Research Analyst Career in India 2026: Roles, Salaries, and How to Get In

If you've ever read a brokerage report on Reliance or Tata Motors and thought, "I want to write this" — you're already thinking like a research analyst. This is one of the most intellectually demanding and well-compensated roles in Indian finance. And thanks to SEBI's regulations, it also has a clear certification gate: the NISM Series XV Research Analyst exam.

This guide covers what a research analyst actually does in India, the roles and salaries across firm types, the regulatory requirement (NISM XV), and how to land your first role — whether you're a fresher or a career switcher.

📊 What Does a Research Analyst Do in India?

A research analyst in the Indian securities market studies listed companies, sectors, and macroeconomic conditions to produce buy/sell/hold recommendations for investors. Their output — research reports, earnings estimates, financial models — shapes how institutions, brokerages, and wealth managers make investment decisions.

The work typically involves:

• Reading and analysing company annual reports and quarterly results
• Building financial models (DCF, comparable multiples, sum-of-parts)
• Conducting primary research — management calls, channel checks, industry interviews
• Writing research reports with price targets and investment rationale
• Tracking sector trends and macro variables (interest rates, policy changes, FII flows)

In India, SEBI classifies registered research analysts under the Research Analysts Regulations, 2014. Anyone who publishes or presents research to clients for compensation must either be individually registered or employed by a registered entity.

🏦 Types of Research Analyst Roles in India

Research analyst roles in India broadly fall into three categories. The firm type determines the work style, pay, and career trajectory.

1. Sell-Side Research (Brokerages)

Sell-side analysts work at brokerages like Motilal Oswal, ICICI Securities, Kotak Securities, or HDFC Securities. They produce publicly distributed research reports to support their firm's brokerage clients.

• Who they write for: Institutional investors, HNI clients, retail investors
• Key skill: Communication — your report is a product
• Career track: Junior Analyst → Analyst → Senior Analyst → Head of Research
• Starting salary (fresher): ₹4–7 LPA
• Senior level: ₹20–40 LPA (sectoral leads at top brokerages)

2. Buy-Side Research (AMCs and Hedge Funds)

Buy-side analysts work at asset management companies (like HDFC AMC, Nippon India, Mirae, SBI Mutual Fund) or proprietary trading desks. Their research is internal — it drives actual investment decisions rather than public reports.

• Who they write for: Fund managers, portfolio managers (internal)
• Key skill: Conviction-based modelling, sector depth
• Career track: Research Associate → Research Analyst → Portfolio Manager
• Starting salary: ₹6–10 LPA (slightly higher than sell-side entry)
• Senior level: ₹30–60 LPA + performance bonuses

3. Independent Research / SEBI-Registered Individual RA

SEBI allows individuals to register as research analysts and operate independently — charging subscription fees for research reports, model portfolios, or advisory services. This is the path for those building a research-led fintech or content business.

• Regulatory requirement: Individual SEBI registration as RA
• Qualifying exam: NISM Series XV (mandatory)
• Income: Subscription-based, highly variable (₹3L to ₹2Cr+)
• Capital required: Low to start — primarily content and credibility

💰 Research Analyst Salary in India 2026

Note: Salaries at bulge-bracket asset managers (like BlackRock India, DSP, Quantum) or elite hedge funds are significantly higher, especially at mid-senior levels. CFA designation often justifies a 20–40% premium.

📋 SEBI Requirement: Why You Need NISM Series XV

Under SEBI's Research Analysts Regulations, anyone seeking individual registration as a research analyst must clear the NISM Series XV Research Analyst Certification Examination. This is a hard regulatory requirement — not optional, not waivable.

Even analysts working for registered entities (brokerages, AMCs) are typically required to hold the certification internally as part of compliance standards.

Here's what the exam looks like:

Clearing NISM XV is step one. SEBI registration is step two (for independent analysts). For employed analysts, the certification is sufficient.

🎓 Who Should Become a Research Analyst?

Research analysis suits people who:

• Love reading annual reports and dissecting business models
• Are comfortable with financial modelling (Excel is your daily tool)
• Can form and defend opinions on stocks and sectors
• Are intellectually curious — markets reward those who think independently
• Can write clearly and concisely (your thesis needs to be persuasive)

Educational background: Most research analysts in India have a B.Com, MBA (Finance), CA, or CFA. NISM XV has no minimum educational requirement for certification, but SEBI registration as an individual RA requires a postgraduate degree in finance/economics/business or PGDM equivalent, or CA/CFA/CMA qualification.

🛤️ Career Paths: How to Get In

Path 1: Fresh Graduate — Brokerage Entry

1. Complete your B.Com or MBA Finance
2. Clear NISM Series XV certification
3. Build a sample equity research report on 2–3 companies you know well
4. Apply for Research Associate roles at mid-size brokerages
5. Work your way up over 3–5 years

Pro tip: Your cover letter is a research report. Pitch a stock. Show your work. It's more memorable than any CV.

Path 2: Career Switcher — Finance Professional → Research

1. If you're in banking operations, accounting, or corporate finance — you already have transferable skills
2. Clear NISM XV to validate your commitment to capital markets
3. Pursue CFA Level 1 alongside (CFA is the gold standard for research credibility)
4. Target research associate roles at AMCs (buy-side entry is often more open to switchers)

Path 3: The Independent Route — SEBI Registration

1. Clear NISM Series XV
2. Meet SEBI educational eligibility criteria for individual RA registration
3. Register with SEBI as a Research Analyst (fee applies)
4. Publish research, build subscribers, grow a research brand

The independent route requires capital, compliance infrastructure, and audience-building — but the upside is uncapped if you build a credible research brand.

