NISM Series XV Pass Rate (BullWiser Mock Data, 2026): The pass rate on BullWiser mocks is 47.8%. The average score is 46.5% and the median is 57%. Candidates who pass average 73.2%; those who fail average 22.1%. Nearly 1 in 3 candidates scores below 25% on their first attempt.
About This Data
This analysis is based on 113 NISM Series XV mock test attempts completed by 70 unique registered candidates on the BullWiser platform between its launch and September 2026. All attempts are full-length, 100-question mocks with 25% negative marking — mirroring the actual NISM-Series-XV examination format. The data is from BullWiser's own platform and does not represent NISM's official pass rate, which NISM does not publish publicly.
Key Statistics at a Glance
Score Distribution: Where Candidates Actually Land
The score distribution reveals a highly polarised candidate pool — a large group of underprepared first-timers and a smaller group of well-prepared candidates who clear comfortably:
- 0–24% (29.2% of attempts — 33 out of 113): Nearly 1 in 3 attempts lands in this range. Candidates in this band are attempting the exam with minimal preparation — no mock test practice, no chapter-wise study. With negative marking at 25%, random guessing produces scores close to zero.
- 25–49% (17.7% of attempts — 20 out of 113): Partial preparation — aware of some concepts but not enough to clear the 60-mark threshold. Common in candidates who read only selective chapters or attempted the mock without covering SEBI regulations and valuation.
- 50–74% (32.7% of attempts — 37 out of 113): The competitive zone. Candidates here have prepared adequately but may have lost marks to negative marking on uncertain questions. Some in this band pass (those scoring 60+); others fall just short.
- 75–100% (20.4% of attempts — 23 out of 113): Well-prepared candidates. Systematic chapter-wise study, multiple mock tests, and deliberate negative marking strategy. The highest score recorded is 93.75%.
The Negative Marking Problem: Why Candidates Score Lower Than They Expect
The most common feedback from candidates who score in the 25–49% band: "I knew more than my score showed." This is the negative marking effect. With 25% negative marking, a candidate who attempts 80 questions and gets 50 right and 30 wrong ends up with 50 − (30 × 0.25) = 42.5 marks — not 50. The 30 wrong answers cost them 7.5 marks.
The correct negative marking strategy for NISM Series XV: only attempt a question if you are confident enough to narrow it down to 2 options AND have a strong lean toward one. Skip questions where you are genuinely uncertain. With 100 questions and 60 marks needed, you can pass by attempting 70–75 questions accurately and skipping the rest.
Average time taken across all 113 attempts is 53 minutes — out of 120 minutes available. This strongly suggests candidates are rushing through the paper without using the full allotted time for review. Candidates who score above 75% almost certainly use 90–100 minutes, reviewing marked questions before submitting.
Which Chapters Are Most Likely Causing Failures?
NISM Series XV has 20 chapters. Based on the score distribution data and the chapter weightages published by NISM, the most likely failure points are:
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- Chapter 10 — Valuation Principles (16 marks): The highest-weightage chapter. DCF, P/E, EV/EBITDA, P/BV, DDM — candidates who cannot calculate these under exam conditions lose 10–16 marks here alone. A single chapter that can determine pass or fail.
- Chapter 14 — Legal and Regulatory Environment (11 marks): SEBI Research Analyst Regulations, code of conduct, conflict-of-interest disclosures, penalties. Candidates from non-finance backgrounds find this chapter difficult. 11 marks is too large to ignore.
- Chapter 12 — Risk and Return (10 marks): Standard deviation, beta, Sharpe ratio, Treynor ratio, Jensen's alpha — quantitative calculations that require practice, not just reading.
- Financial Statement Analysis (Chapters 4–9, combined ~25 marks): Candidates who cannot read a P&L statement, compute EBITDA margin, or interpret cash flow statements lose marks across multiple chapters simultaneously.
Candidates scoring in the 25–49% band are typically weak on at least two of the above areas. Candidates scoring below 25% are typically weak on all of them — they attempted the mock to see where they stand, without prior preparation.
What Differentiates Candidates Who Pass (73.2% avg) from Those Who Fail (22.1% avg)?
The 51-point gap between average passing and failing scores is not explained by intelligence — it is almost entirely explained by preparation method. Based on the pattern of attempt data:
- Mock tests before the real exam: Candidates who attempt multiple mocks — not one — consistently perform better. Each mock attempt teaches negative marking discipline and reveals weak chapters.
- Chapter-wise study, not topic-skipping: Candidates who skip SEBI regulations or valuation because they seem less familiar almost always fail — because these chapters carry the most marks.
- Time management: Candidates who use 90+ minutes of their 120-minute allotment score higher. Rushing leads to careless errors on questions the candidate actually knows.
- Negative marking discipline: Passing candidates skip uncertain questions. Failing candidates attempt everything — and the penalties from wrong guesses push their net score below 25%.
NISM XV Exam Practice Questions on Exam Strategy
Q1. A candidate attempts 90 out of 100 questions and gets 55 correct and 35 wrong. What is their final score?
Answer: Correct = 55 marks. Wrong = 35 × 0.25 = 8.75 marks deducted. Final score = 55 − 8.75 = 46.25 marks — a fail (pass requires 60). This illustrates why attempting uncertain questions is costly.
Q2. A candidate skips 30 questions, gets 60 correct and 10 wrong. What is their score?
Answer: Correct = 60. Wrong = 10 × 0.25 = 2.5 deducted. Final score = 60 − 2.5 = 57.5 marks — a fail by 2.5 marks. 10 uncertain guesses cost them the exam. Had they skipped all 10, the score would have been 60 — exactly passing.
Q3. What is the minimum number of questions a candidate must answer correctly (with zero wrong) to pass NISM XV?
Answer: 60 questions. Each correct answer = 1 mark. 60 correct answers with zero wrong = 60 marks = exactly the pass threshold. In practice, attempting 65–70 questions with high accuracy (and skipping the rest) is the safer strategy.
Related: DCF Valuation for NISM XV → | Fundamental vs Technical Analysis → | How to Become a SEBI Registered Research Analyst →