NISM does not publish pass-rate, score-distribution, or chapter-difficulty data for any of its certification exams — so nobody outside NISM actually knows how candidates perform, chapter by chapter, until now. This page is BullWiser's own first-party research, built from real full-length mock test attempts on our platform. Every number below states its exact sample size and date range, and every figure is clearly BullWiser's own data — never presented as an official NISM statistic.
Read this before the numbers — it's what makes them trustworthy.
Based on 121 full-length mock test attempts by 72 unique candidates on BullWiser, taken between June 17 and September 8, 2026. Chapter-wise accuracy below is drawn from the 114 of those attempts with a complete 15-chapter scoring record — 8,202 individually chapter-tagged answers in total.
Sorted by chapter number. Lower accuracy = more wrong answers relative to correct ones for that chapter, across all attempts.
| Ch. | Chapter | Accuracy | Answers analysed | |
|---|---|---|---|---|
| 1 | Introduction to Research Analyst Profession | 86.6% | 238 | |
| 2 | Introduction to Securities Market | 78.0% | 422 | |
| 3 | Terminology in Equity and Debt Markets | 76.2% | 404 | |
| 4 | Fundamentals of Research | 84.4% | 481 | |
| 5 | Economic Analysis | 78.0% | 492 | |
| 6 | Industry Analysis | 77.1% | 637 | |
| 7 | Company Analysis – Business and Governance | 72.6% | 521 | |
| 8 | Company Analysis – Financial Analysis | 71.6% | 866 | |
| 9 | Corporate Actions | 78.0% | 413 | |
| 10 | Valuation Principles | 73.4% | 773 | |
| 11 | Fundamental Analysis of Commodities | 69.0% | 403 | |
| 12 | Fundamentals of Risk and Return | 75.7% | 625 | |
| 13 | Qualities of a Good Research Report | 69.8% | 305 | |
| 14 | Legal and Regulatory Environment | 82.6% | 679 | |
| 15 | Technical Analysis | 79.7% | 943 |
The five chapters where candidates lose the most marks, ranked by accuracy: Fundamental Analysis of Commodities (69.0%), Qualities of a Good Research Report (69.8%), Company Analysis – Financial Analysis (71.6%), Company Analysis – Business and Governance (72.6%), and Valuation Principles (73.4%). Interestingly, Legal and Regulatory Environment — often assumed to be the hardest chapter in research-analyst prep — actually ranks among the more accurately answered chapters in our data (82.6%), while Introduction to Research Analyst Profession is the single easiest (86.6%). If you're short on revision time, this table is a more reliable prioritisation guide than intuition.
We publish a chapter-performance or pass-rate report for a series only once it has enough real attempts behind it — otherwise the number is a guess wearing a statistic's clothes. Here's exactly where the other four series stand today (September 2026):
Take a free mock on any of these series and your (anonymised, aggregated) attempt helps get that report published sooner.
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