Equity Research Exam Prep

Certificate Course in Equity Research Analyst

Build the knowledge covered by the Research Analyst Certification Examination and develop a stronger foundation for mutual fund conversations with investors.

Equity Analysis Valuation Skills Research Practice
View program & fees → Free Mock Test
120Minutes Duration
100Questions
60%Passing
25%Negative Marking

Free practice test

NISM Series XV: Free Mock Test

Answer 25 exam-style questions, one at a time. At the end, you'll see your score, your strong and weak topics, and the right answers with short explanations.

Your practice session

Test your exam readiness

FREE
25questions
30 mintime limit
60%to pass (15 of 25)
Nonegative marking

Before you begin

  • The timer starts when you begin the test.
  • Skip questions and return to them before submitting.
  • Enter your details at submission to view your score and explanations.

Topic-wise scores & answer explanations after submission

These practice questions are prepared by AAFM India to help learners practice. They are not NISM's official exam questions. NISM conducts the Series XV exam and issues the certificate.

Why professionals choose AAFM® India

The American Academy of Financial Management® has set standards in financial certification since 1996. AAFM® India brings these international standards to Indian professionals, with a curriculum built for Indian markets, regulation, and clients.

Recognized in 151 countries

Conferred under AAFM® international standards, with certification issued from the USA.

300,000+ global alumni

Join a worldwide community of certified wealth managers, planners, and private bankers.

Faculty who practice

Instructors hold CA, CFA, FRM, CFP, and CWM® designations with current industry experience.

A curriculum for this decade

AI in portfolio management, alternative funds, international tax, behavioral finance - updated continuously.

Who this is for

Built for Aspiring Equity Research Professionals

Whether you are starting in finance or already work with market information, the course helps you study companies with a clearer method.

Aspiring Equity Research Analysts

Build a structured path from market fundamentals to company analysis and research reports.

Finance Students and Graduates

Apply classroom finance concepts to financial statements, valuation and investment research.

Investment and Wealth Professionals

Strengthen your ability to read analyst reports and evaluate the assumptions behind a view.

Market Professionals Preparing for NISM XV

Study the workbook topics and practise conceptual, numerical and case-based questions.

Why choose AAFM India?

Prepare for your exam. With AAFM India.

Chapter-wise lessons, concept builders and exam-focused practice—all in one place.

01

Practice that follows the exam

Our quizzes follow the exam’s topic weightage, helping you plan your practice around the syllabus.

02

Chapter-wise video lectures

Work through chapter-wise video lectures and replay the topics you want to revise.

03

Learn from Renowned Industry Experts

Learn with industry experts who bring practical market knowledge and subject expertise into your exam preparation.

04

Understand before you memorise

Chapter-wise concept builders help you understand the reasoning behind the answers.

05

One free mock test

Check your understanding and identify the topics you need to revise before you enrol.

06

One free demo video

See how we teach before choosing the course.

Build knowledge you can put to work

The Markets

Understand securities markets, economic indicators, industry dynamics and the factors that influence stock prices.

The Company

Analyse business models, financial statements, earnings, cash flows and key performance indicators to assess company fundamentals.

The Valuation

Apply valuation methods, interpret risk and return, and assess whether a stock's market price reflects its underlying value.

The Research Report

Develop evidence-based research conclusions, communicate findings clearly, and understand research analyst regulations and disclosure requirements.

Program Overview

Mastering the Research Analyst Framework

  • Ask the Right Research Questions: Understand what drives a business, how reliable its earnings and cash flows are, what assumptions support its valuation, and what factors could change the conclusion.

  • Understand the Research Framework: Cover securities markets, economic and industry analysis, company and financial analysis, valuation, risk and return, technical analysis, report writing, and regulatory duties.

  • Build a Repeatable Research Process: Develop a structured approach to researching companies using market information, business drivers, financial evidence, valuation assumptions, and risk assessment.

  • Prepare for the NISM Series XV Examination: Practise conceptual, numerical, and case-based questions in line with the NISM Series XV Research Analyst workbook.

  • Connect Analysis with Investment Decisions: Learn to interpret financial and market information to develop well-supported research conclusions.

Don’t pass? Get a 100% refund.*
If you do not pass the examination, you can claim a 100% refund under AAFM India’s applicable refund policy.

*Refund coverage and eligibility are governed by the applicable policy. Review the refund terms before enrolling.

Prepare for Analysis, Numericals and Case-Based Questions

Build your equity research skills step by step, then apply them to real-world company analysis. Study financial statements, financial ratios, industry analysis, valuation methods, earnings forecasts and investment research. Practise DCF valuation, P/E multiples, financial modelling and case-based questions. Focus on interpreting financial data, assessing business risks and developing evidence-based investment recommendations. Use chapter-wise practice and revision to strengthen analytical thinking and improve your exam readiness.

Skills You Will Build

Economic and Industry Analysis

Identify macro variables, industry drivers, market structure and useful information sources.

Business and Governance Assessment

Evaluate business models, competitive advantage, management quality and ESG factors.

Financial Statement Analysis

Read profit and loss, balance sheet, cash flow, notes and financial ratios.

Equity Valuation

Apply DCF, trading multiples and other valuation approaches with explicit assumptions.

Risk and Technical Analysis

Interpret risk-return measures, trends, chart patterns and technical indicators.

Research Writing and Compliance

Develop clear reports while recognising conflicts of interest and disclosure obligations.

