NISM Series 13: Common Derivatives Certification Mock Test

Introduction to NISM Series 13 Certification

The NISM Series 13 (Common Derivatives Certification) is a foundation-level examination designed for individuals seeking to build their career in India's derivatives markets. Unlike specialized derivatives certifications that focus on a single segment, NISM Series 13 provides comprehensive coverage of all three major derivatives segments: Equity Derivatives, Currency Derivatives, and Interest Rate Derivatives. This makes it the perfect starting point for beginners who want to understand the derivatives landscape before specializing in a particular area.

Offered by the National Institute of Securities Markets (NISM), an educational initiative of the Securities and Exchange Board of India (SEBI), this certification is recognized across India's financial sector. Whether you're a fresh graduate looking to enter the derivatives market, a professional from another domain seeking a career change, or someone working in financial services wanting to expand your knowledge, NISM Series 13 provides the foundational knowledge you need.

What sets NISM Series 13 apart is its beginner-friendly approach. The certification doesn't assume prior knowledge of derivatives and builds concepts from the ground up. It covers the basics of derivatives products, introduces you to the underlying markets, explains futures and options contracts in simple terms, and provides fundamental knowledge of pricing, trading strategies, and risk management. This comprehensive yet accessible approach makes it an ideal stepping stone before pursuing advanced certifications like Series 8 (Equity Derivatives), Series 1 (Currency Derivatives), or Series 16 (Commodity Derivatives).

PrepCore's NISM Series 13 mock test platform offers 100 carefully crafted practice questions that mirror the actual exam pattern. With detailed explanations for every answer, progress tracking features, and unlimited practice opportunities for just ₹199/month, PrepCore ensures you're fully prepared to pass your certification on the first attempt. Plus, with 2 free demo tests available, you can experience the platform's quality before making any commitment.

About NISM Series 13 Certification

The NISM-Series-XIII: Common Derivatives Certification Examination was launched by NISM as an "additional choice" that candidates can take instead of appearing for Currency Derivatives (Series-I), Interest Rate Derivatives (Series-IV), and Equity Derivatives (Series-VIII) examinations individually. This combined certification approach offers significant advantages for beginners and professionals who need broad-based derivatives knowledge.

Foundation-Level Positioning

NISM Series 13 is specifically designed as a foundation-level certification, making it perfect for individuals with little to no background in derivatives. The examination focuses on building core concepts rather than testing advanced trading strategies or complex mathematical models. You'll learn what derivatives are, why they exist, how they're traded, and what risks they carry—all explained in straightforward language that doesn't require an advanced finance degree to understand.

The certification serves as an entry point for various career paths in the derivatives market. Whether you're interested in becoming a derivatives dealer, working in back-office operations, supporting trading desks, or moving into compliance and risk management roles, NISM Series 13 provides the baseline knowledge that employers expect.

Who Benefits from This Certification

Several professional groups find NISM Series 13 particularly valuable:

Fresh Graduates: If you've recently completed your degree in commerce, finance, economics, or even engineering and want to enter the financial markets, NISM Series 13 offers a recognized credential that demonstrates your understanding of derivatives fundamentals.

Career Changers: Professionals from other industries who want to transition into financial services can use NISM Series 13 as their entry credential. The beginner-friendly syllabus makes it accessible even if your background isn't in finance.

Banking and Finance Professionals: If you're working in traditional banking, mutual funds, or investment advisory and want to expand into derivatives, this certification provides the foundational knowledge you need without overwhelming complexity.

Students Pursuing Advanced Finance Careers: For MBA students or those pursuing CFA, FRM, or other advanced qualifications, NISM Series 13 offers practical, India-specific knowledge that complements theoretical learning.

Sub-Brokers and Authorized Persons: Individuals associated with stock exchange members who deal in derivatives segments may require this certification for regulatory compliance, especially when working with Specialized Investment Funds (SIFs).

Career Opportunities After Certification

Passing NISM Series 13 opens doors to entry-level positions in the derivatives market. Common roles include Junior Derivatives Dealer, Back Office Executive in derivatives segments, Dealer Support roles, Compliance Assistant positions, and Operations roles in broking firms or financial institutions dealing with derivatives.

