Both are SEBI-mandated NISM certifications, but they lead to different careers. V-A is compulsory for anyone selling mutual funds; XV is mandatory for research analysts publishing securities research.
| Parameter | Series V-A | Series XV |
|---|---|---|
| Role | Mutual Fund Distributor (MFD) | Research Analyst (RA) |
| Questions/marks | 100 MCQs, 100 marks | 100 marks (MCQs + caselets) |
| Pass mark | 50% | 60% |
| Negative marking | None | 25% per wrong answer |
| Next step | ARN from AMFI → start distributing | SEBI RA registration (with other criteria) |
If your goal is to earn by helping people invest — MFD via V-A is the faster, lower-barrier route and the exam is easier (50% pass, no negative marking). If you want to analyse stocks and publish research — XV is your exam, but respect its 60% pass mark and negative marking: guessing is punished. Many professionals eventually do both; V-A first is the common order.
V-A is generally easier: 50% pass mark and no negative marking, versus 60% and 25% negative marking in XV. XV also includes case-based questions.
Yes, and many professionals do. They are independent certifications with separate exams and certificates. V-A first is the common sequence.
Yes — free full-length mocks for V-A, XV, X-A and X-B, with 2 free mocks per series and no login for your first attempt.