National Stock Exchange’s NCFM Exam For Finance Students

The National Stock Exchange of India Limited or NSEIL conducts the NCFM Examination for all finance and stock market enthusiasts as well as professionals in India.  The NCFM program stands for the National Stock Exchange’s Certification in Financial Markets and was started in the year 1993 by the National Stock Exchange. The NCFM examination is an online test. The goal of this certification program is to test the knowledge and skills required by a financial analyst to deal with the changing circumstances of the Indian and global financial markets. NCFM is a very popular certification examination especially with MBA Finance pass outs and newly joined Stock Market analysts in India.

Types of Certifications under the NCFM Examination –

The National Stock Exchange provides many types of certifications to the candidates under the NCFM program and it is up to the candidate to choose any one or as many from the given list. The thirty types of Certifications under the NCFM Examination are – Six Beginners’ level certificates for candidates in the following areas – Mutual Funds, Financial Markets, Currency Derivatives, Equity Derivatives, Interest Rate Derivatives and Commercial Banking in India. Then there are two Certificates in the areas of Capital Market and the Derivatives Market exclusively for Dealers. NCFM also offers many NISM series Certificates to candidates such as – NISM Series 1 Certificate in Currency Derivatives, then NISM Series Two is divided into two certifications – A and B, NISM Series Four, NISM Series Five certificate on Mutual Fund for Distributors,  Certification number Six covers Depository Operations and finally the last Certification under NISM covers Securities Operations & Risk Management.

Two popular Certification examinations from NCFM are – Certificate exam related to the Depository Operations of the NSDL and the Certified Personal Financial Advisor Examination. Other general level Certification exams are related to – Investment Analysis and Portfolio Management, Securities Market, Commodities Market, Options Trading Strategies, Corporate Governance, Surveillance in Stock Exchanges and in Advanced Financial Planning and Equity Research. Remaining few NCFM certification examinations are in the following areas – FIMMDA NSE Debt Market, Information Security Auditors-  Part One and Part Two, FPSB India Exam and finally the Compliance Officers Test for Brokers and Corporate respectively.

NCFM Test Centers –

The NCFM examination is conducted usually on week days at all the six different National Stock Exchange Offices in India. However at the Mumbai Stock Exchange the test is conducted even on Saturdays for the convenience of the candidates. In case there are more applicants for the NCFM examination the test can be conducted on any other day and at a different location. The test is administered through intranet using the help of VSAT services and is conducted in a very secure environment. When the demand for the test is high, the NCFM is conducted even using internet facilities. The six National Stock Exchanges in India and the test centers for the conduct of the NCFM examination include the following – National Stock Exchange of India Limited at Mumbai (2nd Floor in the United India Building at Sir Phirozeshah Mehta Road), NSEIL at New Delhi (4th floor in the Jeevan Vihar Building at Parliament Street), NSEiT Test Center at Kolkata (1st floor Navjeevan Apartments at Hazra Road), NSEIL at Chennai (2nd Floor in the Ispahani Centre at Nungambakkam High Road), NSEIL at Hyderabad (2nd Floor in Mahavir House at Basheerbagh) and NSEIL at Ahmedabad (406 Sakar II, Opposite to the Town Hall).

Eligibility And Fee requirements for NCFM –

The test can be attempted by a student interested in the working of the financial market, or by market intermediaries and regulators. The two eligibility requirements from candidates attempting the NCFM examination are computer literacy and English language proficiency for smooth answering of the questions posed. Thus there is no age requirement or educational requirement for the NCFM Test. In order to write the NCFM examination a candidate has to register with the National Stock Exchange website and fill up the given application form. The examination fee for the NCFM has to be deposited at the nearest National Stock Exchange Office in India through a Demand Draft. Candidates registering using online means can deposit the fee by using the facilities of net banking, credit card and also cash payment at any nearest ICICI branch. Most of the modules are charged an examination fee of Rs 1500 each, except the following – Commodities Market (Rs 1800), Information Security Auditor’s Module Part I and Part II (Rs 2250 each) and Advanced Financial Planning (Rs 5000). The NCFM examination fee is valid only for 180 days and an applicant has to attempt the Certification examination within these 180 days.

Procedure for the conduct of NCFM Test –

Once a candidate registers with the National Stock Exchange website for attempting the NCFM examination, the test center provides the candidate with details such as – test date, test time and the venue location. Examination seats are given on first come first basis and the same is confirmed to the candidate using the mailing address and contact number provided during the registration. It should also be noted that once a candidate gets the details regarding his or her test, it cannot be rescheduled. In case the candidate cannot attempt the test due to any given reason, he or she has to then register fresh for the NCFM examination. The same condition applies for the examination fee which also will not be refunded. Once the registration is successful the National Stock Exchange also provides candidates with many mock tests to prepare them in advance about the severity of the examination.

Candidates can bring scientific calculator for the test. After completing the examination, the candidate is given the scorecard. Those candidates who have successfully completed the NCFM examination get their NCFM Certificate within twenty days of the test through post. However for the following modules the certificate is delivered within forty days from the day of the test through post – Tax Planning and Estate Planning, Retirement Planning and Employee Benefits Module, Risk Analysis and Insurance Planning and Investment Planning. Once the examination fee is paid by the candidate, the free and the paid type test preparation kit is given to the candidates. Study materials for some of the modules are also available at – ICSI-Centre for Corporate Research & Training, Western Indian Regional Council (WIRC) of the ICSI and the Association of Mutual Funds in India (AMFI) at Mumbai.

For more details about this certification program contact –

the National Stock Exchange of India Limited at Exchange Plaza in Bandra East, Mumbai and mail at [email protected], or visit

4 thoughts on “National Stock Exchange’s NCFM Exam For Finance Students

  1. niktha says:

    i want to knw that we hav to pay for each exam or else can we attempt exams till we get qualified within in 180 days…once fee paid is for one exam?

  2. niktha says:

    i want to knw that we hav to pay for each exam or else can we attempt exams till we get qualified within in 180 days…once fee paid is for one exam?

  3. niktha says:

    i want to knw that we hav to pay for each exam or else can we attempt exams till we get qualified within in 180 days…once fee paid is for one exam?

  4. niktha says:

    i want to knw that we hav to pay for each exam or else can we attempt exams till we get qualified within in 180 days…once fee paid is for one exam?

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