Northspread
CBT engine v2.6 · Exam-style timed interface

Practice NISM exams in a real timed environment.

Full-length timed mock exams scored exactly like the real exam — negative marking included wherever NISM applies it — verified chapter-wise question banks, and step-by-step mathematical proofs to find and fix your weak topics before exam day.

Not a locked demo — full-length, scored exactly like the real exam.
2,400+ verified questions · No login required
[ TRY IT — LIVE SIMULATOR PREVIEW ]
01/100[ NISM XV: VALUATION ]
01:59

A stock currently pays a dividend of ₹12.00, growing at a constant 6.5%. If the required rate of return is 11.5%, what is the intrinsic value under the Gordon Growth Model?

[ A ]₹240.00
[ B ]₹255.60
[ C ]₹230.40
[ D ]₹270.00

A sample question from Northspread's real exam engine — answer it to see how scoring and step-by-step proofs work.

[ CERTIFICATION TRACKS ]SHOW MORE →

Pick your exam. The engine is modeled on its real format.

NISM Series XV
Research Analyst
[ SEBI RA 2014 ][ 100 QS ][ 120 MIN ][ PASS: 60% ][ NEG: -0.25 ]

DCF models, DuPont financial ratio teardowns, SEBI research regulations.

NISM Series X-A
Investment Adviser (Level 1)
[ SEBI RIA 2013 ][ 135 QS ][ 180 MIN ][ PASS: 60% ][ NEG: -0.25/-0.5 ]

Suitability, risk profiling, goal-based planning, fiduciary duty.

NISM Series V-A
Mutual Fund Distributors
[ AMFI ARN ][ 100 QS ][ 120 MIN ][ PASS: 50% ][ NEG: NONE ]

NAV calculations, scheme categorization, expense drag, capital gains tax.

[ REGULATORY FRAMEWORK // SEBI COMPLIANCE ]

“Is NISM just a piece of paper?” — the legal licence vs. the market edge

Social media says certifications don’t matter because they don’t guarantee trading profits. SEBI regulations and institutional hiring desks say the exact opposite.

[ 01 · MANDATORY LEGAL SHIELD ]
It is a licence, not a trophy

Operating as an Equity Research Analyst (SEBI RA 2014), RIA, or distributor without certification invites severe regulatory penalties. NISM is your legal licence to practise.

[ 02 · INSTITUTIONAL SCREENING FILTER ]
Desks screen on it before they read you

AMCs, investment banks, and brokerages use Series XV as a non-negotiable resume filter.

[ 03 · THE REAL-WORLD BRIDGE ]
Formulas tied to live filings

We eliminate rote memorisation by connecting exam formulas to live corporate filings and valuation models.

[ ROTE TEST PREP ]
[-]Blind question memorisation
[-]Zero financial modelling
[-]Paywalled basic PDFs
[ NORTHSPREAD SYSTEM ]
[+]Authentic CBT simulation
[+]Step-by-step mathematical proofs
[+]Live DCF and options calculators
[ WHAT YOU GET ]

Not another question dump.

Most prep material stops at the correct answer. This is built around the part that actually teaches you something.

[ 01 · MOCK EXAMS ]
Every question, worked in full

Not just which option was correct. Every question in every mock — attempted or not — ships with the full derivation.

No “correct answer: C” with nothing underneath.

[ 02 · DISTRACTORS ]
Wrong answers are real mistakes, explained

The other three options aren’t filler. Each one is the exact number you get from a specific, common error — a sign flip, the wrong denominator, an outdated rule — named and explained.

So a wrong answer tells you which habit to fix, not just that you were wrong.

[ 03 · FORMULA SHEET ]
Formulas, worked — not just listed

Every formula sits next to a real worked example, so you learn when to reach for it and how the inputs actually plug in — not just what it looks like on a page.

The gap rote formula sheets always leave.

[ 04 · ANALYTICS ]
Know exactly what to fix next

Topics ranked by marks you’re actually leaving on the table — weighted by real syllabus weightage, not raw accuracy. A 45-mark topic you're weak on outranks a 4-mark one every time.

Across every attempt, updated after every mock.

[ 05 · FREE MOCK ]
One full mock. Actually free.

Most “free” mock tests are a locked demo — a handful of questions, then a paywall. Every course here gives you one full-length mock, free, scored exactly like the real exam, on the same timed interface as the paid ones.

[ NO LOGIN REQUIRED ][ NO SAMPLE ][ NO CATCH ]
[ INTERACTIVE TOOL SANDBOX ]

Move the inputs. Watch the maths move.

[ REVERSE DCF DECODER ][ OPTION GREEKS ][ NEGATIVE MARKING RISK ]
[ TCS @ ₹3,950 ][ ZOMATO @ ₹260 ]
WACC11.5%
TERMINAL GROWTH4.5%
IMPLIED 10-YR FCF CAGR14.0%
CURRENT MARKET CAP₹14.38 L Cr

Growth the market must believe to justify today’s price. Indicative levels. Not investment advice.

[ RESEARCH & CASE STUDIES ]

The desk writes what the engine tests.

[NISM XV]

48 Hours to Your NISM Series XV Exam: A Last-Minute Cram Plan for Research Analysts

9 min read[ READ → ]
[NISM X-B]

48 Hours to Your NISM Series X-B Exam: The Last-Minute Triage Plan

9 min read[ READ → ]
[NISM X-A]

48 Hours to Your NISM Series X-A Exam: A Last-Minute Triage Plan

8 min read[ READ → ]
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