NISM Series XV : Research Analyst Certification Exam Notes

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  • The role of a research analyst is that of a selector - to do a comprehensive study of companies, evaluate their past performance, analyse how a company is expected to perform in the future and make recommendations based on this analysis
  • Sell-side Analysts publish research reports on the securities of companies or industries with buy/ sell / hold recommendations, earnings expectations and price targets.
  • Sell-side Analysts work for investment banking, broking, advisory services companies.
  • Buy-side Analysts work for mutual funds, hedge funds, pension funds, or portfolio managers that purchase and sell securities for their own investment accounts or on behalf of their clients.
  • Buy-side Analysts generate investment recommendations for their internal consumption ie Buy / Sell / Hold recommendation reports are circulated among the top management/investment managers of the employer firms