NISM Exam Difficulty Ranking: All 28 Certifications from Easiest to Hardest (2025)
Introduction: Why NISM Exam Difficulty Matters for Your Career
Choosing the right NISM certification can make or break your career trajectory in India's securities and financial markets. With 28 different certifications available, many finance professionals face a critical question: Which NISM exam should I take first?
Understanding exam difficulty isn't about finding shortcuts—it's about strategic career planning. Taking an easier certification first builds confidence, helps you understand NISM's exam pattern, and creates momentum. Conversely, jumping into advanced certifications like Series 10B (Investment Adviser Level 2) or Series 9 (Merchant Banking) without adequate preparation can lead to failed attempts, wasted fees, and delayed career progress.
This comprehensive guide ranks all 28 NISM certifications from easiest to hardest based on seven data-driven factors. Whether you're a complete beginner or an experienced finance professional, this ranking will help you choose the certification that matches your current knowledge level and career goals.
Difficulty Ranking Methodology: How We Scored Each Certification
Our difficulty ranking uses a 7-factor framework, with each certification scored on a 1-10 scale (1 = easiest, 10 = hardest):
1. Passing Percentage Required
50% vs 60% passing threshold
Impact on Difficulty: Requiring 60% instead of 50% effectively increases difficulty by 20%, as candidates must master more material to pass.
2. Negative Marking Penalty
No penalty vs 25% deduction
Impact on Difficulty: With 25% negative marking, 4 wrong answers cancel out 1 correct answer. This means candidates targeting 60% passing (60 correct answers) must actually score 70+ correct answers to account for mistakes—effectively raising the bar to 70%.
3. Syllabus Depth and Breadth
Foundation topics vs specialized expertise
Impact on Difficulty: Foundation-level topics (Series 12) are broad but shallow. Technical depth (Series 15) and multi-domain complexity (Series 9) require significantly more study time and expertise.
4. Technical and Mathematical Complexity
Conceptual vs calculation-heavy
Impact on Difficulty: Minimal calculations (Series 11) are accessible to all. Advanced mathematics (Series 10B portfolio optimization, Series 4 interest rate modeling) require strong quantitative skills.
5. Regulatory Knowledge Depth
Basic vs deep regulatory expertise
Impact on Difficulty: Basic regulations (Series 12, 5A) can be learned in weeks. Deep regulatory knowledge (Series 9 merchant banker regulations, Series 15 research analyst regulations) requires months of study.
6. Average Study Duration Required
15 days to 120+ days preparation
Impact on Difficulty: Study duration correlates strongly with difficulty. Series 12 requires 15-30 days, while Series 9 and 10B require 120+ days of dedicated preparation.
7. Candidate Success Rates
Pass rates from 30% to 85%
Impact on Difficulty: Series 12 has 80-85% success rate. Series 10B has under 30% pass rate according to PrepCafe. This 55-point difference reflects true difficulty variation.
Industry Data on Pass Rates:
According to TestMocks, the average passing rate across all NISM exams is approximately 50%, but this varies dramatically by certification. Series 8 (Equity Derivatives) has a nation-wide pass rate of less than 50%, while Series 10B has a pass rate under 30% according to PrepCafe.
Complete NISM Difficulty Ranking: All 28 Certifications
EASY
Score Range: 1-3/10
Certifications: 4
Study Duration: 15-45 days
Success Rate: 70-85%
Foundational certifications with 50% passing score and no negative marking. Perfect for beginners and career changers.
MODERATE-EASY
Score Range: 4-5/10
Certifications: 4
Study Duration: 40-60 days
Success Rate: 60-70%
Introduction of 25% negative marking and/or 60% passing threshold. Requires strategic preparation.
MODERATE
Score Range: 6-7/10
Certifications: 6
Study Duration: 50-80 days
Success Rate: 55-65%
Combination of 60% passing + 25% negative marking. Requires technical knowledge and strong preparation.
MODERATE-HARD
Score Range: 7.5-8/10
Certifications: 7
Study Duration: 60-95 days
Success Rate: 45-60%
Advanced certifications requiring deep domain expertise, case studies, and integrated knowledge.
HARD
Score Range: 8.5-10/10
Certifications: 7
Study Duration: 75-120+ days
Success Rate: 35-50%
Extremely challenging certifications with lowest pass rates, requiring extensive preparation and strong finance background.
EASY TIER (Difficulty Score: 1-3/10)
Series 12
Securities Markets Foundation Certification
Easy
Passing %
50%
Negative Marking
None
Study Duration
15-30 days
Success Rate
80-85%
TARGET AUDIENCE
Complete beginners, students entering finance, anyone seeking foundational knowledge of securities markets.
Why This Difficulty Level:
- •50% passing score (lowest threshold)
- •No negative marking (huge advantage for beginners)
- •Broad foundational topics with no deep specialization required
- •100 questions in 2 hours (standard format, manageable pace)
- •Basic regulatory knowledge (introductory level)
- •Average study time: 15-30 days (shortest preparation window)
- •Success rate: 80-85% (highest among all NISM certifications)
SYLLABUS DEPTH
Broad foundational topics with no deep specialization required
TECHNICAL COMPLEXITY
Minimal - mostly conceptual knowledge
REGULATORY DEPTH
Basic introductory level
Strategic Insights:
- →Perfect starting point for NISM certifications
- →Broad syllabus introduces securities market ecosystem without overwhelming technical depth
- →Builds vocabulary and concepts that make harder exams easier
- →Think of it as your NISM foundation course
RECOMMENDED FOR
Series 5A
Mutual Fund Distributors Certification
Easy
Passing %
50%
Negative Marking
None
Study Duration
30-45 days
Success Rate
70-80%
TARGET AUDIENCE
Aspiring mutual fund distributors, financial advisors, wealth management professionals.
Why This Difficulty Level:
- •50% passing score (lower barrier to entry)
- •No negative marking (you can attempt all questions without penalty)
- •Practical focus on distribution (vs theoretical concepts)
- •Familiar concepts for finance professionals (asset allocation, SIPs, NAV)
- •Average study time: 30-45 days
- •Success rate: 70-80%
SYLLABUS DEPTH
Practical focus on distribution vs theoretical concepts
TECHNICAL COMPLEXITY
Low - familiar concepts for finance professionals
REGULATORY DEPTH
Basic to moderate
Strategic Insights:
- →Perfect for career changers - practical knowledge applies to personal finance
- →Becoming a mutual fund distributor requires this certification, offering immediate monetization
- →No negative marking means you should attempt every question
- →With 50% passing, strategic guessing on 20-30 unclear questions can still get you through
- →Many successful distributors start here, build client base, then pursue Series 10A/10B
RECOMMENDED FOR
Series 18
Mutual Fund Operations Certification
Easy
Passing %
50%
Negative Marking
None
Study Duration
30-45 days
Success Rate
70-75%
TARGET AUDIENCE
Operations personnel in AMCs, RTAs (Registrar and Transfer Agents), back-office professionals.
Why This Difficulty Level:
- •50% passing score
- •No negative marking (confirmed in NISM FAQ)
- •Operational focus (processes, systems, compliance procedures)
- •Less technical complexity compared to analytical certifications
- •Average study time: 30-45 days
SYLLABUS DEPTH
Operational focus - processes, systems, compliance procedures
TECHNICAL COMPLEXITY
Low - less technical than analytical certifications
REGULATORY DEPTH
Moderate - operational compliance knowledge
Strategic Insights:
- →Similar operational focus as Series 23 (AIF Operations)
- →Best for back-office and operations professionals
- →Less emphasis on client-facing skills vs Series 5A
RECOMMENDED FOR
Series 23
Alternative Investment Fund (AIF) Operations
Easy
Passing %
50%
Negative Marking
None
Study Duration
35-45 days
Success Rate
70-75%
TARGET AUDIENCE
AIF operations staff, compliance personnel in alternative investment space.
Why This Difficulty Level:
- •50% passing score
- •Operational focus (similar to Series 18)
- •Niche but manageable syllabus
- •Average study time: 35-45 days
SYLLABUS DEPTH
Niche but manageable - operational focus
TECHNICAL COMPLEXITY
Low to moderate
REGULATORY DEPTH
Moderate - AIF-specific regulations
Strategic Insights:
- →Operational counterpart to Series 19A (AIF Distributors)
- →Emerging field with growing demand
- →Less complex than Series 19A which focuses on distribution
RECOMMENDED FOR
MODERATE-EASY TIER (Difficulty Score: 4-5/10)
Series 6
Depository Operations Certification
Moderate-Easy
Passing %
50%
Negative Marking
25%
Study Duration
40-50 days
Success Rate
65-70%
TARGET AUDIENCE
Depository participants, back-office operations in brokerages.
