NISM Series XXV-A study plan

Map the full scope of the research-services ecosystem: define who a research analyst, research entity, and persons associated with research services are, and distinguish core research activity from sales and other non-core support functions.

Build a one-page glossary of every defined term in the domain (research report, recommendation, public appearance, conflict of interest, Chinese wall, sensitive information) with a plain-language definition you write yourself.

List the categories of persons covered when they are attached to sales, marketing, dealing, or distribution rather than to the research desk, and note why the exam treats them separately.

Identify which obligations attach to the individual versus the entity, and record the distinction in a two-column table.

Explain the independence and objectivity expectations placed on research, and describe how sales incentives can erode them.

Trace the information-barrier controls that apply to non-core personnel: physical, procedural, and system separation, and who may cross the barrier and under what approval.

Describe how compensation, reporting lines, and appraisal of research staff are structured so that sales targets do not drive research output.

Summarize the restrictions on non-core personnel participating in the preparation or review of a research report before publication.

Enumerate the conflict-of-interest situations that arise when sales and other non-core staff interact with research, including personal dealing, gifts, and outside business interests.

Describe the disclosure obligations triggered when a covered person holds a position in a recommended security or has a material interest in the issuer.

Explain the rules on public appearances and media interactions by research and non-research staff, including pre-clearance and what may and may not be said.

Draft the sequence of steps a firm should follow when a conflict is identified but cannot be avoided.

Explain how research reports and recommendations must be reviewed and approved before distribution, and who is accountable at each stage.

Describe the record-keeping expectations for research, correspondence, and approvals, including retention logic and access controls.

Identify the treatment of non-public and sensitive information in the hands of sales or support staff, and the escalation path when leakage is suspected.

Describe how distribution of research to clients is controlled, including restrictions on selective or advance release.

Describe the oversight structure: who supervises persons associated with research services, how often compliance reviews occur, and what must be reported to senior management.

Explain the complaint-handling and escalation route for conduct issues involving research-related personnel.

Summarize the consequences of non-compliance for individuals and for the entity, including disciplinary and regulatory outcomes in general terms.

Distinguish the roles of compliance, internal audit, and business heads in supervising non-core staff who touch research.

Reconstruct the domain from memory: write out the main obligation headings and sub-points without notes, then diff against your material.

Convert every gap found in the memory dump into a flashcard phrased as a scenario question rather than a definition.

Work through numerical or threshold-based rules (retention periods, approval levels, disclosure triggers) and confirm each one.

Explain aloud, in under three minutes, how a salesperson receiving a draft report should behave.

Answer at least 150 practice questions under timed conditions, logging the reason for every wrong answer.

Group errors by root cause (misread question, unknown rule, confused role, careless option elimination) and quantify each category.

Re-study only the two weakest root-cause categories and rewrite those rules in your own words.

Practice eliminating options on questions where two answers look plausible by identifying the precise word that makes one wrong.

Take two full-length timed mock exams and compare scores and section-level accuracy between them.

Re-drill the flashcards and rule sheet until every item is answered correctly twice in a row.

Rehearse the highest-risk scenarios (conflict disclosure, barrier crossing, pre-publication review) as short written answers to build recall speed.

Confirm exam-day logistics and finalize a last-48-hour review sheet limited to items you have previously gotten wrong.