What is the NISM exam pattern?

NISM exams are computer-based, multiple-choice tests, and the pattern differs by module. For Series VIII (Equity Derivatives), for example, you get 100 questions in 120 minutes, need 60% to pass, and there is 25% negative marking for wrong answers.

Most modules follow a similar structure: a fixed number of questions, a set time, a pass percentage and negative marking. The details (number of questions, marks per question, pass mark) are listed in the official workbook and on the NISM portal for each module.

Questions usually come in a few types:

• Direct concept questions, like what a lot size or NAV is.
• Regulatory questions on SEBI rules and investor protection.
• Numerical or scenario questions, such as calculating an option payoff or margin.

Here’s a scenario-type question you might see in Series VIII: a trader buys a call with a strike of ₹500 at a premium of ₹20; what is his profit if the stock settles at ₹540? (Answer: ₹20 per share.) These are where students lose time.

With negative marking, guessing wildly is costly. If you can’t eliminate at least two options, it’s often better to skip. Certificates like Series VIII are valid for three years.

Our NISM exam preparation classes walk through the pattern module by module, with timed practice. Read our Series VIII syllabus and 30-day plan as well.