Why This Difficulty Level:
- •50% passing score
- •25% negative marking (first major difficulty jump)
- •Operational but technical (dematerialization, corporate actions, settlement cycles)
- •Average study time: 40-50 days
SYLLABUS DEPTH
Operational but technical - dematerialization, corporate actions, settlement cycles
TECHNICAL COMPLEXITY
Moderate - technical operational knowledge
REGULATORY DEPTH
Moderate
Strategic Insights:
- →First exam with 25% negative marking - requires strategic question selection
- →Technical operational knowledge more complex than Series 18
- →Essential for professionals in depository and settlement operations
RECOMMENDED FOR
Series 7
Securities Operations and Risk Management
Moderate-Easy
Passing %
50%
Negative Marking
25%
Study Duration
45-60 days
Success Rate
60-70%
TARGET AUDIENCE
Operations managers, risk management personnel in brokerages and exchanges.
Why This Difficulty Level:
- •50% passing score
- •25% negative marking
- •Risk management concepts (VaR, stress testing, operational risk)
- •Average study time: 45-60 days
SYLLABUS DEPTH
Risk management concepts - VaR, stress testing, operational risk
TECHNICAL COMPLEXITY
Moderate - risk metrics and concepts
REGULATORY DEPTH
Moderate
Strategic Insights:
- →Introduces risk management concepts not present in simpler operations certifications
- →Bridges gap between pure operations and analytical roles
- →Valuable for mid-level operations professionals
RECOMMENDED FOR
Series 13
Common Derivatives Certification
Moderate-Easy
Passing %
60%
Negative Marking
25%
Study Duration
45-60 days
Success Rate
60-70%
TARGET AUDIENCE
Professionals working across multiple derivative segments.
Why This Difficulty Level:
- •60% passing score (higher threshold)
- •25% negative marking
- •150 questions in 3 hours (longer exam tests endurance)
- •Derivatives basics across all asset classes
- •Average study time: 45-60 days
SYLLABUS DEPTH
Derivatives basics across all asset classes
TECHNICAL COMPLEXITY
Moderate - foundational derivatives knowledge
REGULATORY DEPTH
Moderate
Strategic Insights:
- →Covers currency, equity, interest rate, and commodity derivatives at foundational level
- →If you plan to specialize in one derivative type later, this provides the overview
- →Longer exam duration (3 hours) requires mental endurance
- →Good foundation before specializing in Series 1, 4, 8, or 16
RECOMMENDED FOR
Series 11
Compliance Officers Certification
Moderate-Easy
Passing %
60%
Negative Marking
25%
Study Duration
45-60 days
Success Rate
65-70%
TARGET AUDIENCE
Compliance officers in broking firms, mutual funds, AIFs, portfolio management companies.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Heavy regulatory focus (SEBI regulations, PMLA, KYC norms)
- •Less mathematical complexity (advantage for non-quantitative professionals)
- •Average study time: 45-60 days
SYLLABUS DEPTH
Heavy regulatory focus - SEBI regulations, PMLA, KYC norms
TECHNICAL COMPLEXITY
Low - minimal mathematical complexity
REGULATORY DEPTH
High - detailed regulatory knowledge
Strategic Insights:
- →Mandatory for compliance officer designation
- →Advantage for non-quantitative professionals (minimal mathematics)
- →Heavy memorization of regulations required
- →Engineering/mathematics background may find this harder than Series 8
RECOMMENDED FOR
MODERATE TIER (Difficulty Score: 6-7/10)
Series 8
Equity Derivatives Certification
Moderate
Passing %
60%
Negative Marking
25%
Study Duration
50-70 days
Success Rate
60-70%
TARGET AUDIENCE
Equity derivatives traders, authorized persons, dealers in F&O segment.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Nation-wide pass rate: Less than 50% (according to PrepCafe)
- •Technical complexity: Options pricing, Greeks (Delta, Gamma, Theta, Vega), hedging strategies
- •Payoff calculations: Requires understanding of option/futures profit/loss diagrams
- •Average study time: 50-70 days
- •Success rate: 60-70%
SYLLABUS DEPTH
Options pricing, Greeks, hedging strategies
TECHNICAL COMPLEXITY
High - payoff calculations, option pricing models
REGULATORY DEPTH
Moderate
Strategic Insights:
- →Strong grasp of options fundamentals is critical
- →Practice calculating payoffs for complex multi-leg strategies (spreads, straddles, strangles)
- →Quantitative thinkers and traders find this more accessible
- →According to Quora: "Not really much tough if you are good at basics of derivatives concepts"
RECOMMENDED FOR
Series 1
Currency Derivatives Certification
Moderate
Passing %
60%
Negative Marking
25%
Study Duration
50-70 days
Success Rate
60-70%
TARGET AUDIENCE
Currency derivatives dealers, forex traders, treasury professionals.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Forex market concepts (spot vs forward, cross rates, covered interest parity)
- •Hedging strategies for currency risk
- •Average study time: 50-70 days
SYLLABUS DEPTH
Forex market concepts - spot vs forward, cross rates, covered interest parity
TECHNICAL COMPLEXITY
Moderate to high - currency hedging strategies
REGULATORY DEPTH
Moderate
Strategic Insights:
- →Similar difficulty to Series 8 but different asset class
- →Requires understanding of international finance and forex markets
- →Essential for treasury professionals managing currency risk
RECOMMENDED FOR
Series 16
Commodity Derivatives Certification
Moderate
Passing %
60%
Negative Marking
25%
Study Duration
55-75 days
Success Rate
55-65%
TARGET AUDIENCE
Commodity derivatives dealers, agricultural finance professionals.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Commodity market specifics (contango, backwardation, basis risk)
- •Agricultural + metal + energy derivatives
- •Average study time: 55-75 days
SYLLABUS DEPTH
Commodity market specifics - contango, backwardation, basis risk
TECHNICAL COMPLEXITY
Moderate to high - commodity-specific concepts
REGULATORY DEPTH
Moderate
Strategic Insights:
- →Slightly harder than Series 1 and 8 due to commodity-specific knowledge
- →Requires understanding of physical commodity markets
- →Less common than equity/currency derivatives, making resources scarcer
RECOMMENDED FOR
Series 4
Interest Rate Derivatives Certification
Moderate
Passing %
60%
Negative Marking
25%
Study Duration
60-75 days
Success Rate
55-65%
TARGET AUDIENCE
Fixed income traders, treasury professionals, debt market dealers.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Mathematical complexity: Bond pricing, duration, convexity, yield curve analysis
- •Fixed income knowledge prerequisite
- •Average study time: 60-75 days
SYLLABUS DEPTH
Bond pricing, duration, convexity, yield curve analysis
TECHNICAL COMPLEXITY
High - fixed income mathematics
REGULATORY DEPTH
Moderate
Strategic Insights:
- →Requires strong fixed income foundation
- →Mathematical complexity higher than equity derivatives
- →Essential for debt market professionals
RECOMMENDED FOR
Series 14
FATCA Certification
Moderate
Passing %
50%
Negative Marking
None
Study Duration
50-65 days
Success Rate
60-65%
TARGET AUDIENCE
Compliance officers handling NRI accounts, international tax professionals.
Why This Difficulty Level:
- •50% passing score (advantage)
- •No specific negative marking data available
- •Complex U.S. tax regulations (Foreign Account Tax Compliance Act)
- •International regulatory compliance depth
- •Average study time: 50-65 days
SYLLABUS DEPTH
Complex U.S. tax regulations - Foreign Account Tax Compliance Act
TECHNICAL COMPLEXITY
Moderate - regulatory complexity vs mathematical
REGULATORY DEPTH
Very high - international tax regulations
Strategic Insights:
- →Despite 50% passing threshold, regulatory complexity is high
- →Requires understanding of U.S. tax law and international compliance
- →Essential for institutions dealing with U.S. persons and NRI accounts
RECOMMENDED FOR
Series 20
Corporate Finance Certification
Moderate
Passing %
60%
Negative Marking
25%
Study Duration
60-80 days
Success Rate
55-60%
TARGET AUDIENCE
Investment bankers, corporate finance professionals, M&A analysts.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Financial modeling: DCF valuation, comparable company analysis
- •Corporate finance theory: Capital structure, cost of capital, dividend policy
- •Average study time: 60-80 days
SYLLABUS DEPTH
DCF valuation, comparable company analysis, capital structure theory
TECHNICAL COMPLEXITY
High - financial modeling and valuation
REGULATORY DEPTH
Moderate
Strategic Insights:
- →Significant difficulty jump - requires strong finance foundation
- →Valuation modeling knowledge is critical
- →Foundation for Series 21 (M&A) and Series 9 (Merchant Banking)
RECOMMENDED FOR
MODERATE-HARD TIER (Difficulty Score: 7.5-8/10)
Series 15
Research Analyst Certification
Moderate-Hard
Passing %
60%
Negative Marking
25%
Study Duration
60-90 days
Success Rate
55-65%
TARGET AUDIENCE
Aspiring research analysts, equity analysts, professionals seeking SEBI RA registration.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •92 questions with complex case studies
- •Technical + fundamental analysis depth: Financial statement analysis, ratio analysis, valuation models (DCF, P/E, P/B multiples)
- •SEBI Research Analyst Regulations (detailed knowledge required)
- •Average study time: 60-90 days
- •Success rate: 55-65%
SYLLABUS DEPTH
Financial statement analysis, ratio analysis, valuation models
TECHNICAL COMPLEXITY
High - technical and fundamental analysis
REGULATORY DEPTH
High - SEBI Research Analyst Regulations
Strategic Insights:
- →Reddit: "Research Analyst exam is not that tough. The numericals are far less when compared to other NISM certificate exams."
