDA, etc.) and revise them daily before the exam.

Frequently Asked Questions

Q1: How many previous year papers should I solve for NISM Series 15?
A: Aim for at least 5–6 full-length PYQs from the last three years; this covers the evolving question pattern and difficulty level.

Q2: Are the PYQs available officially from NISM?
A: NISM does not release official past papers, but many coaching institutes and educational websites compile memory‑based PYQs from candidates’ recollections.

Q3: What is the ideal time to spend on each question during the exam?
A: With 100 marks and 120 minutes, allocate roughly 1.2 minutes per mark, i.e., about 2–2.5 minutes per question, leaving a few minutes for review.

Q4: Should I focus more on theory or numerical problems?
A: The exam has a balanced mix; however, numerical problems (valuation, ratios) tend to be scoring if you practice speed and accuracy.

Q5: How can I improve my accuracy in ethics‑related questions?
A: Read the SEBI (Research Analysts) Regulations, 2014 thoroughly, and solve case‑based PYQs that test application of ethical principles.

Q6: Is negative marking applicable?
A: No, NISM Series 15 does not have negative marking; therefore, attempt all questions even if you are unsure.

Call to Action

Start your preparation today by downloading a set of NISM Series 15 Research Analyst previous year questions, timing yourself, and reviewing each solution in detail. Consistent practice with PYQs builds the speed, accuracy, and confidence needed to clear the exam on your first attempt. Take a full‑length mock test now and track your progress!