While NISM Series 13 is a foundation certification, it can lead to lucrative career opportunities when combined with experience and advanced certifications. Entry-level positions typically offer salaries ranging from ₹2.5 to 6 lakhs per annum, depending on the organization, location, and your educational background. As you gain experience and pursue advanced certifications like Series 8 or Series 1, compensation can increase to ₹8-15 lakhs per annum for mid-level positions.

Certificate Validity and Renewal

Like all NISM certifications, the Series 13 certificate is valid for three years from the date of issuance. After three years, you need to either retake the examination or complete a one-day Continuing Professional Education (CPE) program offered by NISM to revalidate your certification for another three years. The CPE option is more convenient and cost-effective than retaking the full examination, as it focuses on regulatory updates and market developments rather than testing your entire knowledge base again.

Pathway to Advanced Certifications

One of the strategic advantages of NISM Series 13 is that it serves as an excellent foundation for pursuing advanced derivatives certifications. After gaining foundational knowledge through Series 13, you can choose to specialize based on your career interests:

NISM Series 8 (Equity Derivatives): If you're interested in stock market derivatives, equity futures and options
NISM Series 1 (Currency Derivatives): For those interested in forex markets and currency trading
NISM Series 16 (Commodity Derivatives): If commodities like gold, crude oil, or agricultural products interest you

Many successful derivatives professionals start with Series 13 to build their foundation, then pursue specialized certifications as they discover their area of interest. This progressive approach is more manageable than jumping directly into advanced certifications and provides a clearer career development path.

NISM Series 13 Exam Pattern

Understanding the exam pattern is crucial for effective preparation. The NISM Series 13 examination follows a standardized format designed to comprehensively test your knowledge of common derivatives across all three segments.

Examination Structure

The NISM Series 13 exam consists of 150 questions, each carrying 1 mark, for a total of 150 marks. This is significantly more questions than most other NISM certifications, which typically have 60-100 questions. The larger question bank allows for comprehensive coverage of the integrated syllabus covering equity, currency, and interest rate derivatives.

You'll have 3 hours (180 minutes) to complete the examination, which translates to approximately 1.2 minutes per question. This timing is comfortable for most candidates, as the questions are primarily concept-based multiple-choice questions rather than complex calculations. However, time management remains important—you should aim to complete your first pass through all questions in about 2 hours, leaving the final hour for review and reconsideration.

Passing Score and Negative Marking

To pass the NISM Series 13 examination, you need to score 60% or higher, which means securing at least 90 marks out of 150. This passing percentage is consistent with most NISM certifications and represents a fair benchmark for demonstrating competency in the subject matter.

One critical aspect to note is the negative marking policy. For each incorrect answer, 25% of the marks assigned to the question will be deducted. Since each question carries 1 mark, every wrong answer results in a deduction of 0.25 marks. This penalty system is designed to discourage random guessing and reward careful, thoughtful answers.

The negative marking has a strategic implication: if you're unsure about an answer and can't eliminate at least two options, it may be better to leave the question unanswered rather than guess randomly. An unanswered question gives you 0 marks, while a wrong answer gives you -0.25 marks. However, if you can confidently eliminate one or two wrong options, educated guessing can still work in your favor.

Question Types

All questions in the NISM Series 13 exam are multiple-choice questions (MCQs) with four or five answer options. The questions are designed to be beginner-friendly and test your conceptual understanding rather than requiring complex calculations or advanced mathematical skills.

Common question types include:

Definition-based questions: Testing your understanding of basic terminology and concepts
Scenario-based questions: Presenting a practical situation and asking you to apply concepts
Regulatory questions: Testing knowledge of rules, regulations, and compliance requirements
Comparison questions: Asking you to differentiate between similar concepts or instruments
Application questions: Testing your ability to use derivatives knowledge in practical contexts

Exam Fees and Registration

The examination fee for NISM Series 13 is ₹3,000 (including GST). This is a one-time fee that covers your exam attempt. If you need to retake the exam, you'll need to pay the full fee again, which makes thorough preparation with quality mock tests like those offered by PrepCore a cost-effective investment.

Registration for the exam is done entirely online through the NISM website (www.nism.ac.in). You can schedule your exam at a convenient date and time at any of the authorized test centers across India. NISM operates test centers in over 100 cities, making the examination accessible to candidates throughout the country.

Difficulty Level

Compared to advanced derivatives certifications like Series 8, Series 1, or Series 16, NISM Series 13 is considerably easier and more beginner-friendly. The questions focus on foundational concepts rather than complex trading strategies or advanced pricing models. Most candidates with dedicated preparation of 2-4 weeks can comfortably pass the examination.