- →Reddit: "I took 20 days to study and pass this exam. First I read the NISM book for 4-5 days. Then I solved online mock tests of Pass4sure.in for 10-12 days."
- →Warning: "Negative marks are there. For 4 wrong answers, it costs 1 mark from correct answer, so you have to get at least 70 marks correctly to pass RA exam (60+ marks in converted)."
- →While some find it manageable, 60% + 25% negative marking means you effectively need 70+ correct answers out of 92
- →Strong financial analysis fundamentals are non-negotiable
RECOMMENDED FOR
Series 10A
Investment Adviser Level 1 Certification
Moderate-Hard
Passing %
60%
Negative Marking
25%
Study Duration
70-90 days
Success Rate
55-60%
TARGET AUDIENCE
SEBI Registered Investment Advisors (RIA), financial planners, wealth managers.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •135 questions total: 90 MCQs + 9 case-based questions
- •3-hour duration (tests mental endurance)
- •Comprehensive financial planning: Insurance, tax planning, retirement planning, estate planning
- •Average study time: 70-90 days
SYLLABUS DEPTH
Comprehensive financial planning - insurance, tax, retirement, estate
TECHNICAL COMPLEXITY
High - integrated financial planning
REGULATORY DEPTH
High - SEBI RIA regulations
Strategic Insights:
- →Mandatory prerequisite for Series 10B
- →Broad coverage of all financial planning domains
- →3-hour duration tests mental stamina
- →Case-based questions require integrated analysis
PREREQUISITES
Recommended: Series 5A or finance degree
RECOMMENDED FOR
Series 17
Retirement Adviser Certification
Moderate-Hard
Passing %
60%
Negative Marking
25%
Study Duration
65-85 days
Success Rate
50-60%
TARGET AUDIENCE
Retirement planning advisors, pension fund distributors.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Niche specialization: Pension products, NPS, retirement corpus calculations
- •Actuarial concepts: Annuities, life expectancy, longevity risk
- •Average study time: 65-85 days
SYLLABUS DEPTH
Pension products, NPS, retirement corpus calculations
TECHNICAL COMPLEXITY
High - actuarial concepts
REGULATORY DEPTH
High - pension regulations
Strategic Insights:
- →Specialized knowledge of pension and retirement planning
- →Actuarial mathematics required
- →Growing importance with aging population
RECOMMENDED FOR
Series 21
Mergers & Acquisitions Certification
Moderate-Hard
Passing %
60%
Negative Marking
25%
Study Duration
75-95 days
Success Rate
45-55%
TARGET AUDIENCE
M&A advisors, corporate development professionals, investment bankers.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Complex transaction structures: Stock swaps, cash mergers, leveraged buyouts
- •Valuation complexity: Synergy valuation, accretion/dilution analysis
- •Regulatory frameworks: SEBI takeover regulations, competition law
- •Average study time: 75-95 days
SYLLABUS DEPTH
Stock swaps, cash mergers, leveraged buyouts, synergy valuation
TECHNICAL COMPLEXITY
Very high - complex transaction structures
REGULATORY DEPTH
High - SEBI takeover regulations, competition law
Strategic Insights:
- →Requires strong corporate finance foundation (Series 20 recommended)
- →Complex deal structures and valuation scenarios
- →Essential for M&A advisory professionals
PREREQUISITES
Recommended: Series 20 (Corporate Finance)
RECOMMENDED FOR
Series 19
Pension Adviser Certification
Moderate-Hard
Passing %
60%
Negative Marking
25%
Study Duration
70-90 days
Success Rate
45-55%
TARGET AUDIENCE
Pension advisors, EPFO-related professionals.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Specialized pension knowledge: Defined benefit vs defined contribution, funding ratios
- •Actuarial mathematics
- •Average study time: 70-90 days
SYLLABUS DEPTH
Defined benefit vs defined contribution, funding ratios
TECHNICAL COMPLEXITY
Very high - actuarial mathematics
REGULATORY DEPTH
High - pension regulations
Strategic Insights:
- →Requires deep actuarial knowledge
- →More specialized than Series 17 (Retirement Adviser)
- →Essential for pension fund professionals
RECOMMENDED FOR
Series 2A
Registrars Certification - Mutual Funds
Moderate-Hard
Passing %
60%
Negative Marking
25%
Study Duration
70-90 days
Success Rate
50-55%
TARGET AUDIENCE
Registrar and Transfer Agent personnel for mutual funds, compliance officers in R&T space.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Specialized operational knowledge: Share transfer, corporate actions, dividend processing
- •Legal compliance: Companies Act, SEBI regulations for R&T Agents
- •Average study time: 70-90 days
SYLLABUS DEPTH
Share transfer, corporate actions, dividend processing for mutual funds
TECHNICAL COMPLEXITY
Moderate to high - specialized operational knowledge
REGULATORY DEPTH
High - Companies Act, SEBI R&T regulations
Strategic Insights:
- →Specialized certification for R&T agents
- →Requires detailed knowledge of operational and regulatory processes
- →Essential for R&T agent personnel
RECOMMENDED FOR
Series 2B
Registrars Certification - Corporate
Moderate-Hard
Passing %
60%
Negative Marking
25%
Study Duration
75-90 days
Success Rate
45-55%
TARGET AUDIENCE
Registrar and Transfer Agent personnel for corporate issuers, compliance officers in R&T space.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Specialized operational knowledge: Corporate share transfer, IPO processing, rights/bonus issues
- •Legal compliance: Companies Act, SEBI regulations for R&T Agents
- •Average study time: 75-90 days
SYLLABUS DEPTH
Corporate share transfer, IPO processing, rights/bonus issues
TECHNICAL COMPLEXITY
High - corporate action complexity
REGULATORY DEPTH
Very high - Companies Act, SEBI ICDR regulations
Strategic Insights:
- →More complex than Series 2A due to corporate action complexity
- →Requires understanding of IPO and corporate restructuring processes
- →Essential for R&T agents serving corporate clients
RECOMMENDED FOR
Series 3A
Registrars Compliance Certification
Moderate-Hard
Passing %
60%
Negative Marking
25%
Study Duration
70-85 days
Success Rate
50-55%
TARGET AUDIENCE
Registrar and Transfer Agent compliance officers, audit professionals in R&T space.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Specialized operational knowledge: R&T compliance frameworks, audit requirements
- •Legal compliance: Companies Act, SEBI regulations for R&T Agents
- •Average study time: 70-85 days
SYLLABUS DEPTH
R&T compliance frameworks, audit requirements, regulatory reporting
TECHNICAL COMPLEXITY
Moderate - compliance focus vs operational
REGULATORY DEPTH
Very high - comprehensive R&T regulations
Strategic Insights:
- →Compliance-focused counterpart to Series 2A and 2B
- →Requires comprehensive regulatory knowledge
- →Essential for R&T compliance officers
RECOMMENDED FOR
HARD TIER (Difficulty Score: 8.5-10/10)
Series 10B
Investment Adviser Level 2 Certification
Hard
Passing %
60%
Negative Marking
25%
Study Duration
90-120 days
Success Rate
40-50%
TARGET AUDIENCE
SEBI RIA principal officers, senior investment advisors, portfolio managers.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •150 questions (highest question count among most exams)
- •3-hour duration (mental fatigue factor)
- •120 total questions: 90 MCQs + 6 caselets with 5 sub-questions each (2 marks each)
- •Case studies: Complex financial planning scenarios requiring integrated analysis
- •Deep portfolio management: Modern Portfolio Theory, Capital Asset Pricing Model, efficient frontier
- •Advanced financial planning: Estate planning, tax optimization strategies
- •Average study time: 90-120 days
- •Success rate: 40-50%
- •Nation-wide pass rate: Less than 30% (according to PrepCafe)
SYLLABUS DEPTH
Modern Portfolio Theory, CAPM, efficient frontier, advanced planning
TECHNICAL COMPLEXITY
Very high - portfolio optimization mathematics
REGULATORY DEPTH
Very high - comprehensive RIA regulations
Strategic Insights:
