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Can an engineering student prepare for NISM 15 in just 15 days? Mr. Shrikant Bihade's experience suggests that it is possible with structured preparation, the official NISM workbook, regular MCQ practice, and a fixed exam date.

For aspirants aiming to move towards the SEBI Registered Research Analyst path, NISM 15—or the NISM Series XV Research Analyst Certification Examination—can be an important credential. The certification is prescribed for people associated with research analysis under the SEBI Research Analysts framework.

NISM 15 Preparation: An Engineering Student's Experience

Mr. Shrikant Bihade comes from an engineering background, not a conventional commerce or finance background. Like many technical students, he initially had to understand finance-related concepts such as financial statements, ratios, valuation, securities markets, risk-return, and research analysis.

However, he found that NISM 15 was manageable with 15 days of focused preparation. His key takeaway was that a technical background is not a disadvantage in the NISM Research Analyst exam.

Engineering students already work with formulas, data, logical reasoning, calculations, and problem-solving. These abilities are useful while preparing for NISM 15 numericals and case studies. The right approach is to understand each topic from the basics rather than attempting to memorise the entire NISM workbook.

Commerce students may find certain topics easier because of their familiarity with accounting, economics, balance sheets, profit and loss statements, and business finance. But this does not mean technical-background candidates need months of preparation. If they study consistently for 15 days, focus on the official workbook, and practise questions, they can understand the NISM 15 syllabus well.

Why NISM 15 Matters for Research Analyst Aspirants

NISM 15 is designed for candidates who want to understand the role and responsibilities of a research analyst. The exam covers important areas such as securities markets, fundamental analysis, technical analysis, financial analysis, company valuation, macroeconomic factors, industry analysis, research reports, regulations, and ethics.

For someone interested in stock-market research, equity research, financial analysis, broking, wealth management, or investment research, NISM 15 creates a useful knowledge foundation.

Candidates should understand one important point: passing the NISM 15 exam alone does not automatically make someone a SEBI Registered Research Analyst. SEBI registration requires compliance with applicable eligibility, qualification, infrastructure, and regulatory conditions. However, valid NISM certification is an important requirement for persons associated with research analysis.

Shrikant's next aim is to move towards becoming a SEBI Registered Research Analyst. His experience can motivate students who want to build a finance career even when their academic background is outside commerce.

How to Prepare NISM 15 in 15 Days

A 15-day NISM 15 preparation plan can work when candidates study with a clear target. Instead of reading random study material, start with the official NISM workbook and divide the syllabus into manageable modules.

Days 1 to 5: Build Your Concepts

Use the first five days to understand the foundation chapters. Focus on Indian securities markets, research analyst regulations, ethics, economic analysis, financial markets, and the basic language of financial statements.

Technical-background students should spend additional time on topics such as:

• Balance sheet, profit and loss account, and cash-flow statement
• Financial ratios and their interpretation
• Time value of money
• Risk and return
• Basic company and industry analysis
• Valuation concepts

Do not rush through these areas. Once the basics are clear, the numerical questions become much easier.

Days 6 to 10: Numericals, Valuation, and Analysis

According to Shrikant, the numericals in NISM 15 were simple to solve. The key is to understand the method before attempting multiple questions.

Read the concept, note the formula, solve examples, and repeat the process. Practise financial ratios, return calculations, valuation-based questions, and numerical concepts from the workbook. You do not need to become an expert in advanced mathematics; you need clarity on the logic behind each calculation.

For example, when learning the Price-to-Earnings ratio, understand what it indicates about a company's market price relative to its earnings. In the exam, a conceptual understanding helps you answer both theoretical and numerical questions.

During this phase, also study technical analysis, fundamental analysis, industry analysis, research-report preparation, and the ethical responsibilities of a research analyst.

Days 11 to 13: MCQs and Case Studies

The NISM 15 exam includes MCQs and case-based questions. The official structure has 100 marks, comprising multiple-choice and case-based questions, with a two-hour exam duration. Candidates need at least 60 marks to pass, and each wrong answer carries negative marking of 25% of the marks assigned to that question.

Shrikant found the case studies normal and easy to understand. The right method is to read the case carefully, identify the facts, and answer based only on the information given.

Avoid overthinking a case study. If the question asks you to identify a financial issue, regulatory concern, conflict of interest, or analytical conclusion, focus on the relevant information in the case.

For theory questions, the NISM workbook is the most valuable resource. Shrikant calls it the "holy grail" for NISM 15 preparation. A detailed workbook reading can help candidates score around 60% to 70% in theory questions, especially if they understand the concepts instead of memorising isolated lines.

Are NISM 15 Theory Questions Difficult?

Most NISM 15 theory questions are logic-based. They test whether candidates understand financial concepts, research practices, analyst ethics, and the practical application of market knowledge.

For example, instead of asking only for a definition, a question may test whether you understand why an analyst should disclose conflicts of interest in a research report. If you understand investor protection, transparency, and ethical responsibilities, you can answer such questions logically.

This makes the NISM 15 workbook more important than collecting too many outside resources. Read the workbook thoroughly, make short notes for important formulas and definitions, and solve MCQs after each chapter.

NISM 15 Time Management Strategy

Although candidates receive two hours for the NISM 15 exam, Shrikant believes that approximately 50 minutes can be enough to complete the paper and review it when preparation is strong.

The aim should not be to finish quickly for the sake of it. Instead, candidates should prepare in a way that makes question-solving faster and more confident on exam day.

Use this time-management approach:

1. Start with direct and familiar theory-based MCQs.
2. Attempt easy logic-based questions first.
3. Solve numericals that you are confident about.
4. Read every case study calmly before choosing answers.
5. Mark difficult questions for review instead of wasting too much time.
6. Recheck calculations, question wording, and marked responses.
7. Avoid blind guessing because of negative marking.

A prepared candidate can usually complete the first attempt efficiently and keep enough time for review. This is especially useful for checking numerical calculations and avoiding silly errors.

Why You Should Schedule the NISM 15 Exam Early

Shrikant's key advice is to schedule your NISM 15 exam early. Without a fixed exam date, candidates often delay studying and wait for the "perfect time" to start.

Booking the exam creates a clear deadline, helping you plan study hours, complete the NISM workbook, practise MCQs, revise formulas, and prepare case studies. This positive pressure builds discipline and turns your preparation plan into daily action.

Conclusion

NISM 15 is manageable for both commerce and technical-background students with systematic preparation. Mr. Shrikant Bihade's 15-day experience shows that engineering students can understand the syllabus, solve numericals, attempt case studies, and perform well in theory questions.

Make the official NISM workbook your main resource, practise MCQs and numericals, revise consistently, and schedule your exam to stay focused. For aspiring equity research professionals, NISM 15 is a valuable first step towards building research knowledge and progressing towards the SEBI Research Analyst path.