BUSINESS, FINANCE AND MANAGEMENT
Equity Research Analyst
Studies listed companies and writes reports advising whether shares are worth buying or selling.
Commerce or Economics helps; maths is useful After a degree Private sector
Facts checked 29/10/2026
Is this for me?
People in this work enjoy
- Reading company accounts and working out the story behind the numbers
- Following business and market news every day
- Writing clear reports that people act on
It may not suit you if you dislike
- A wrong call can cost clients money and damage your reputation
- Long hours around results season and sudden market events
- Strict rules on conflicts of interest and what you can say publicly
- Class 11–12 subjects
- No set Class 12 stream is needed for the NISM exam itself. The usual route into SEBI registration is a postgraduate degree in finance, commerce, economics or business management, or a graduate degree plus five years of market experience. Commerce or Economics in Class 12 makes accounts and valuation topics easier, but it is not compulsory.
- First degree
- Graduation in any discipline, then a postgraduate degree or diploma in finance, commerce, economics or business management (for example, MBA Finance). Or a graduate degree plus five years in financial products, markets or portfolio management.
- Entrance exams
- NISM Series XV: Research Analyst Certification Examination, run by NISM. Passing it is compulsory before you can prepare or publish research reports.
- Licence or registration
- SEBI registration as a Research Analyst under the SEBI (Research Analysts) Regulations, 2014. Anyone who prepares or publishes research on listed securities needs the NISM certificate, even without the job title.
Open to every streamCommerce or Economics helps; maths is useful.Check your subjects against every career
What the work is like
Reading annual reports and quarterly results, building valuation spreadsheets, following company management calls, writing reports with buy, hold or sell views, and presenting findings to fund managers or clients.
A day in the work
The day often starts with overnight market news and the morning's share moves. The analyst reads a company's quarterly results, updates a valuation spreadsheet and checks what management said on the earnings call. Later, there may be a call with a company's investor relations team or a client question, handled within SEBI's rules. The day often ends with a draft report that a senior analyst or the compliance team checks before release.
Professional qualificationRun by SEBI (registration), with the NISM Series XV certificate. You can start after: A postgraduate degree, or graduation plus five years of market experience. Minimum time: About 5 years after Class 12 by the postgraduate route (3-year degree plus 2-year PG), or a 3-year degree plus 5 years of experience.
The full route: exams, training, registration
- Step 1 · Class 11–12Commerce or Economics is the most useful stream if you enjoy business and numbers. Follow business news daily and track the results of two or three listed companies.
- Step 2 · After Class 12 (3 years)Graduation in commerce, economics or another discipline. Build strong skills in accounts, statistics and reading financial statements.
- Step 3 · After graduation (about 2 years)A postgraduate degree or diploma in finance, such as MBA Finance, or M.Com. Or, after graduation, work for about five years in securities, funds or portfolio work.
- Step 4 · During or after the PGPass the NISM Series XV exam. It has 100 marks in 2 hours, a pass mark of 60, and 25% negative marking for each wrong answer. Case-based questions were added from 20 January 2026.
- Step 5 · Before working independentlyApply to SEBI for registration as a Research Analyst with your qualification proof, experience certificates, NISM certificate and net worth proof. Many people first work under a registered firm. (reported — check with the official body)
Ways in
- Postgraduate routeGraduation, then MBA Finance or a similar PG. This is the most common route into broking houses and research desks.
- Experience routeAny graduate with five years in securities, funds or portfolio work, then the NISM exam. Many people start in operations or client support.
- Professional routeA CA, CMA or CFA can also meet the qualification rule, since the regulation covers professional qualifications in accountancy and finance. The NISM exam is still needed.
- The NISM Series XV exam was revised from 20 January 2026, with case-based questions and new chapters. Study the current workbook, not older material.
- NISM certificate validity is commonly reported as three years, renewable by a renewal exam or continuing education (reported; confirm on the NISM portal).
Time and money
| Stage | Time | Government college or body | Private college | Help available |
|---|---|---|---|---|
| Class 11–12 (commerce or economics stream) | 2 years | Your school's fees | Your school's fees | — |
| Graduation in commerce, economics or any discipline | 3 years | Check the college's fee page | Check the college's fee page | — |
| Postgraduate route: MBA Finance, M.Com or similar PG | 2 years | Check the college's fee page | Check the college's fee page | — |
| Experience route (alternative): about 5 years in securities, funds or portfolio work | 5 years | Paid work; no course fee | Paid work; no course fee | — |
| NISM Series XV certification exam (100 marks, 2 hours) | 1 day exam | Check the notice | Check the notice | — |
| SEBI registration as Research Analyst | Check the notice | Check the notice | Check the notice | — |
Total timeAbout 5 years after Class 12 by the postgraduate route (3-year degree plus 2-year PG)
Total costDepends mostly on the college you choose — compare fee pages.
Good to knowThe NISM exam fee is only reported at about ₹1,500 plus GST, not confirmed; check the NISM portal before paying. Passing NISM is not the same as SEBI registration.
Fees change every year — check the college's own fee page before you pay.
What people earn
Earnings depend on experience, the employer (a large broking house, an investment bank or a small boutique) and the city, and they can rise sharply with a strong track record.
Myth and fact
Myth: You need a CA or an MBA from a top college to become a research analyst.
Fact: The rules accept several routes, including a postgraduate degree in finance, commerce, economics or business management, or a graduate degree with five years of market experience. Everyone still needs to pass the NISM exam.
Try it now
- Class 7–9For one month, read the business page of a newspaper and pick one listed company you know. Note its three biggest news items.
- Class 10–12Explore the free finance and economics courses on SWAYAM and finish the first unit of one. Keep a notebook of terms like profit margin and debt.Open link ↗
- College or afterDownload the annual report of a listed company from its own website. Write a one-page summary of its revenue, profit and debt.
Good to know
- Passing NISM Series XV is not the same as SEBI registration. You need both before you can publish research on your own.
- The NISM rule covers employees who prepare or publish research, not only those with the title 'research analyst'.
- A CFA is optional. It is not a legal requirement, but many analysts add it later for buy-side jobs.