- →Lowest pass rate of all NISM exams
- →Length: 150 questions in 3 hours = 1.2 minutes per question (fastest pace required)
- →Case-based questions: 60 marks from 30 case-based questions (2 marks each) requiring scenario analysis
- →Prerequisite: Must pass Series 10A first (demonstrates progressive difficulty)
- →Depth: Covers Level 1 topics + advanced portfolio management + complex planning
- →According to Quora: "NISM Investment Advisor Level 1 and Level 2 can be treated with exam toughness level of Easy to Moderate," but this contradicts PrepCafe's data showing under 30% pass rate
- →The discrepancy suggests candidates underestimate the exam's difficulty
PREREQUISITES
Mandatory: Series 10A (Investment Adviser Level 1)
RECOMMENDED FOR
Series 20A
ESG Investing Certification
Hard
Passing %
60%
Negative Marking
25%
Study Duration
80-100 days
Success Rate
40-50%
TARGET AUDIENCE
ESG analysts, sustainability professionals, responsible investment specialists.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Emerging field: Limited historical preparation materials
- •Multi-disciplinary: Environmental science + social governance + financial analysis
- •Global frameworks: UN SDGs, GRI, TCFD, CDP reporting
- •Average study time: 80-100 days
SYLLABUS DEPTH
Environmental science + social governance + financial analysis
TECHNICAL COMPLEXITY
Very high - multi-disciplinary integration
REGULATORY DEPTH
High - global ESG frameworks
Strategic Insights:
- →Emerging certification with limited preparation resources
- →Requires knowledge spanning finance, environmental science, and governance
- →Growing importance in investment industry
- →Global frameworks and standards constantly evolving
RECOMMENDED FOR
Series 22
Cybersecurity Certification
Hard
Passing %
60%
Negative Marking
25%
Study Duration
75-95 days
Success Rate
40-50%
TARGET AUDIENCE
IT security professionals in financial services, compliance officers for cybersecurity.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Technical + regulatory: IT security concepts + SEBI cybersecurity guidelines
- •Emerging threats: Constantly evolving threat landscape
- •Average study time: 75-95 days
SYLLABUS DEPTH
IT security concepts + SEBI cybersecurity guidelines
TECHNICAL COMPLEXITY
Very high - technical IT security knowledge
REGULATORY DEPTH
High - cybersecurity regulations
Strategic Insights:
- →Requires both technical IT knowledge and financial services context
- →Rapidly evolving field with changing threat landscape
- →Essential for IT security roles in financial institutions
RECOMMENDED FOR
Series 9
Merchant Banking Certification
Hard
Passing %
60%
Negative Marking
25%
Study Duration
120+ days
Success Rate
35-45%
TARGET AUDIENCE
Merchant banking professionals, investment bankers, IPO consultants.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •100 questions in 2 hours (standard format but dense content)
- •Investment banking complexity: IPO process, book building, price discovery, green shoe options
- •Corporate finance depth: Capital structure, cost of capital, valuation
- •M&A knowledge: Deal structuring, due diligence, regulatory approvals
- •SEBI merchant banker regulations: Detailed compliance knowledge
- •Capital market operations: Primary market, QIP, preferential allotments
- •Average study time: 120+ days
- •Success rate: 35-45%
- •Nation-wide pass rate: Around 60% (according to PrepCafe, but likely includes multiple attempts)
SYLLABUS DEPTH
Investment banking + M&A + corporate finance + regulations + capital markets
TECHNICAL COMPLEXITY
Very high - multi-domain expertise
REGULATORY DEPTH
Very high - comprehensive merchant banking regulations
Strategic Insights:
- →Hardest traditional certification (Series 10B has lower pass rate but Series 9 is more conceptually complex)
- →Requires strong finance background: MBA Finance or CA recommended
- →Multi-domain expertise: Corporate finance + M&A + regulations + market operations
- →Real-world complexity: Questions often involve case-based scenarios from actual IPO/M&A deals
- →High stakes: Merchant bankers handle high-value transactions, exam reflects this complexity
- →PrepCafe: "The exam is a difficult one with a nation-wide pass rate of around 60%," but this includes multiple attempts
- →First-attempt pass rates estimated much lower (35-45%)
PREREQUISITES
Recommended: MBA Finance, CA, or Series 20 + Series 21
RECOMMENDED FOR
Series 15B
Research Analyst Enhanced Certification
Hard
Passing %
60%
Negative Marking
25%
Study Duration
120+ days
Success Rate
35-40%
TARGET AUDIENCE
Senior research analysts, sell-side equity research professionals.
Why This Difficulty Level:
- •Advanced version of Series 15
- •60% passing score
- •25% negative marking
- •Deep valuation expertise: Complex financial modeling, scenario analysis
- •Sector-specific knowledge: Banking, pharmaceuticals, IT, infrastructure
- •Average study time: 120+ days
SYLLABUS DEPTH
Complex financial modeling, scenario analysis, sector-specific expertise
TECHNICAL COMPLEXITY
Very high - advanced valuation techniques
REGULATORY DEPTH
Very high - comprehensive research regulations
Strategic Insights:
- →Enhanced version requiring Series 15 as prerequisite
- →Indicates progressive difficulty beyond already-challenging Series 15
- →Requires sector-specific deep dive expertise
- →Essential for senior research analysts
PREREQUISITES
Mandatory: Series 15 (Research Analyst)
RECOMMENDED FOR
Series 19A
AIF Distributors Certification
Hard
Passing %
60%
Negative Marking
25%
Study Duration
100-120 days
Success Rate
35-45%
TARGET AUDIENCE
AIF distributors, alternative investment professionals.
Why This Difficulty Level:
- •60% passing score
- •25% negative marking
- •Complex products: Private equity, venture capital, hedge fund structures
- •Regulatory depth: SEBI AIF regulations
- •Average study time: 100-120 days
SYLLABUS DEPTH
Private equity, venture capital, hedge fund structures
TECHNICAL COMPLEXITY
Very high - complex alternative investment products
REGULATORY DEPTH
Very high - SEBI AIF regulations in detail
Strategic Insights:
- →Distribution counterpart to Series 23 (AIF Operations) but much harder
- →Requires understanding of complex alternative investment structures
- →Essential for AIF distribution and sales professionals
RECOMMENDED FOR
Detailed Analysis by Tier: What Makes Each Level Distinct?
Why Series 12 Remains the Easiest (Even in 2025)
Series 12's advantage lies in its design philosophy: it's meant to provide foundational knowledge, not test expertise. Key factors:
- Syllabus breadth without depth: Covers 10+ topics (mutual funds, derivatives, debt, equity, regulations) but each at surface level
- No specialized knowledge required: A commerce graduate or MBA student already knows 40-50% of the content
- No negative marking safety net: Attempting all 100 questions, even with educated guesses on 30-40, can get you to 50%
- Real-world testimonials: Multiple Reddit users confirm passing with 1-2 weeks preparation
Strategic Value: Don't underestimate this "easy" exam. It provides vocabulary and concepts that make harder exams easier. Think of it as your NISM foundation course.
Why Series 5A Is Perfect for Career Changers
If you're switching to finance from engineering, teaching, or other fields, Series 5A offers the best ROI:
- Practical knowledge: Learn how SIPs work, asset allocation, risk profiling—directly applicable to personal finance
- Career entry point: Becoming a mutual fund distributor requires this certification, offering immediate monetization
- Client-facing skills: Syllabus teaches communication, not just technical concepts
- No prerequisite knowledge: Unlike derivatives or investment banking, mutual funds are intuitive
Success Story Pattern: Many successful distributors start here, build a client base, then pursue Series 10A/10B for wealth management expansion.