The exam doesn't assume any prior knowledge of derivatives, making it accessible to candidates from diverse educational backgrounds. However, "easier" doesn't mean you should underestimate the exam—proper preparation with comprehensive study materials and practice tests remains essential for success.

NISM Series 13 Syllabus

The NISM Series 13 syllabus provides comprehensive coverage of derivatives fundamentals across all three segments. The curriculum is structured to build knowledge progressively, starting with basic concepts and gradually introducing more complex topics.

1. Basics of Derivatives (Weightage: 4%)

This introductory module establishes the foundation for everything else you'll learn. You'll understand what derivatives are, why they exist in financial markets, and what purposes they serve. The section covers the definition of derivatives as financial instruments whose value is derived from an underlying asset, the historical evolution of derivatives markets in India and globally, and the key participants in derivatives markets including hedgers, speculators, and arbitrageurs.

You'll learn the fundamental functions of derivatives: risk management (hedging), price discovery, and providing leverage opportunities. The module also introduces you to the concept of standardized exchange-traded derivatives versus customized over-the-counter (OTC) derivatives, helping you understand how regulated derivatives markets operate.

2. Introduction to the Underlying Markets (Weightage: 16%)

Before diving into derivatives, you need to understand the underlying markets from which these instruments derive their value. This substantial module covers the equity markets, currency markets, and interest rate markets in detail.

For equity markets, you'll learn about stock market structure, indices like Nifty and Sensex, and how equity prices are determined. The currency market section covers foreign exchange basics, exchange rate mechanisms, factors affecting currency values, and the role of the Reserve Bank of India. The interest rate markets portion introduces you to debt instruments, yield curves, and how interest rates impact the economy and financial instruments.

This module is critical because you can't truly understand derivatives without understanding what they're based on. Real-world examples help clarify these concepts—for instance, understanding how currency fluctuations affect importers and exporters makes currency derivatives more meaningful.

3. Introduction to Forwards and Futures (Weightage: 13%)

This module introduces you to the first major category of derivatives: forward and futures contracts. You'll learn the difference between forwards (customized, OTC contracts) and futures (standardized, exchange-traded contracts), understanding why futures became necessary for efficient derivatives trading.

Key concepts include understanding contract specifications (lot size, expiry dates, settlement procedures), the mechanics of margin requirements (initial margin, mark-to-market margin), and the daily settlement process that makes futures different from spot market transactions. You'll learn about the concept of basis (the difference between spot and futures prices) and how it behaves as contracts approach expiry.

Practical examples help solidify understanding. For instance, you'll learn how a wheat farmer might use futures to lock in prices for his harvest, or how an importer might use currency futures to hedge against rupee depreciation.

4. Introduction to Options (Weightage: 20%)

Options are often considered more complex than futures, and this substantial module dedicates significant attention to building your understanding. You'll learn the fundamental difference between rights (options) and obligations (futures), understanding why options provide asymmetric payoff structures.

The module covers the four basic option positions: buying calls, selling calls, buying puts, and selling puts. You'll understand concepts like strike price, expiration date, premium, and intrinsic versus time value. The section explains moneyness (in-the-money, at-the-money, out-of-the-money) and how it affects option premiums.

You'll also learn about option Greeks in basic terms—while Series 13 doesn't go deep into mathematical calculations, you'll understand what delta, gamma, theta, and vega represent and why they matter to option traders. Real-world scenarios, such as using call options to speculate on stock price increases with limited risk, help make these concepts tangible.

5. Pricing and Valuation (Weightage: 13%)

While this is a foundation-level exam, you still need basic understanding of how derivatives are priced. This module introduces fundamental pricing concepts without requiring advanced mathematics or complex formulas.

For futures, you'll learn about the cost-of-carry model, understanding how interest rates, dividends (for equity futures), and storage costs (for commodity futures) affect pricing. You'll understand the relationship between spot prices and futures prices, and why futures typically trade at a premium or discount to spot.

For options, you'll learn the factors affecting option premiums: underlying price, strike price, time to expiration, volatility, interest rates, and dividends. While you won't be calculating Black-Scholes prices, you'll understand conceptually why option premiums behave the way they do. The concept of put-call parity is introduced in simple terms, helping you understand the relationship between calls and puts on the same underlying.

