NISM Level 1-5 Exam Format

The NISM Level 1-5 exams for stockbrokers, salesmen, and other market intermediaries have the following format:

Common Exam Format

• Multiple Choice Questions (MCQs): 100-150 questions per exam

• Duration: 2-3 hours per exam

• Passing Criteria: 60-70% marks depending on the exam

• Exam Language: English, Hindi, and other regional languages (depending on the exam)

Exam Structure

Each NISM Level exam has a specific structure, covering topics such as:

• Level 1: Capital Markets, Products, and Services (40%); Investor Education and Risk Management (30%); Regulatory Framework (30%)

• Level 2: Products and Services (40%); Trading and Settlement (30%); Risk Management and Compliance (30%)

• Level 3: Investment Analysis and Portfolio Management (40%); Risk Management and Asset Allocation (30%); Regulatory Requirements (30%)

• Level 4: Advanced Investment Analysis and Portfolio Management (40%); Risk Management and Asset Allocation (30%); Regulatory Requirements (30%)

• Level 5: Advanced topics in investment analysis, portfolio management, and risk management

Question Types

The exams include various question types, such as:

• Objective Questions: Single correct answer

• Multiple Correct Answers: Select all correct options

• Matching Type: Match questions with correct answers

• Fill-in-the-Blank: Complete sentences or phrases

Exam Frequency

NISM Level exams are conducted regularly throughout the year, with multiple test dates and centers across India.

Preparation Resources

NISM provides study materials, including textbooks, online courses, and practice exams, to help candidates prepare for the exams.

Certification

Upon passing the exam, candidates receive certification from NISM, valid for a specified period (typically 3 years). Recertification is required after the validity period expires.

Please note that exam formats and structures may be subject to change, and it's essential to check the NISM website for the latest information.