Why Series 15 Is the "Moderate-Hard Gateway"
Series 15 represents the first major difficulty leap for most candidates:
- 60% + 25% negative marking combo: Effectively need 70+ correct answers
- Valuation models complexity: DCF requires understanding terminal value, WACC, growth assumptions
- Financial statement analysis depth: Must interpret cash flow statements, not just read them
- Regulatory knowledge: SEBI Research Analyst Regulations 2014 in detail
Preparation Tip for Series 15:
Don't attempt Series 15 without:
- Strong financial statement reading skills
- Basic valuation knowledge (at least P/E, P/B ratios)
- 60-90 days dedicated study time
- 20-25 mock test attempts (target 85%+ in mocks)
Why Series 10B Has the Lowest Pass Rate
The data is clear: Less than 30% nation-wide pass rate for Series 10B. Here's why:
Factor 1: Length and Endurance
- 150 questions in 3 hours = 72 seconds per question
- By question 100+, mental fatigue sets in
- Case studies in final hour when tired
Factor 2: Case Study Complexity
Each caselet presents a client scenario:
- "Mr. Sharma, age 45, income ₹25 lakhs/year, has two children (ages 12 and 8), wants to retire at 60..."
- Must analyze: Insurance needs, children's education corpus, retirement planning, tax optimization, estate planning
- 5 questions per caselet, each worth 2 marks (high penalty for wrong answers)
Factor 3: Integrated Knowledge
You can't compartmentalize topics. A single question might require:
- Tax planning (Income Tax Act knowledge)
- Retirement planning (annuity calculations)
- Investment planning (asset allocation)
- Risk management (insurance adequacy)
Factor 4: Prerequisite Requirement
Must pass Series 10A first, meaning only serious candidates attempt 10B. Even among this filtered group, pass rate is under 30%.
Who Should Attempt Series 10B:
- SEBI RIA aspirants (mandatory)
- Wealth managers handling HNI clients
- Financial planners with 2+ years experience
- Candidates with strong finance/accounting background
Who Should Wait:
- Fresh graduates (build experience first)
- Professionals weak in mathematics
- Anyone unable to dedicate 90-120 days study time
Why Series 9 (Merchant Banking) Is Hardest Among Traditional Certifications
While Series 10B has the lowest pass rate, Series 9 is arguably the most conceptually difficult:
1. Investment Banking Operations:
- IPO process: DRHP, RHP, book building, price band, oversubscription, allotment
- QIP (Qualified Institutional Placement): Pricing, lock-in, dilution impact
- Rights issues and preferential allotments
- Green shoe option mechanics
2. Corporate Finance:
- Valuation for IPO pricing (DCF, comparables, precedent transactions)
- Capital structure optimization
- Cost of capital (WACC, cost of equity via CAPM/DDM, cost of debt)
- Dividend policy impact on valuations
3. Mergers & Acquisitions:
- Deal structuring (cash vs stock, exchange ratios)
- Due diligence processes
- Synergy valuation
- Regulatory approvals (CCI, SEBI)
4. SEBI Regulations:
- SEBI (Merchant Bankers) Regulations, 1992
- SEBI (ICDR) Regulations, 2018
- Takeover regulations
- Insider trading prohibitions
5. Market Operations:
- Primary market mechanisms
- Secondary market linkages
- Underwriting and syndication
- Stabilization mechanisms
Why Finance Background Is Critical for Series 9:
Unlike Series 5A or 12 (which anyone can learn), Series 9 assumes you already understand:
- Financial statements (balance sheet, P&L, cash flow)
- Basic valuation (P/E, EV/EBITDA)
- Corporate actions (bonus, splits, buybacks)
- Equity market operations
Target Mock Test Score: 85%+ (to ensure 60%+ in actual exam with negative marking)
Comparison Tables: Difficulty Factors at a Glance
Table 1: Difficulty by Exam Pattern (Negative Marking Impact)
| Negative Marking | Passing Score | Effective Score Needed | Difficulty Multiplier | Example Certifications |
|---|---|---|---|---|
| None | 50% | 50/100 | 1.0x (Baseline) | Series 5A, 12, 18 |
| None | 60% | 60/100 | 1.2x | Series 14 (if no neg marking) |
| 25% | 50% | ~58/100 | 1.16x | Series 7 |
| 25% | 60% | ~70/100 | 1.4x | Series 8, 15, 10A, 10B, 9 |
Key Insight: The combination of 60% passing + 25% negative marking raises the effective passing threshold by 40% (from 50 to 70 correct answers). This single factor separates easy from hard certifications.
Table 2: Difficulty by Study Duration Required
| Study Duration | Difficulty Tier | Certifications | Success Rate |
|---|---|---|---|
| 15-30 days | Easy | Series 12 | 80-85% |
| 30-45 days | Easy | Series 5A, 18, 23 | 70-80% |
| 45-60 days | Moderate-Easy | Series 6, 7, 11, 13 | 60-70% |
| 60-75 days | Moderate | Series 1, 4, 8, 16, 20 | 55-65% |
| 75-90 days | Moderate-Hard | Series 15, 10A, 17, 19, 21 | 50-60% |
| 90-120 days | Hard | Series 10B, 22, 20A | 40-50% |
| 120+ days | Very Hard | Series 9, 15B, 19A | 35-45% |
Strategic Insight: Study duration correlates strongly with difficulty. Don't attempt to "crash study" a 90-day certification in 30 days—the pass rate drops dramatically.
Table 3: Difficulty by Background Required
| Background Level | Certifications | Recommended Prerequisites |
|---|---|---|
| No finance background required | Series 12, Series 5A | Basic commerce/economics knowledge helpful |
| Basic finance knowledge | Series 18, Series 23, Series 6, Series 7 | Undergraduate commerce or 1+ year work experience |
| Moderate finance expertise | Series 8, Series 11, Series 13, Series 15 | Finance degree or 2+ years in securities markets |
| Advanced finance expertise | Series 10A, Series 10B, Series 20, Series 21 | MBA Finance, CA, CFA Level 1, or 3+ years experience |
| Specialized domain expertise | Series 9, Series 15B, Series 19A | Investment banking, research, or AIF experience |
Table 4: Difficulty by Question Count and Duration
| Certification | Questions | Duration | Marks | Time/Question | Difficulty Impact |
|---|---|---|---|---|---|
| Series 12 | 100 | 2 hours | 100 | 1.2 min | Standard |
| Series 5A | 100 | 2 hours | 100 | 1.2 min | Standard |
| Series 8 | 100 | 2 hours | 100 | 1.2 min | Standard |
| Series 15 | 92 | 2 hours | 92 | 1.3 min | Slightly easier pace |
| Series 13 | 150 | 3 hours | 150 | 1.2 min | Endurance challenge |
| Series 10A | 135 (90 MCQ + 45 case) | 3 hours | 150 | 1.3 min | Endurance + case studies |
| Series 10B | 120 (90 MCQ + 30 case) | 3 hours | 150 | 1.5 min | High case study weightage |
Key Insight: Series 10B's 150 total marks from just 120 questions (due to 2-mark case questions) creates higher penalty risk. One wrong case question = -0.5 marks (25% of 2 marks).
Which NISM Certification Should You Start With?