6. Trading Strategies (Weightage: 15%)

This practical module introduces basic trading strategies using futures and options. You'll learn hedging strategies (how to use derivatives to reduce risk), speculation strategies (how traders use derivatives to profit from market movements), and basic arbitrage opportunities (how traders exploit price discrepancies).

Common strategies covered include protective puts (buying puts to protect stock holdings), covered calls (selling calls against stock you own), long and short futures for directional bets, and simple spreads like bull call spreads and bear put spreads. The focus is on understanding the logic and payoff structures of these strategies rather than complex multi-leg combinations.

7. Risk Management and Regulatory Framework (Weightage: 12%)

Understanding risk is crucial when dealing with derivatives. This module covers the types of risks in derivatives trading: market risk, credit risk, liquidity risk, and operational risk. You'll learn about risk management tools like position limits, margin requirements, and circuit breakers.

The regulatory section covers SEBI's role in overseeing derivatives markets, the functions of stock exchanges in providing trading platforms and surveillance, and the role of clearing corporations in guaranteeing settlement. You'll understand concepts like clearing and settlement processes, the role of collateral, and investor protection measures.

8. Market Operations and Settlement (Weightage: 7%)

This final module covers the practical aspects of how derivatives markets operate on a day-to-day basis. You'll learn the trading mechanisms (how orders are placed and matched), settlement procedures (cash settlement versus physical delivery), and the role of clearing corporations in ensuring trade certainty.

Topics include the trading cycle, order types (market orders, limit orders, stop-loss orders), corporate actions and their impact on derivatives contracts, and the procedure for contract expiry and final settlement. Understanding these operational aspects ensures you know not just the theory but also how derivatives actually work in practice.

Why Choose PrepCore for NISM 13 Preparation?

Preparing for the NISM Series 13 exam requires the right study materials and practice platform. PrepCore stands out as the ideal preparation partner for beginners entering the derivatives market.

100 Beginner-Friendly Questions

Our question bank of 100 carefully crafted questions is specifically designed for foundation-level learners. Unlike other platforms that simply compile random questions, every PrepCore question is reviewed to ensure it tests genuine understanding without unnecessary complexity. Questions are written in clear, simple language that mirrors the actual exam style, helping you build confidence as you practice.

Step-by-Step Explanations

Understanding why an answer is correct is just as important as knowing the correct answer. Every question in the PrepCore platform includes detailed explanations that break down the concept being tested. If you get a question wrong, the explanation helps you understand your mistake and learn the underlying concept, turning practice tests into learning opportunities.

For beginners, this explanatory approach is invaluable. You're not just memorizing answers—you're building genuine understanding that will serve you in the actual exam and in your future career working with derivatives.

Foundation-Building Approach

PrepCore's NISM Series 13 preparation follows a structured learning path. Questions are organized by topic, allowing you to master one concept before moving to the next. This systematic approach is particularly helpful for beginners who might feel overwhelmed by the breadth of the syllabus.

You can start with basic concepts like derivatives definitions and market structure, then progressively move to futures, options, pricing, and strategies. This building-block approach ensures you develop a solid foundation rather than fragmented knowledge.

Progress Tracking and Analytics

The PrepCore platform includes comprehensive analytics that show your performance across different topics. You can see at a glance which areas you've mastered and which need more attention. This data-driven approach to preparation ensures you spend your time efficiently, focusing on weak areas rather than repeatedly practicing topics you already understand.

Performance metrics include topic-wise scores, improvement trends over time, time spent per question, and accuracy rates. These insights help you calibrate your preparation and identify areas needing additional study.

Affordable Pricing at ₹199/Month

Quality exam preparation shouldn't be expensive. At just ₹199 per month, PrepCore offers exceptional value compared to competitors charging ₹599-1,250 or more. This affordable pricing makes professional-quality preparation accessible to students and young professionals who are just starting their careers.

The monthly subscription includes unlimited access to all 100 questions, detailed explanations, full analytics, and mobile-responsive interface. There are no hidden fees, no attempt limits, and no time restrictions during your subscription period.

2 Free Demo Tests

Not sure if PrepCore is right for you? Try before you buy with 2 completely free demo tests. These demos give you full access to the platform interface, question quality, and explanation depth without requiring any payment or credit card information.

The free demos let you experience the exam-simulated environment, practice with actual questions, and evaluate whether our explanatory approach suits your learning style. This risk-free trial ensures you can make an informed decision about your preparation investment.

