MUMBAI :
Practical knowledge is undeniably valuable in the finance sector, yet it alone is insufficient to obtain licenses such as investment advisor (IA), research analyst (RA), or portfolio management service (PMS) in India.
According to India’s esteemed market regulator, the Securities and Exchange Board of India (Sebi), candidates must possess a postgraduate degree or recognized professional certifications in finance-related fields to qualify for these licenses.
For individuals not meeting these criteria, the National Institute of Securities Markets (NISM), established by Sebi in 2006, offers a comprehensive 15-month postgraduate programme. This programme is designed to be flexible, allowing candidates to pursue it online, offline, or as a part-time commitment.
Rachana Baid, dean of academics at NISM, provides further insights into this unique offering.
Who Should Consider Applying for the Programme?
Anyone lacking Sebi’s requisite qualifications can gain eligibility by obtaining the chartered financial analyst (CFA) charter or by completing the NISM postgraduate programme in securities market studies. The course curriculum is divided into five terms: the first three terms cover fundamental concepts of the securities market, while the fourth term focuses on specialized areas including portfolio management, investment advisory, or research analysis. In the final term, students must submit a dissertation to demonstrate their understanding and expertise.
To secure the desired specialization license, candidates are required to pass the respective NISM exams and fulfill other experience prerequisites set by Sebi. Additionally, students aiming for dual or triple specializations can opt out of the common courses (first three trimesters) as long as they complete them within three consecutive years.
Notably, there is no separate interview process; thus, it’s feasible for candidates to complete all three specializations in a span of three consecutive years without any breaks.
Part-Time and Online Learning Options
NISM’s postgraduate programme is designed as a weekend course in a hybrid format, making it accessible for full-time professionals. Those residing in Mumbai can attend classes at the BKC campus or join virtually. Sessions are scheduled every Saturday for three hours starting at 6 PM, and every Sunday for a six-hour session from 10 AM onward. A mandatory 80% attendance policy is enforced to ensure engagement. Furthermore, this programme welcomes international participants to join online as well.
Eligibility and Fee Structure
All graduates from recognized universities are welcome to apply for this course, with a fee structure of ₹2.75 lakh plus GST. NISM also offers group discounts for candidates from the same organizations, making it a more economical option compared to most other postgraduate programmes available in the market.
Student Enrollment and Selection Process
The number of students enrolled each year is determined internally at NISM. Recently, they accepted 86 students, although they typically aim for around 60 to 70. This year, they received approximately 600 applications. While there is no formal written entrance examination, candidates undergo an online personal interview for selection. Plans are in place to increase the number of batches annually, accommodating the rising demand.
Curriculum Overview
The course is structured to welcome individuals from diverse backgrounds, including those with no formal finance training. Topics covered include an overview of securities markets, quantitative methods, financial statement analysis, economic principles, financial theories and behavioral finance, fixed income, alternative assets, security analysis, valuation, derivatives, risk management, and regulatory frameworks. Students will also delve deeply into their chosen specialization.
Evaluation methods throughout the programme include online assessments, case study discussions, quizzes, individual/group assignments, and class participation. Following each term, examinations are conducted, which students must pass to progress to the next level. These exams occur online with remote proctoring on weekends according to Indian Standard Time.
Recent proposals by Sebi suggest a potential reduction in the eligibility criteria for IA and RA from requiring a postgraduate degree in a finance-related subject to a graduation level in a relevant field. Nevertheless, obtaining a NISM certificate will still provide substantial advantages for candidates lacking a finance-focused undergraduate degree.
With an accessible approach and comprehensive curriculum, NISM’s postgraduate programme proves to be a valuable stepping stone for professionals aspiring to enter or advance within the securities market. Whether you are looking to become an investment advisor, research analyst, or portfolio manager, this programme equips you with the essential tools and knowledge to succeed.