Complete Beginner (No Finance Background)
Career changers, students, non-finance professionals entering finance
Recommended Path:
Series 12 (Securities Markets Foundation)
15-30 days
Builds foundational vocabulary and 80-85% success rate gives confidence boost
Series 5A (Mutual Fund Distributors)
30-45 days
Practical knowledge for personal finance and career monetization opportunity
Series 11 (Compliance Officers) or Series 8 (Equity Derivatives)
45-60 days
Based on career interest (compliance vs trading)
Total Timeline: 3-4 months to get 2-3 certifications, build resume, start career
Finance Graduate (BCom/BBA Finance)
Finance degree holders with academic foundation
Recommended Path:
Series 5A or Series 8
30-60 days
Skip Series 12 if you studied securities markets in degree. Choose based on interest (distribution/advisory vs trading/derivatives)
Series 15 (Research Analyst)
60-90 days
Leverages financial statement analysis from degree. Opens research analyst career path
Series 10A (if pursuing RIA) or Series 9 (if pursuing investment banking)
70-120 days
Advanced specialization based on career goals
Total Timeline: 6-9 months to get 3-4 certifications, positioned for analytical/advisory roles
MBA Finance/CA/CFA Candidate
Advanced degree holders with strong finance foundation
Recommended Path:
Series 15 (Research Analyst)
45-60 days
Your valuation knowledge gives strong advantage. 45-60 days preparation (vs 90 for beginners)
Series 10A (Investment Adviser Level 1)
60-75 days
Financial planning synergy with MBA curriculum
Series 10B (if pursuing RIA) or Series 9 (if pursuing IB)
90-120 days
Advanced certification matching career specialization
Total Timeline: 6-12 months, positioned for high-value certifications from start
Working Professional - Compliance/Operations
2+ years experience in compliance or operations roles
Recommended Path:
Series 11 (Compliance)
45-60 days
Foundation in compliance regulations
Series 7 (Operations)
45-60 days
Risk management and operations expertise
Series 6 (Depository) or role-specific certification
40-50 days
Specialized operational knowledge based on role
Total Timeline: 4-6 months for comprehensive compliance/operations credentials
Working Professional - Sales/Distribution
2+ years in sales or distribution roles
Recommended Path:
Series 5A (Mutual Funds)
30-45 days
Mandatory for mutual fund distribution
Series 10A (Investment Adviser)
70-90 days
Expand to comprehensive financial advisory
Series 21A (PMS Distributors) - if applicable
Varies
Specialized distribution credentials
Total Timeline: 4-6 months to build advisory credentials on top of distribution
Working Professional - Trading/Dealing
2+ years in trading or dealing roles
Recommended Path:
Series 8 (Equity Derivatives)
50-70 days
Foundation in equity F&O trading
Series 1 (Currency) or Series 16 (Commodity)
50-75 days
Expand to additional asset classes
Series 13 (Common Derivatives)
45-60 days
Comprehensive multi-asset expertise
Total Timeline: 5-7 months for multi-asset trading credentials
Working Professional - Research/Analysis
2+ years in research or analysis roles
Recommended Path:
Series 15 (Research Analyst)
60-90 days
Mandatory for SEBI RA registration
Series 20 (Corporate Finance)
60-80 days
Deepen valuation and corporate finance expertise
Series 15B (Enhanced) - if applicable
120+ days
Senior research analyst credentials
Total Timeline: 6-12 months for comprehensive research credentials
Working Professional - Investment Banking
2+ years in investment banking or corporate finance
Recommended Path:
Series 20 (Corporate Finance)
60-80 days
Foundation in valuation and corporate finance
Series 21 (M&A)
75-95 days
M&A transaction expertise
Series 9 (Merchant Banking)
120+ days
Comprehensive investment banking credentials
Total Timeline: 9-12 months for complete investment banking credentials
Common Mistakes When Choosing Based on Difficulty
Mistake: "I'll Take the Hardest Exam to Prove I'm Competent"
Why This Backfires:
- ×Failed attempt demoralizes and wastes ₹1,500-3,000 exam fee
- ×Your resume shows failed attempt if employer verifies
- ×Wastes 90-120 days that could have yielded 2-3 easier certifications
Reality Check:
Series 10B has under 30% pass rate. Even brilliant candidates fail on first attempt due to exam pattern unfamiliarity.
Better Approach:
Build confidence with Series 12 → Series 15 → Series 10A → Series 10B. Each success builds exam-taking skills.
Example:
Instead of attempting Series 10B directly (30% pass rate, 4 months), get Series 12 + Series 15 + Series 10A in same timeline (80%, 60%, 55% pass rates respectively)
Mistake: "Easy Exam = Less Valuable Certification"
Why This Backfires:
- ×Series 5A (easy, difficulty 2/10) is MANDATORY for mutual fund distribution—without it, you cannot earn ₹1 in distribution commissions
- ×Series 12 (easiest, difficulty 1/10) is often required by employers for entry-level roles
- ×Series 11 (moderate, difficulty 4.5/10) is MANDATORY for compliance officer designation
Reality Check:
Certification value = Career requirement + Market demand, NOT difficulty level.
Better Approach:
Choose certifications based on career goals and regulatory requirements, not difficulty bragging rights.
Example:
A Series 5A holder earning ₹50 lakhs/year in distribution commissions has more "valuable" certification than a Series 9 holder struggling to find merchant banking jobs (due to limited IB firms in India).
Mistake: "I'll Take Multiple Easy Exams to Pad My Resume"
Why This Backfires:
- ×Employers value RELEVANT certifications, not certification count
- ×Taking Series 6 + 7 + 18 (all operations-focused) shows no specialization
- ×Time better spent on one hard certification that matches career goal
Reality Check:
1-2 foundational certifications + 1 specialized certification matching your career niche is more valuable than 5 easy certifications.
Better Approach:
1-2 foundational certifications + 1 specialized certification matching your career niche.
Example:
For Research Analyst role: Series 12 + Series 15 + Series 20 (shows progression: foundation → specialization → advanced). For RIA role: Series 5A + Series 10A + Series 10B (shows distribution → advisory → advanced advisory)
Mistake: "I Can Pass Hard Exams in 30 Days if I Study 10 Hours Daily"
Why This Backfires:
- ×Cramming works for memory-based exams, not application-based exams
- ×Series 10B case studies require UNDERSTANDING, not memorization
- ×Series 9 IPO process requires CONCEPTUAL CLARITY, not rote learning
Reality Check:
Reddit testimonials of "I passed in 2 days" refer to Series 5A/12, not Series 9/10B.
Better Approach:
Easy exams (Series 12): 2-3 hours daily for 20-30 days = 40-90 hours total. Moderate exams (Series 15): 2-3 hours daily for 60-90 days = 120-270 hours total. Hard exams (Series 10B): 3-4 hours daily for 90-120 days = 270-480 hours total.
Example:
Attempting Series 10B with 30 days preparation (even at 10 hours/day = 300 hours) vs recommended 90 days at 3-4 hours/day (270-360 hours) - the difference is that 90 days allows concepts to marinate and integrate, while 30 days is just information cramming
Tips to Pass Difficult NISM Certifications (Series 9, 10B, 15B)
Extend Study Duration (Don't Rush)
Under 30% pass rate means most candidates underestimate difficulty. Be in the minority that over-prepares.
If you have full-time job: 120-150 days (2-3 hours daily study)
If you're student/unemployed: 90 days minimum (4-5 hours daily study)
Build buffer time for revision and mock tests
Example:
Standard advice: "Series 10B requires 90-120 days preparation". Your approach: Add 20-30% buffer time.
Applicable to: Series 9, Series 10B, Series 15B, Series 19A, Series 20A, Series 22
Take 20-27 Mock Tests Minimum (vs 10-15 for Easy Exams)
Mock tests are your primary training ground for hard exams. Three-phase approach ensures readiness.
Phase 1 (First 10 Mock Tests): Focus on learning, not scoring. Review every wrong answer. Identify weak topics. Target score: 40-50%
Phase 2 (Next 10 Mock Tests): Re-study weak topics identified in Phase 1. Start timing yourself (full 2-3 hour duration). Target score: 60-70%
Phase 3 (Final 7 Mock Tests): Full exam simulation (same time, same conditions). Score analysis: Must hit 85%+ in at least 5 out of 7 tests. If not hitting 85%+, postpone exam by 2-4 weeks
Example:
Why 85% Target: With 25% negative marking, your mock score typically drops 10-15% in actual exam due to exam anxiety, unfamiliar question phrasing, time pressure, and new topics not in mock tests. 85% in mocks → 70% in actual exam → Comfortable pass (60% required)
Applicable to: Series 9, Series 10B, Series 15, Series 15B, Series 21
Join Coaching/Study Groups for Hard Exams
For hard exams, coaching increases first-attempt pass probability from 30% to 60-70%. The ROI is substantial.
When to Self-Study: Easy exams (Series 12, 5A) - NISM workbook + free mock tests sufficient
When to Join Coaching: Hard exams (Series 9, 10B, 15B) - Coaching provides structured curriculum, doubt resolution, case study practice, peer learning, success strategies from toppers
Coaching ROI: Cost ₹5,000-15,000. Benefit: Increases first-attempt pass probability from 30% to 60-70%. Savings: Avoids second attempt fee (₹1,500-3,000) + 3 months time
Recommended Platforms: Pass4Sure, PrepCafe, NISM Exams Pathshala
Applicable to: Series 9, Series 10B, Series 15B, Series 21, Series 20A, Series 22
Master Negative Marking Strategy
Strategic question selection is critical for exams with 25% negative marking. Skipping truly unknown questions outperforms random guessing.
Standard Approach (WRONG): Attempt all 100 questions, guess randomly on 30-40 unclear questions. Result: -7.5 marks from wrong guesses (30 wrong × 0.25)
Strategic Approach (RIGHT): Categorize questions while attempting: (1) Confident (70-75 questions): Attempt immediately, expect 95% accuracy. (2) 50-50 Guess (20-25 questions): Mark for review, attempt if time permits. (3) No Clue (5-10 questions): SKIP entirely
Math: 70 confident × 95% accuracy = 66.5 correct. 20 50-50 questions × 50% accuracy = 10 correct, 10 wrong. 10 no-clue questions = SKIPPED
Score: 76.5 correct - (10 wrong × 0.25) = 76.5 - 2.5 = 74% → PASS
Example:
Vs. Attempting All: 70 confident × 95% = 66.5 correct. 20 50-50 × 50% = 10 correct, 10 wrong. 10 no-clue × 25% = 2.5 correct, 7.5 wrong. Score: 79 correct - (17.5 wrong × 0.25) = 79 - 4.375 = 74.6% → PASS (barely). Key Insight: Skipping 10 truly unknown questions vs. random guessing gives similar score with less risk. In actual exam with anxiety, strategic skipping outperforms random guessing.