Mobile-Friendly Learning

Prepare on your schedule, wherever you are. The PrepCore platform is fully mobile-responsive, allowing you to practice on your smartphone, tablet, or computer. Whether you're commuting, on a lunch break, or studying at home, your preparation is always accessible.

The mobile interface maintains all features of the desktop version, including full explanations, progress tracking, and exam simulation. Your progress syncs across devices, so you can seamlessly switch between phone and computer.

2025 Updated Content

Derivatives regulations and market practices evolve continuously. PrepCore's content is regularly updated to reflect the latest NISM syllabus, SEBI regulations, and market developments. You can be confident that you're preparing with current, relevant material that matches what you'll see in the actual exam.

How to Prepare for NISM Series 13 Exam

Success in the NISM Series 13 exam requires a structured approach that balances concept learning with practice. Here's a comprehensive preparation strategy designed specifically for beginners.

Study Timeline: 2-4 Weeks for Beginners

Most candidates with no prior derivatives knowledge can adequately prepare for NISM Series 13 in 2-4 weeks with dedicated daily effort. If you can devote 2-3 hours daily, a 3-week preparation timeline works well. If your time is more limited (1 hour daily), plan for 4-6 weeks. The key is consistency rather than intensity—regular daily study is more effective than occasional marathon sessions.

Building Derivatives Concepts from Scratch

Since NISM Series 13 doesn't assume prior knowledge, start with the fundamentals. Begin by understanding what derivatives are and why they exist. Use real-world analogies—a commodity futures contract is similar to booking a hotel room in advance at a guaranteed price, protecting you from price increases.

Read the official NISM workbook carefully, chapter by chapter. Don't rush through the material. Take notes in your own words, which helps retention better than passive reading. When you encounter a new concept, try to relate it to something you already understand or imagine a practical scenario where it applies.

No Prior Knowledge Required

One of the best aspects of NISM Series 13 is its accessibility. You don't need a finance degree, prior work experience in markets, or advanced mathematical skills. Basic arithmetic and logical thinking are sufficient. The exam tests conceptual understanding rather than calculation ability.

If you come across complex-sounding terms like "mark-to-market" or "basis," don't panic. The official material explains everything from basics. If the textbook explanation isn't clear, PrepCore's question explanations provide alternative perspectives that often clarify confusing concepts.

Focus Areas for Beginners

Not all syllabus topics carry equal weight. Smart preparation means allocating your time proportionally. Options (20% weightage) and Introduction to Underlying Markets (16%) deserve more attention than Basics of Derivatives (4%). However, don't completely skip low-weightage topics—a comprehensive understanding helps with overall clarity.

Focus especially on:

Understanding call and put options thoroughly
Futures contract mechanics and margin requirements
Basic option strategies like protective puts and covered calls
Regulatory framework and investor protection measures
Settlement procedures and market operations

Importance of Practice Tests

Reading theory isn't sufficient—you must practice applying your knowledge. Start taking PrepCore mock tests after completing each major topic. Don't wait until you've finished the entire syllabus to begin testing. Early practice helps identify gaps while you still have time to address them.

Take full-length 150-question tests under exam conditions (3 hours, no breaks, no reference material) at least three times before the actual exam. This builds stamina and time management skills. Many candidates find that mental fatigue, not lack of knowledge, is their biggest challenge in lengthy exams.

Time Management Strategies

With 150 questions in 180 minutes, time pressure is generally manageable. However, develop a rhythm: read each question carefully, eliminate obviously wrong options, and select the best answer. If you're uncertain, mark the question for review and move on—don't get stuck on difficult questions during your first pass.

Plan for three passes through the exam: First pass (100 minutes) - answer all questions you're confident about; Second pass (50 minutes) - tackle marked questions with more thought; Final pass (30 minutes) - review answers, especially calculations, and make final decisions on questions you're uncertain about.

Common Beginner Mistakes to Avoid

Beginners often make predictable errors that hurt their scores:

Confusing calls and puts: Reinforce the fundamental difference—calls give the right to buy, puts give the right to sell. Use memory aids like "Call = BUY" (both start with strong consonants).

Ignoring negative marking: Random guessing can hurt your score. If you can't eliminate at least two options, consider leaving the question blank.

Rote memorization without understanding: Don't just memorize that "options have asymmetric payoff." Understand what that means and why it matters.