📚 How to Prepare for NISM Series XV

The exam covers a broad range of topics from the official NISM workbook. Key areas to focus on:

• Securities markets: Market structure, instruments, regulators
• Research methodologies: Top-down vs bottom-up analysis
• Fundamental analysis: Ratio analysis, financial statement interpretation
• Valuation: DCF, P/E, EV/EBITDA, DDM — understand both mechanics and application
• Regulatory framework: RA regulations, SEBI codes of conduct, insider trading rules
• Fixed income basics: Bond valuation, yield curves, duration

The case studies (two in the exam) are where many candidates lose marks. These require applied analysis — reading a scenario and answering 4 sub-questions. The only way to get good at these is practice under exam conditions.

Try full-length NISM XV mock tests on OneQuest — timed, with negative marking enabled, so the practice environment matches the real exam.

🔑 NISM XV vs CFA: Do You Need Both?

Short answer: they serve different purposes.

• NISM XV: Indian regulatory requirement. Opens the door to SEBI registration and most domestic research roles. Relatively shorter syllabus, achievable in 4–6 weeks of focused prep.
• CFA: Global designation. Adds serious credibility for buy-side roles, fund management, and international finance. 3-level programme, multi-year commitment.

If you're targeting a domestic brokerage or mutual fund research role, NISM XV is your immediate priority. CFA can follow as a long-term investment. If you're targeting global firms or fund management, doing both is increasingly standard.

🏢 Top Companies Hiring Research Analysts in India

• Brokerages (sell-side): Motilal Oswal, ICICI Securities, Kotak Securities, Axis Securities, Emkay Global, HDFC Securities, Nuvama
• AMCs (buy-side): HDFC AMC, Nippon India, SBI MF, Mirae Asset, DSP Mutual Fund, Quantum AMC
• Credit rating agencies: CRISIL, ICRA, CARE — research-adjacent roles with strong brand value
• Wealth management firms: Edelweiss Wealth, IIFL Wealth, 360 ONE
• Fintech/research platforms: Smallcase, Tijori Finance, Trendlyne, Tickertape

⚡ Quick Tips to Stand Out as a New Research Analyst

• Build a public research track record — Publish one research report per month on Substack or LinkedIn, even before you get hired
• Get your sector deep and defend it — Generalists are common; sector experts are hired faster
• Model, model, model — Financial modelling proficiency separates average candidates from strong ones; practice Nifty 50 companies
• Pass NISM XV before applying — it signals commitment and removes a compliance hurdle for the hiring firm
• Study for CFA L1 alongside — even just being a registered candidate signals serious intent

Frequently Asked Questions

Is NISM XV compulsory to become a research analyst in India?

Yes, for SEBI registration as an individual research analyst, NISM Series XV is mandatory. Most brokerages and AMCs also require it for compliance purposes. There's no formal exemption for work experience alone.

What is the salary of a fresher research analyst in India?

Freshers entering as research associates or junior analysts at brokerages typically earn ₹3.5–7 LPA, depending on the firm size, city, and their educational background. Buy-side AMC roles may start slightly higher at ₹5–10 LPA.

Can a B.Com graduate become a research analyst?

Yes. A B.Com graduate can clear NISM XV and take up employed research roles without issues. For SEBI individual registration, a postgraduate degree or professional qualification (CA, CFA, CMA) is required. Many B.Com graduates pursue NISM XV first and then pursue a postgraduate qualification in parallel.

How long does it take to prepare for NISM Series XV?

4–6 weeks of focused preparation is typically sufficient — covering the official workbook, doing topic-wise practice, and finishing at least 3–4 full-length mock tests in the final week. Candidates with finance background may be ready faster. The case studies require dedicated practice time, so don't skip them.

What is the difference between a research analyst and a portfolio manager?

A research analyst generates ideas and provides analysis; a portfolio manager makes the final investment decisions. Research is input; portfolio management is output. Many buy-side analysts eventually transition to portfolio management after 5–10 years of strong research track records. Portfolio managers often hold NISM XV plus CFA or NISM Series XXI-A (Portfolio Management) certification.

Is CFA required to become a research analyst in India?

CFA is not required but significantly preferred for buy-side roles and fund management tracks. At top AMCs and global asset managers, CFA is the expected standard. For sell-side brokerage research or SEBI-registered independent analyst roles, NISM XV suffices. CFA dramatically improves your salary trajectory and international mobility over time.

What is the career growth path from research analyst?

The typical sell-side path: Research Associate → Research Analyst → Senior Research Analyst → Head of Research / Director. On the buy-side: Research Associate → Research Analyst → Fund Manager / Portfolio Manager. The buy-side path has higher earning potential but fewer seats. Top analysts also move into investor relations, corporate strategy, or start their own investment firms.

🎯 Ready to Start?

The research analyst career path is one of the most rewarding in Indian finance — intellectually, professionally, and financially. The barrier to entry is real but surmountable: pass NISM Series XV, build your research skills, and get into the market.

The best next step? Start with a realistic practice exam. Don't just read the workbook and hope for the best — the NISM XV case studies punish people who haven't practised under exam conditions.

Try a free NISM Series XV mock test on OneQuest — full-length, timed, with case studies included. See exactly where you stand before you book the real exam.