Applicable to: All exams with 25% negative marking
Focus on NISM Workbook First, Then Mock Tests
NISM questions are 70-80% directly from workbook. Jumping straight to mock tests builds false confidence or false panic.
Week 1-4: Read NISM workbook cover-to-cover (even if boring)
Week 5-6: Take first 2-3 mock tests to identify weak areas
Week 7-10: Re-study workbook focusing on weak areas
Week 11-12: Intensive mock test practice (15-20 tests)
Week 13: Revision + final 5 mock tests
Example:
NISM Workbook Download: Available free on NISM website after registration (candidates.nism.ac.in)
Applicable to: All NISM certifications
FAQs: NISM Exam Difficulty Ranking
1. Which is the easiest NISM exam for beginners?
Series 12 (Securities Markets Foundation) is the easiest NISM exam with 50% passing score, no negative marking, broad foundational topics, 80-85% success rate, and 15-30 days study duration. Series 5A (Mutual Fund Distributors) is a close second with similar difficulty but more practical focus.
2. What's the hardest NISM certification?
Series 9 (Merchant Banking) and Series 10B (Investment Adviser Level 2) are the hardest. Series 10B has the lowest pass rate (under 30%), while Series 9 has the highest conceptual complexity (investment banking + M&A + corporate finance + regulations). Both require 90-120+ days preparation, have 60% passing + 25% negative marking, and 35-45% success rates. Series 15B (Research Analyst Enhanced) is also extremely difficult but less commonly attempted.
3. Can I pass Series 10B without finance background?
Highly unlikely. Series 10B requires financial planning knowledge (insurance, tax, retirement), portfolio management theory (MPT, CAPM, efficient frontier), investment analysis (equity, debt, mutual funds, alternatives), and advanced mathematics (present value, annuities, IRR). Recommendation: If no finance background, start with Series 12 → Series 5A → Series 10A → (build experience) → Series 10B. Timeline: 18-24 months from beginner to Series 10B readiness. Alternative: Pursue MBA Finance or CFA Level 1 before attempting Series 10B.
4. Is Series 8 harder than Series 15?
Similar difficulty, different complexity. Series 8 (Equity Derivatives) — Difficulty 6/10: Mathematical complexity Medium-High (payoff calculations, Greeks), Conceptual complexity Medium (options theory), Success rate 60-70%, Best for quantitative thinkers and traders. Series 15 (Research Analyst) — Difficulty 7.5/10: Mathematical complexity Medium (financial ratios, valuation multiples), Conceptual complexity High (fundamental analysis, financial statement analysis), Memorization High (accounting standards, SEBI regulations), Success rate 55-65%, Best for analytical thinkers and researchers. Verdict: Series 15 is slightly harder overall due to breadth of syllabus and regulatory depth. However, candidates weak in mathematics find Series 8 harder.
5. Which NISM exam has the highest success rate?
Series 12 (Securities Markets Foundation) has the highest success rate: 80-85% of candidates pass (estimated from coaching institute data). Factors: 50% passing score + no negative marking + foundational content. Series 5A (Mutual Fund Distributors) has the second highest: 70-80% success rate with similar advantages as Series 12.
6. Should I take easy exams first or jump to hard ones?
Take easy exams first (progressive approach recommended). Benefits: (1) Builds NISM exam pattern familiarity, (2) Confidence from early success motivates continued learning, (3) Resume building while studying for harder exams, (4) Foundational knowledge helps with advanced topics, (5) Lower financial risk. When to Jump to Hard Exams: You have MBA Finance/CA/CFA Level 1, 3+ years relevant experience, need certification urgently for job/SEBI registration, or already passed similar difficulty exams (e.g., CFA Level 2 → Series 10B is manageable). Hybrid Approach (Recommended): One easy exam (Series 12 or 5A) → One moderate exam (Series 8 or 15) → One hard exam (Series 10A/10B or 9).
7. How does negative marking affect difficulty?
Negative marking increases effective difficulty by 20-40%. Without Negative Marking (Series 5A): Need 50 correct answers to pass, can attempt all 100 questions, random guessing on 30 questions → expect 7.5 bonus marks. Total: 42.5 confident + 7.5 guessed = 50% PASS. With 25% Negative Marking (Series 15): Need 60 correct answers to pass (60% requirement), random guessing on 30 questions → 15 correct, 15 wrong. Score: 45 confident + 15 correct - (15 × 0.25) = 45 + 15 - 3.75 = 56.25% FAIL. Must score 70+ correct to ensure 60%+ after penalty. Difficulty Multiplier: 50% passing + no negative marking = Baseline 1.0x difficulty. 60% passing + 25% negative marking = 1.4x difficulty (40% harder). Strategic Insight: Negative marking penalizes under-preparation. You cannot "get lucky" with guessing.
8. Can I pass hard certifications in 30 days?
Technically possible, practically unlikely. Who Can Pass Series 10B in 30 Days: CFA Level 2/3 candidates (already know portfolio management), CFP holders (know financial planning), Professionals with 5+ years wealth management experience, Daily study time: 6-8 hours (180-240 hours total). Who Cannot: Fresh graduates (lack prerequisite knowledge), Working professionals (lack 6-8 hours daily), Candidates without finance background. Realistic Timelines: Easy exams (Series 12): 15-30 days (possible), Moderate exams (Series 15): 60-90 days (recommended), Hard exams (Series 10B): 90-120 days (minimum). Reddit Reality Check: Comments like "I passed in 2 days" refer to Series 5A with prior mutual fund knowledge, NOT Series 10B/9.
9. Does NISM difficulty rank match salary potential?
No direct correlation, but partial overlap. High Difficulty + High Salary: Series 9 (Merchant Banking) → Investment Banker: ₹8-25 lakhs/year, Series 10B (IA Level 2) → SEBI RIA: ₹10-30 lakhs/year (client-dependent), Series 15B (Research Analyst Enhanced) → Senior Analyst: ₹12-30 lakhs/year. Low Difficulty + High Earning Potential: Series 5A (MF Distributors) → Top distributors earn ₹50 lakhs-2 crores/year from commissions (client base dependent, not certification difficulty). High Difficulty + Moderate Salary: Series 22 (Cybersecurity) → Compliance Officer: ₹6-12 lakhs/year (specialized but niche). Key Insight: Salary depends on market demand, your sales/client acquisition ability, company size, and experience. Certification difficulty indicates expertise level, but doesn't guarantee income.
10. Is Series 11 (Compliance) easier than Series 8 (Equity Derivatives)?
Yes, for most candidates. Series 11 (Compliance) — Difficulty 4.5/10: Minimal mathematics (advantage for non-quant professionals), Heavy regulatory focus (SEBI regulations, PMLA, KYC), Memorization-based (can be rote-learned), Success rate: 65-70%. Series 8 (Equity Derivatives) — Difficulty 6/10: Moderate-high mathematics (option payoffs, Greeks), Conceptual understanding required (can't just memorize), Success rate: 60-70% (but lower first-attempt rate). Exception: If you have mathematics/engineering background, Series 8 might feel easier than memorizing regulations in Series 11. Recommendation: Choose based on career goal, not just difficulty.
11. Which NISM certification is most in-demand by employers?
Demand varies by industry sector. Broking/Trading Firms: Series 8 (Equity Derivatives) — Mandatory for dealers, Series 1 (Currency) / Series 16 (Commodity) — For respective segments. Mutual Fund/Distribution: Series 5A (MF Distributors) — Mandatory for distributors, Series 10A/10B (Investment Adviser) — For RIA registration. Research/Analysis: Series 15 (Research Analyst) — Mandatory for SEBI RA registration, Series 20 (Corporate Finance) — For equity research analysts. Compliance: Series 11 (Compliance Officers) — Mandatory for compliance head designation. Investment Banking: Series 9 (Merchant Banking) — Mandatory for merchant banking activities. Strategic Insight: "Most in-demand" = Certifications that are MANDATORY for specific roles. Employers don't hire based on certification difficulty; they hire based on regulatory requirements and role fit.