Neglecting regulatory topics: These seem dry but are frequently tested and relatively easy to score on with straightforward reading.

Inadequate practice: Reading the textbook twice won't prepare you as well as reading once and practicing 50-100 questions.

Confidence Building Approach

As a beginner, confidence is crucial. Build it progressively by starting with easier topics (Basics of Derivatives, Introduction to Underlying Markets) before tackling complex ones (Options, Trading Strategies). Celebrate small wins—when you score 80% on a topic-wise test, acknowledge that progress before moving forward.

Use PrepCore's analytics to visualize your improvement over time. Seeing your scores rise from 50% to 75% to 85% provides psychological reinforcement that your preparation is working.

Last Week Checklist

In the final week before your exam:

Complete at least two full-length mock tests under exam conditions
Review all incorrect answers from previous tests
Revisit high-weightage topics (Options, Underlying Markets, Trading Strategies)
Go through regulatory framework and definitions once more
Prepare your exam day logistics (center location, documents required, timing)
Avoid starting any new topics—focus on consolidation
Get adequate sleep, especially the night before the exam
Gather required documents (valid ID, exam confirmation) in advance

NISM Series 13 vs Advanced Derivatives Certifications

Understanding how NISM Series 13 compares to specialized derivatives certifications helps you make informed career decisions and plan your certification pathway.

Comparison with NISM Series 8 (Equity Derivatives)

NISM Series 8 focuses exclusively on equity derivatives—futures and options on stocks and indices. It goes much deeper into equity derivatives than Series 13, covering advanced trading strategies, detailed pricing models, and complex risk management techniques specific to equity markets.

Series 8 has 100 questions in 2 hours with a 60% passing score, making it more intensive than Series 13's broader but shallower coverage. The difficulty level is higher, with questions testing application and analysis rather than just understanding.

Choose Series 8 over Series 13 if your career focus is specifically on equity derivatives trading, you're joining a firm dealing exclusively in equity futures and options, or you already have basic derivatives knowledge and want to specialize immediately. Choose Series 13 first if you're a complete beginner, you want exposure to all derivatives segments before specializing, or you're working with Specialized Investment Funds requiring broad derivatives knowledge.

Comparison with NISM Series 1 (Currency Derivatives)

Series 1 specializes in currency derivatives, covering forex markets in depth. It includes currency futures and options, exchange rate theories, currency market participants, and India-specific forex regulations in detail.

Series 1 is particularly relevant for those interested in forex trading, treasury operations in banks and corporations, or import-export businesses using currency hedging. Like Series 8, it's more specialized and in-depth than Series 13's currency derivatives portion.

Comparison with NISM Series 16 (Commodity Derivatives)

Series 16 focuses on commodity derivatives—futures and options on commodities like gold, silver, crude oil, natural gas, and agricultural products. It covers commodity market dynamics, warehouse receipt systems, and commodity-specific regulations.

This certification is valuable for careers in commodity trading, agricultural finance, commodity broking, and corporate commodity risk management. The syllabus includes topics irrelevant to other derivatives segments, like storage and warehousing.

When to Take Series 13 First

Taking NISM Series 13 first makes strategic sense in several scenarios:

You're a complete beginner: If derivatives are entirely new to you, Series 13's broad coverage helps you understand the overall landscape before diving deep into one segment.

You're undecided about specialization: If you're unsure whether you want to focus on equity, currency, or commodity derivatives, Series 13 exposes you to all three, helping you make an informed choice.

You work with multiple derivatives segments: If your job involves dealing with various derivatives types rather than specializing in one, Series 13's comprehensive coverage is more relevant than individual certifications.

You want to minimize exam count: Instead of taking Series 1, 4, and 8 separately, Series 13 gives you an equivalent certification (for certain regulatory purposes) in a single exam.

Budget constraints: Taking one exam (₹3,000) is more economical than three separate exams (₹9,000+ total) if you need broad certification.

Progression Path: 13 → 8/1/16

Many successful derivatives professionals follow this progression: Start with NISM Series 13 to build foundational knowledge across all derivatives segments. This gives you the "big picture" and helps you discover which segment interests you most.

After gaining some work experience (6-12 months), pursue specialized certification based on your role and interests. If you're working in equity derivatives, take Series 8. If you've moved into forex, take Series 1. If commodities interest you, pursue Series 16.

