A career as a research analyst is one of the most respected paths in Indian finance. If you enjoy analysing companies, building financial models and forming investment views, this role rewards you well. This 2026 guide covers what a research analyst does, the eligibility and NISM Series XV certification you need, the salary range in India, top recruiters, and a clear path to get started.
What does a research analyst do?
A research analyst studies securities, industries and economies to produce research reports and recommendations (buy / sell / hold). Day-to-day responsibilities include:
- Building and updating financial models (DCF, comparables).
- Tracking company earnings, management commentary and industry trends.
- Writing research reports with clear investment theses and disclosures.
- Interacting with company management, fund managers and clients.
Analysts typically specialise — equity research, credit/debt research, macro research or a specific sector (banking, IT, pharma, FMCG).
Eligibility: how to become a research analyst in India
To work as a research analyst, you generally need:
- A graduate degree — finance, commerce, economics, engineering or an MBA are common.
- The NISM Series XV Research Analyst certification — this is mandatory under the SEBI (Research Analysts) Regulations, 2014.
- SEBI registration as a Research Analyst (for those issuing research independently or for a research entity).
- Strong Excel, financial-modelling and analytical skills.
Optional but valuable: the CFA programme, which pairs extremely well with the NISM Research Analyst certification.
Research analyst salary in India (2026)
Compensation varies by firm type (broking house, AMC, investment bank, independent research), city and experience. Indicative ranges:
| Experience level | Typical salary range (per annum) |
|---|---|
| Fresher / Associate (0–2 yrs) | ₹3 – 6 LPA |
| Mid-level Analyst (3–6 yrs) | ₹8 – 15 LPA |
| Senior / Lead Analyst (7+ yrs) | ₹20 LPA and above |
| Buy-side (AMC / hedge fund) | Often higher + bonuses |
Top performers at investment banks and asset-management companies, especially with a CFA + NISM XV combination, can earn significantly more, including performance bonuses.
Who hires research analysts?
- Brokerage / broking houses (sell-side research).
- Asset Management Companies (AMCs) and mutual funds (buy-side).
- Investment banks and boutique research firms.
- Rating agencies and credit-research firms.
- Fintech and equity-research startups.
Step-by-step path to your first research analyst job
1. Build the foundation
Get comfortable with accounting, financial statements and valuation. Learn to read a balance sheet, P&L and cash-flow statement fluently.
2. Clear the NISM Series XV exam
The NISM XV Research Analyst certification is your entry ticket. It signals to employers that you understand the research process and the regulatory framework. See our complete NISM Series XV exam guide.
3. Master financial modelling
Practise building DCF and relative-valuation models in Excel. Many entry-level interviews include a modelling test.
4. Build a portfolio of sample reports
Write 2–3 sample equity-research reports on companies you understand. This demonstrates initiative and skill far better than a résumé alone.
5. Apply, intern and network
Internships at broking houses and research firms frequently convert to full-time roles. Network with analysts on LinkedIn and attend finance events.
The fastest first step is clearing NISM Series XV. Practise free on ScoreSetu — 620 real-feel questions with explanations and full-length timed mock exams built for the Research Analyst exam.
Is research analysis a good career?
Yes — it offers intellectual challenge, strong pay growth, and a clear path into fund management, investment banking and portfolio management. The NISM Research Analyst certification is the credential that opens the door. Start there, build your modelling skills, and your research-analyst career is well underway.