NISM Series 15 Mock Test 1: Free Research Analyst Paper
Free NISM Series 15 mock test 1 for the Research Analyst exam (NISM Series XV). 50 questions. You have 60 minutes. The pass mark and negative marking match the exam.
The clock starts when you press Start. Answers and explanations open after you submit.
This exam also has a case part with 5 cases, like the real paper. Take it after this mock.
How this mock is marked
- 50 questions, one mark each.
- 60 minutes on the clock. That is the real exam's pace: 120 minutes for 100 questions.
- A wrong answer loses a quarter of a mark. A blank loses nothing.
- You pass with 60% or more.
- Submit to see your score and the chapters to work on. Then check each right answer and why it is right.
What this paper covers
50 questions from 15 chapters. Each chapter gets a share that follows our question bank.
- Introduction to Research Analyst Profession: 1 question.
- Introduction to Securities Market: 1 question.
- Terminology in Equity and Debt Markets: 1 question.
- Fundamentals of Research: 2 questions.
- Economic Analysis: 3 questions.
- Industry Analysis: 4 questions.
- Company Analysis – Business and Governance: 3 questions.
- Company Analysis – Financial Analysis: 5 questions.
- Corporate Actions: 2 questions.
- Valuation Principles: 7 questions.
- Fundamental analysis of commodities: 3 questions.
- Fundamentals of Risk and Return: 3 questions.
- Qualities of a Good Research Report: 3 questions.
- Legal and Regulatory Environment: 5 questions.
- Technical Analysis: 7 questions.
By level: Beginner 5 · Intermediate 35 · Advanced 10.
Chapter split of Mock 1
How Mock 1 shares its questions between chapters and levels. This split belongs to this paper. The other mocks of this exam have their own.
- Introduction to Research Analyst Profession: Beginner 0 · Intermediate 1 · Advanced 0.
- Introduction to Securities Market: Beginner 1 · Intermediate 0 · Advanced 0.
- Terminology in Equity and Debt Markets: Beginner 0 · Intermediate 1 · Advanced 0.
- Fundamentals of Research: Beginner 0 · Intermediate 1 · Advanced 1.
- Economic Analysis: Beginner 1 · Intermediate 2 · Advanced 0.
- Industry Analysis: Beginner 0 · Intermediate 4 · Advanced 0.
- Company Analysis – Business and Governance: Beginner 1 · Intermediate 2 · Advanced 0.
- Company Analysis – Financial Analysis: Beginner 0 · Intermediate 4 · Advanced 1.
- Corporate Actions: Beginner 0 · Intermediate 1 · Advanced 1.
- Valuation Principles: Beginner 1 · Intermediate 3 · Advanced 3.
- Fundamental analysis of commodities: Beginner 0 · Intermediate 3 · Advanced 0.
- Fundamentals of Risk and Return: Beginner 0 · Intermediate 2 · Advanced 1.
- Qualities of a Good Research Report: Beginner 0 · Intermediate 2 · Advanced 1.
- Legal and Regulatory Environment: Beginner 0 · Intermediate 3 · Advanced 2.
- Technical Analysis: Beginner 1 · Intermediate 6 · Advanced 0.
The written-out answers on this page are hidden while your timed set runs.
3 sample questions, with answers
These 3 questions are not in Mock 1, so reading them spoils nothing here. They come from Mock 3 of this exam. Each one shows the hint, the answer and why every wrong option is wrong.
Q1CASE — Zenith Ltd. has total debt of ₹900 crore, cash of ₹300 crore and EBITDA of ₹400 crore. Its net debt-to-EBITDA ratio is:
Option A. 1.0 times
Why it is wrong: It understates net debt relative to EBITDA.
Option B. 1.5 times — Correct answer
Option C. 2.25 times
Why it is wrong: 2.25x is gross debt divided by EBITDA, not net debt divided by EBITDA.
Option D. 3.0 times
Why it is wrong: It is not produced by the stated figures.
Answer: B. Net debt = ₹900 − ₹300 = ₹600 crore. Net debt/EBITDA = 600 ÷ 400 = 1.5 times. Remember: Net leverage ratios require cash to be deducted from debt when the numerator is net debt.
Hint, shown before you answer in practice mode: Common mistake: Using gross debt rather than net debt.
XV-060mediumnumerical
Q2The risk-free rate is 5%, the expected market return is 12%, and a stock's beta is 1.3. Under CAPM, the stock's expected return is:
Option A. 9.1%
Why it is wrong: 9.1% is the beta-adjusted market risk premium before adding the risk-free rate.
Option B. 14.1% — Correct answer
Option C. 12.0%
Why it is wrong: This simply uses the market return.
Option D. 15.6%
Why it is wrong: It is not produced by the stated formula.
Answer: B. CAPM expected return = Rf + β(Rm − Rf) = 5% + 1.3(12% − 5%) = 5% + 9.1% = 14.1%. Remember: CAPM combines the risk-free rate with beta times the market risk premium.
Hint, shown before you answer in practice mode: Common mistake: Forgetting to add the risk-free rate after calculating beta × market risk premium.
XV-042mediumnumerical
Q3A company earns ₹100 crore and has 50 crore shares outstanding, so EPS is ₹2.00. It then issues 10 crore additional shares, and assume profit remains ₹100 crore. What happens to EPS?
Option A. It rises to ₹2.50
Why it is wrong: More shares with unchanged profit do not increase EPS.
Option B. It stays at ₹2.00
Why it is wrong: EPS changes because the share count changes.
Option C. It rises to ₹6.00
Why it is wrong: This is not supported by the arithmetic.
Option D. It falls to about ₹1.67 — Correct answer
Answer: D. After the issue, shares outstanding become 60 crore. With unchanged profit, EPS = ₹100 crore ÷ 60 crore = approximately ₹1.67. Remember: Equity issuance can dilute per-share earnings if incremental profit does not offset the larger share count.
Hint, shown before you answer in practice mode: Common mistake: Looking only at total profit and ignoring changes in shares outstanding.
XV-115mediumnumerical
Then take Mock 2
Read the chapters your result names first. A new paper then shows whether those gaps have closed.
Open Mock 2Paper Trading Try it on the practice trading desk