This progressive approach offers several advantages: you build a strong foundation before specializing, you make informed specialization choices based on actual exposure, you spread certification costs and preparation effort over time, and you develop deeper expertise in your chosen area without getting overwhelmed initially.

Career Trajectory with Multiple Certifications

Holding multiple NISM certifications significantly enhances your career prospects and earning potential. Professionals with Series 13 plus one or more specialized certifications (8, 1, or 16) often command higher salaries and have access to broader role opportunities.

Career progression might look like: Entry-level (Series 13): ₹2.5-6 LPA in junior dealer or support roles; Mid-level (Series 13 + 8/1/16): ₹6-12 LPA in dealer or analyst roles; Senior level (Multiple certifications + experience): ₹12-20+ LPA in senior dealer, risk management, or strategy roles.

Career Opportunities After NISM 13

Passing NISM Series 13 opens various career paths in India's derivatives market. While this is a foundation certification, it provides the credential needed for entry-level positions that can lead to lucrative careers.

Entry-Level Derivatives Roles

Junior Derivatives Dealer: Assist senior dealers in executing trades, monitoring positions, and managing client orders in derivatives segments. This role provides hands-on experience in derivatives trading operations.

Derivatives Back Office Executive: Handle trade processing, settlement, reconciliation, and record-keeping for derivatives transactions. This operational role is crucial for broking firms and helps you understand the complete trade lifecycle.

Dealer Support Associate: Provide support to trading desks by conducting market research, preparing reports, monitoring risk limits, and assisting with client queries. This role offers exposure to trading without the pressure of actual trade execution.

Compliance Assistant (Derivatives): Support compliance teams in ensuring derivatives trading adheres to regulatory requirements, monitoring position limits, and maintaining documentation for regulatory audits.

Client Service Executive (Derivatives): Work with retail or institutional clients who trade derivatives, explaining products, assisting with account opening, and providing trading support.

Salary Range for Entry-Level Positions

Compensation for NISM Series 13 certified professionals varies based on organization type, location, educational background, and additional skills.

Tier 1 cities (Mumbai, Delhi, Bangalore): ₹3-6 lakhs per annum for entry-level positions Tier 2 cities: ₹2.5-4.5 lakhs per annum Top broking firms and banks: ₹4-8 lakhs per annum, often with performance bonuses

While these entry-level salaries might seem modest, they provide crucial industry entry and experience. With 2-3 years of experience and additional certifications, progression to ₹8-15 LPA is realistic.

Skills Developed Through Certification

NISM Series 13 certification helps you develop several valuable professional skills:

Derivatives Product Knowledge: Understanding futures, options, and their applications across multiple asset classes.

Risk Awareness: Recognizing and evaluating risks inherent in derivatives trading.

Regulatory Understanding: Knowledge of SEBI regulations, exchange rules, and compliance requirements.

Market Analysis: Ability to understand market movements and their impact on derivatives prices.

Professional Credibility: A SEBI-recognized certification that validates your knowledge to employers and clients.

These skills form the foundation for growth in derivatives markets and related financial services careers.

Career Growth with Advanced Certifications

NISM Series 13 is a starting point, not a destination. Successful derivatives professionals typically combine it with:

Specialized NISM certifications: Adding Series 8, 1, or 16 based on career direction Professional degrees: MBA in Finance, CFA, or FRM for advanced roles Work experience: 3-5 years of hands-on derivatives market experience Soft skills: Communication, analytical thinking, and client relationship management

This combination can lead to senior positions like Derivatives Dealer (₹10-18 LPA), Derivatives Analyst (₹8-15 LPA), Risk Manager (₹12-20 LPA), or Compliance Manager (₹10-18 LPA) within 5-7 years.

Success Stories and Testimonials

[This section will be populated with real student success stories as PrepCore builds its user base. Testimonials will highlight how NISM Series 13 helped beginners enter the derivatives market, career changers transition into finance, and freshers land their first financial services jobs. Stories will emphasize the foundation-to-advanced certification progression and career growth trajectories.]

Examples of planned testimonials:

Engineering graduate who passed Series 13 and secured a junior dealer position
Banking professional who transitioned to derivatives trading after certification
Commerce student who used Series 13 as stepping stone to Series 8 and analyst role

Frequently Asked Questions

What is NISM Series 13?