12. Can I take Series 10B without passing Series 10A?
No. Series 10A (Investment Adviser Level 1) is a MANDATORY prerequisite for Series 10B. SEBI Requirement: Individual investment advisers must pass both Level 1 AND Level 2. Principal officers of non-individual RIAs must pass both levels. Associated persons need only Level 1. Progressive Difficulty Design: Series 10A covers foundational financial planning, Series 10B covers advanced portfolio management + case studies. Attempting 10B without 10A foundation leads to certain failure. Timeline: Series 10A: 70-90 days preparation → Pass. Gap: 2-4 weeks to rest and plan. Series 10B: 90-120 days preparation → Pass. Total: 6-9 months from start to full RIA certification.
13. Are NISM exams getting harder in 2025?
Mixed evidence. Getting Harder: NISM Series 21 (PMS Distributors) was relaxed in difficulty after high failure rates, indicating NISM sometimes makes exams too hard initially. New certifications (Series 20A ESG, Series 22 Cybersecurity) have limited preparation materials, increasing difficulty. Regulatory updates (SEBI regulations change frequently) make older study materials outdated. Staying Similar: Core certifications (Series 5A, 8, 15) have stable difficulty. NISM workbooks are regularly updated to match exam difficulty. Pass rates remain consistent (50% average across all exams). NISM's Approach: NISM monitors pass rates and adjusts difficulty to maintain 40-60% pass rates for most exams. Too high pass rate (80%+) → exam made harder. Too low pass rate (20-30%) → exam relaxed (as happened with Series 21 PMS). 2025 Trend: New certifications (Series 20A, 22, 23) may have initial difficulty calibration issues. Wait 6-12 months after launch for difficulty to stabilize.
14. Should I attempt NISM exams immediately after studying or wait?
Optimal timing strategy varies by tier. For Easy Exams (Series 12, 5A): Attempt within 1-2 weeks of completing studies. Reason: Content is fresh, momentum is high. Risk of waiting: Forgetting simple concepts due to lack of practice. For Moderate Exams (Series 8, 15): Complete full syllabus → Take 15-20 mock tests → Review weak areas → Attempt exam. Timeline: 2-3 weeks from "syllabus completion" to "exam attempt". Sweet spot: Mock test scores stabilize at 85%+. For Hard Exams (Series 10B, 9): Complete full syllabus → Take 25-30 mock tests → Intensive revision → Attempt exam. Timeline: 3-4 weeks from syllabus completion to exam attempt. Critical: Don't attempt until scoring 85%+ consistently in at least 10 consecutive mocks. Warning Signs to Postpone Exam: Mock test scores declining (fatigue/burnout), Scoring below 70% in mocks (nowhere near 85% target), Weak in 2+ major topics (need more study, not just mock tests). NISM Exam Rescheduling: Check NISM website for rescheduling policies (usually allowed with minimal fee if done 48-72 hours before exam).
15. How valuable is NISM certification compared to CFA/CFP?
Different league, different purpose. NISM Certifications: Regulatory requirement for working in Indian securities markets. Time investment: 15 days to 120 days per certification. Cost: ₹1,500-3,000 per exam. Career impact: Mandatory for specific roles (compliance, dealing, distribution). Global recognition: Limited to India. CFA (Chartered Financial Analyst): Global gold standard for investment analysis. Time investment: 900-1,000 hours (across 3 levels, 2-4 years). Cost: $3,000-5,000 total (₹2.5-4 lakhs). Career impact: Premium for portfolio management, research, IB roles. Global recognition: Worldwide. CFP (Certified Financial Planner): Financial planning specialization. Time investment: 250-300 hours preparation. Cost: ₹50,000-1,00,000 (including education, exam, certification). Career impact: Credibility for financial advisory/planning. Global recognition: International CFP network. Strategic Career Path: Entry level (0-2 years): NISM certifications (Series 12, 5A, 8, 15) → Get regulatory compliance + job entry. Mid-level (2-5 years): CFA Level 1 → Career acceleration in analysis/portfolio management. Senior level (5+ years): CFA Level 2/3 or CFP → Differentiation and premium positioning. Complementary, Not Competitive: NISM Series 15 + CFA Level 1 = Strong research analyst profile. NISM Series 10A + CFP = Comprehensive financial planner profile. NISM Series 9 + CFA Level 2 = Premium investment banker profile. NISM Cannot Replace CFA/CFP, but CFA/CFP also don't fulfill SEBI regulatory requirements that NISM does.
Conclusion: Strategic Approach to NISM Certifications
Key Takeaways from Our Difficulty Ranking:
Difficulty Spread is Real
Series 12 (difficulty 1/10) vs Series 10B (difficulty 8.5/10) is a 750% difficulty difference. Don't treat all NISM exams as equivalent.
Negative Marking is the Great Separator
Certifications with 60% passing + 25% negative marking are 40% harder than 50% passing + no negative marking. This single factor explains most difficulty variation.
Study Duration Correlates Strongly with Success
Attempting a 90-day certification in 30 days drops your pass probability from 60% to 20-30%. Respect the timeline.
Progressive Difficulty Builds Success
Starting with Series 12 → Series 5A → Series 15 → Series 10A → Series 10B gives you 5 certifications over 12-18 months with high success rates. Jumping straight to Series 10B gives you 1 certification over 4 months with 30% pass probability.
Certification Value ≠ Difficulty
Series 5A (difficulty 2/10) can generate ₹50 lakhs/year in distribution income. Series 9 (difficulty 9/10) leads to ₹10-15 lakhs/year in merchant banking (limited IB firms in India). Choose based on career goals, not difficulty bragging rights.
Your Personalized NISM Certification Roadmap with PrepCore
Regardless of which difficulty tier you're targeting, PrepCore provides 2,100+ practice questions across all 28 NISM certifications, ensuring you're prepared for every scenario.
For Beginners (Targeting Easy Tier):
Start with Series 5A or Series 12:
- Take PrepCore's free trial (2 tests) on Series 12
- Build confidence with foundational questions
- Upgrade to full access for Series 5A (100 questions)
- Target 85%+ in mock tests before attempting actual exam
PrepCore Advantage: No negative marking means you can practice all questions without penalty. Build momentum with quick wins.
For Intermediate Learners (Targeting Moderate Tier):
Progress to Series 8 or Series 15:
- Complete Series 12/5A first (foundation building)
- Use PrepCore's 100 questions for Series 8 or Series 15
- Focus on negative marking strategy practice
- Take 20+ mock tests to reach 85%+ consistency
PrepCore Advantage: Detailed explanations for every question. Practice managing 25% negative marking penalty.
For Advanced Professionals (Targeting Hard Tier):
Tackle Series 10A/10B or Series 9:
- Build foundation with easier certifications first
- Allocate 90-120 days dedicated study time
- Use PrepCore's full question bank (100 questions per certification)
- Take 25-30 mock tests over final month
- Target 90%+ in final mock tests (to ensure 70%+ in actual exam with negative marking buffer)
PrepCore Advantage: Comprehensive coverage of complex topics. Case-study practice for Series 10B. Unlimited attempts during subscription.
Final Recommendation: The Progressive Difficulty Approach
Month 1-2: Series 12 (Securities Markets Foundation) - PrepCore free trial → Full access. Pass exam, build confidence.
Month 3-4: Series 5A (Mutual Fund Distributors) - Apply Series 12 knowledge. Start exploring distribution career opportunities.
Month 5-7: Series 15 (Research Analyst) OR Series 8 (Equity Derivatives) - Choose based on career interest (analysis vs trading). 60-90 days preparation with PrepCore mock tests.
Month 8-12: Series 10A (Investment Adviser Level 1) OR Series 9 (Merchant Banking) - Advanced certification matching career specialization. 90-120 days intensive preparation.
Month 13-18: Series 10B (Investment Adviser Level 2) - if pursuing RIA. Capstone certification. PrepCore's comprehensive question bank critical for 30%+ pass rate.
Start Your NISM Journey Today
Don't let exam difficulty intimidate you. With the right preparation strategy, access to quality practice questions, and a progressive approach, you can conquer even the hardest NISM certifications.
PrepCore offers:
- ✓2,100+ NISM questions across all 28 certifications
- ✓Free trial (2 tests) to experience our platform
- ✓₹199/month subscription for unlimited access
- ✓Detailed explanations for every question
- ✓Mobile-optimized for study on-the-go
Whether you're starting with Series 12 or challenging yourself with Series 10B, PrepCore provides the practice infrastructure to turn your NISM certification goals into reality.
Begin with confidence. Progress with purpose. Succeed with PrepCore.
Last Updated: January 2025
Sources: NISM official website, PrepCafe, Pass4Sure, Reddit candidate testimonials, TestMocks, industry coaching institutes, SEBI regulations