Learn from experience

◆Meet Your Trainers

Romit Barat

Romit Barat

Executive Director – AAFM® India

Executive Director – AAFM® IndiaKey Expertise:Regulatory Certifications & Financial EducationInvestment & Portfolio ManagementCorporate Growth & Innovation

Puneet Grover

Puneet Grover

Head – Academics (Markets & Exchanges), AAFM® India

Head – Academics (Markets & Exchanges), AAFM® India20+ Years of Experience in Trading, Research & Investor TrainingFinancial Markets Training & Education (NSE & NISM Programs)Technical Analysis & Trading Model Development

Move Beyond Headlines and Stock Tips

The real shift is being able to connect what you study with an investor’s situation. Learn to explain how a scheme works, what its risks and costs mean, and why suitability matters.

Analyse Financial Statements

Understand revenue, profitability, cash flows, balance sheets and key financial ratios.

Build Valuation Skills

Apply DCF, P/E and peer comparisons to estimate intrinsic value and assess market pricing.

Research Beyond Numbers

Evaluate industry trends, competitive strengths, management quality and business risks.

Develop Research Reports

Create financial forecasts, investment theses, target prices and evidence-based recommendations.

Assess Risk and Value

Identify valuation gaps, test assumptions and assess downside risks before forming a view.

Communicate with Confidence

Present clear investment insights, explain valuation assumptions and communicate research findings effectively to investors and stakeholders.

Course Curriculum

What You Will Learn

Certificate Course in Equity Research Analyst 48 Lessons    18:19:33
  • Part 1: Fundamentals of Equity Research
    00:29:09
  • Part 2: Company Analysis & Equity Valuation
    00:33:43
  • Part 1: What are securities and Investment instruments
    00:25:43
  • Part 2: Discounted Cash Flow Method & Fixed Income Instruments
    00:27:59
  • Part 3: Money Market instruments and fundraising process
    00:24:37
  • Part 4: What are derivatives and Derivative analysis
    00:24:15
  • Part 1 Terminologies and Types of Equity Markets
    .
  • Part 2 Terminologies in Debt Market and Bond Types
    00:37:13
  • Part 3: Terminologies and Types of Equity Markets
    00:17:34
  • Fundamental of Research
    00:20:15
  • Economic Analysis
    00:27:10
  • Part 1 Industry Analysis and Maslow’s Hierarchy of Needs
    00:20:31
  • Part 2 Different Types of Taxes & KPI’s for Industries
    00:21:12
  • Part 1: Company Analysis: Quantitative and Qualitative
    00:34:10
  • Part 2: How to read and analyse an annual reports
    00:24:23
  • Part 3: How to analyse various company reports
    00:34:28
  • Part 1 Understanding the basis of accounting
    00:40:41
  • Part 2 How to Read & analysis Financial Statements
    01:15:21
  • Part 3 Financial Analysis using Ratios
    01:11:19
  • Corporate-Action
    .
  • Part-1 Valuation-Principle
    .
  • Part-2 DCF Method and Valuation Framework
    00:40:48
  • Part 3 How to Value a Business
    00:29:03
  • Part-1 Fundamental Analysis of Commodities
    .
  • Part 2 Global Markets Dynamics
    00:25:35
  • Part-1 Fundamentals of Risk & Return
    .
  • Part-2 Concept of return on Investment
    00:16:34
  • Qualities of a Good-Research-Report
    .
  • Part-1 Legal And Regulatory Framework
    .
  • Part-2 Research Analyst Regulation
    00:35:21
  • Part 1: Introduction to Technical Analysis
    .
  • Part-2 Chart Reversal Pattern
    00:45:55
  • Part 1: AI Research Report Writing
    .
  • Part-2 Why enter the reverse process
    00:32:46

Frequently Asked Questions

It is the Research Analyst Certification Examination, intended to establish a common minimum knowledge benchmark for people involved in selling and distributing mutual funds.

This course is ideal for aspiring equity research analysts, finance students, commerce graduates and investment professionals looking to strengthen their analytical skills.

The program has 10 units covering key areas of equity research, including financial statement analysis, accounting fundamentals, financial ratios, industry and company analysis, valuation methodologies, financial modelling and earnings forecasting.

The examination has 100 questions worth one mark each, a two-hour duration and a passing score of 60% with 25% negative marking.

No. The course is for preparation. Certification requires you to register for and pass the NISM examination.

Still have a question? Talk to an Expert - typical reply time depends on counselor availability.

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Choose the study mode that works best for Certificate Course in Equity Research Analyst. Your selected course access and applicable fees are shown below.

Study on your own schedule
₹4125
+ 18% GST
₹4867.5 payable today
  • Chapter-wise structured learning
  • Exam-focused practice
  • 6 months of LMS access
  • Mock-test practice
  • Mobile and desktop access
  • Learning support

Complete your enrollment

Selected: Instructor Led Classes — Select pathway and courseware

Program fee₹4125
GST (18%)
Total payable₹4867.5

Build the mindset of a Research Analyst

Build a clear understanding of equity research and prepare for the certification exam with a structured approach to the syllabus.

Enroll in the Training → Learn the concepts. Practise their application. Approach the exam with confidence.
By Default & Online Study Material (Inclusive)
₹4125 + 18% GST
₹4867.5 GST-inclusive
NISM Series XV examination fee is separate and is paid directly to NISM when you book your examination.
Includes:
  • Chapter-wise structured learning
  • Exam-focused practice
  • 6 months of LMS access
  • Mock-test practice
  • Mobile and desktop access
  • Learning support
Secure payment · GST invoice · all fees are non-refundable - review the complete program details on this page before enrolling.
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