How to Prepare for NISM Series XXV-A
Chapter order, time needed, and where marks are actually lost on the Persons Associated with Research Services paper.
NISM Series XXV-A launched on 10 February 2026, and no NISM series has yet published a pass rate for it. That absence is not a difficulty signal either way. It simply means too few candidates have sat it so far for a number to exist. Ignore any site that quotes one; there is nothing to quote.
What is known is the shape of the paper: 50 questions in 60 minutes, no negative marking, and a pass mark of 25 out of 50 (50%) with no minimum required per chapter. That last point matters for how you study.
A study order that follows the marks
Chapters 5 and 6 together carry half the paper. Study in this order rather than the workbook's:
- 1
Chapter 5: Client Interaction and Relationship Skills (30%, 15 marks)
The single heaviest chapter by a wide margin. This is the chapter that reflects the actual job: sales conduct, suitability, and how you're expected to interact with a research firm's clients.
- 2
Chapter 6: Professional Efficiency, Development and Tools (20%, 10 marks)
With chapter 5, this is half the exam. Covers the working practices and tools expected of non-core staff at a Research Analyst firm.
- 3
Chapter 4: Research Reporting, Ethics and Regulatory Environment (16%, 8 marks)
The compliance backbone: what a research report must and must not claim, disclosure norms, and the SEBI framework around it.
- 4
Chapter 3: Risk and Return Fundamentals (14%, 7 marks)
The most conceptual chapter on the paper. Worth doing early enough that the ideas have time to settle before the exam.
- 5
Chapter 2: Fundamentals of Research, Market Terminologies and Market Analysis (10%, 5 marks)
Vocabulary and orientation: what research analysis actually involves, from the sales side looking in.
- 6
Chapter 1: Introduction to Research Analysis Profession and Securities Markets (10%, 5 marks)
Mostly context: what the profession is, how it's regulated, and where XXV-A fits next to Series XV. Safe to read once, last.
- 7
At least one full timed mock
50 questions, 60 minutes, no interruptions. The paper is short enough that pacing under real time pressure is worth rehearsing at least once before exam day.
No sectional minimum
You need 25 of 50 marks overall, with no minimum required in any single chapter. A candidate strong on chapters 5 and 6 (25 of the 50 marks between them) has real room to be weaker on the lighter chapters. Depth on the two heaviest chapters counts for more than even coverage across all six.
Free account, this exam preselected.
Because there's no negative marking, there's no reason to leave a question blank. An educated guess can only help your score, never hurt it.