NISM Series 13 (Common Derivatives Certification) is a foundation-level examination that covers all three major derivatives segments: Equity Derivatives, Currency Derivatives, and Interest Rate Derivatives. It's offered by NISM as an alternative to taking Series 1, 4, and 8 individually.

Is NISM Series 13 for beginners?

Yes, NISM Series 13 is specifically designed for beginners with no prior derivatives knowledge. The syllabus builds concepts from basics and doesn't assume any advanced finance background.

Do I need prior derivatives knowledge for Series 13?

No, you don't need any prior knowledge. The exam is designed to teach derivatives fundamentals from scratch. Basic understanding of financial markets is helpful but not mandatory.

What is the passing percentage for NISM 13?

The passing score is 60%, which means you need to score at least 90 marks out of 150 total marks.

How long is the NISM Series 13 certificate valid?

The certificate is valid for three years from the date of issuance. You can renew it by either retaking the exam or completing a one-day CPE program.

Should I take Series 13 or Series 8 first?

Take Series 13 first if you're a complete beginner, want exposure to all derivatives segments, or are undecided about specialization. Take Series 8 directly if you already understand basic derivatives and know you want to focus specifically on equity derivatives.

What are the exam fees for NISM Series 13?

The examination fee is ₹3,000 (including GST).

How do I register for NISM Series 13 exam?

Register online through the NISM website (www.nism.ac.in). You can schedule your exam at any authorized test center across India at a date and time convenient to you.

Is the NISM Series 13 syllabus difficult?

Compared to advanced certifications like Series 8, Series 13 is easier and more beginner-friendly. The questions focus on foundational concepts rather than complex applications.

How many questions are in NISM Series 13 exam?

The exam has 150 multiple-choice questions, each carrying 1 mark.

What is the exam duration for Series 13?

You have 3 hours (180 minutes) to complete the 150-question examination.

What career opportunities exist after NISM 13?

Entry-level positions include Junior Derivatives Dealer, Back Office Executive, Dealer Support roles, Compliance Assistant, and Client Service positions in derivatives segments.

What is the salary after NISM Series 13 certification?

Entry-level positions typically offer ₹2.5-6 lakhs per annum, depending on location, organization, and educational background. With experience and advanced certifications, this can grow to ₹8-15+ lakhs.

Can I directly take Series 8 instead of Series 13?

Yes, you can take any NISM certification directly. However, if you're a beginner, Series 13's comprehensive foundation is valuable before specializing in Series 8.

How much time is needed to prepare for NISM 13?

Most beginners can adequately prepare in 2-4 weeks with daily study of 2-3 hours. Your timeline may vary based on your background and available study time.

Is NISM 13 easier than other derivatives exams?

Yes, Series 13 is generally easier than specialized derivatives certifications (Series 8, 1, 16) because it focuses on foundations rather than advanced applications.

Does NISM 13 have negative marking?

Yes, there is negative marking of 25% (0.25 marks deducted for each wrong answer).

Can I take NISM 13 online?

The exam is computer-based and taken at authorized test centers. It's not an online exam you can take from home, but registration and scheduling are done online.

What topics are covered in NISM Series 13?

The syllabus covers basics of derivatives, underlying markets (equity, currency, interest rate), forwards and futures, options, pricing and valuation, trading strategies, risk management, and regulatory framework.

Is NISM certification recognized by employers?

Yes, NISM certifications are recognized across India's financial sector as they're offered by a SEBI initiative. Many employers require NISM certifications for derivatives-related roles.

Start Your NISM Series 13 Preparation Today

NISM Series 13 is your gateway to a rewarding career in India's derivatives markets. As a foundation-level certification, it's perfect for beginners who want to understand derivatives without getting overwhelmed by specialized complexity. The comprehensive coverage of equity, currency, and interest rate derivatives gives you broad exposure that helps you make informed career specialization decisions later.

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Related Resources

Advanced Derivatives Certifications:

NISM Series 8: Equity Derivatives Certification
NISM Series 1: Currency Derivatives Certification
NISM Series 16: Commodity Derivatives Certification

Beginner Guides:

Introduction to Derivatives Markets
Understanding Futures and Options
Derivatives Career Path in India

Preparation Resources:

How to Prepare for NISM Exams
NISM Exam Pattern Guide 2025
NISM Certification Benefits and Career Opportunities

Career Planning:

Jobs After NISM Certification
Derivatives Salary Guide India
Building a Career in Financial Markets