Thirty days is enough to pass NISM Series V-D, if you spend those days where the marks are. The exam has 150 questions across 22 chapters, but the chapters are far from equal. Equity Futures and Forwards alone is worth 15 marks, while Interest Rate Derivatives is worth just 2.
This plan gives each chapter time in proportion to its marks. It finishes the syllabus by Day 25 and keeps the last five days for full mocks and fixing weak spots.
Before you start: plan on about 1.5 to 2 hours a day. If you hold NISM V-A already, see the shortcut at the end.
For the exam pattern and the marks behind this plan, see our Complete Guide to NISM V-D.
#The plan at a glance
| Days | What | Marks covered |
|---|---|---|
| 1–10 | Module 1: Mutual Funds (Chapters 1–12) | 68 |
| 11–20 | Module 2: Equity Derivatives (Chapters 13–17) | 52 |
| 21–25 | Module 3: Interest Rate Derivatives (Chapters 18–22) | 30 |
| 26–30 | Full mocks, weak-spot fixing, light revision | — |
#Days 1–10: Module 1, Mutual Funds (68 marks)
| Day | Chapters | Marks |
|---|---|---|
| 1 | Ch 1 Investment Landscape · Ch 2 Concept & Role of a Mutual Fund | 5 + 4 |
| 2 | Ch 3 Legal Structure of Mutual Funds · Ch 4 Legal and Regulatory Framework | 3 + 7 |
| 3 | Ch 5 Scheme Related Information | 7 |
| 4 | Ch 6 Fund Distribution and Channel Management · Ch 7 NAV, TER and Pricing of Units | 4 + 5 |
| 5 | Ch 8 Taxation · start Ch 9 Investor Services | 3 + … |
| 6 | Finish Ch 9 Investor Services | 10 |
| 7 | Ch 10 Risk, Return and Performance · Ch 11 Scheme Performance | 5 + 5 |
| 8 | Ch 12 Mutual Fund Scheme Selection | 10 |
| 9 | Revise Module 1; redo the questions you got wrong | — |
| 10 | A timed, mixed set of Module 1 questions; note your weakest chapters | — |
Where people lose marks here: cut-off times and NAV applicability (Ch 9), the tax treatment of different scheme types (Ch 8), and matching investor profiles to schemes (Ch 12).
#Days 11–20: Module 2, Equity Derivatives (52 marks)
| Day | Chapters | Marks |
|---|---|---|
| 11 | Ch 13 Basics of Derivatives | 10 |
| 12 | Ch 14 Understanding Index | 5 |
| 13–14 | Ch 15 Introduction to Equity Futures and Forwards | 15 |
| 15–16 | Ch 16 Introduction to Equity Options | 13 |
| 17–18 | Ch 17 Strategies using Equity Futures and Equity Options | 9 |
| 19 | Revise Module 2: draw every payoff diagram from memory | — |
| 20 | A timed, mixed set of Module 2 questions | — |
This is the module where mutual fund distributors struggle most, because it is new territory. Most individual mutual fund distributors who are not into securities market operations like demat and trading find equity and interest rate derivatives quite complex.
Especially in my experience during the live training sessions, I noticed candidates struggle a lot to understand the concepts of options. They often get confused between call options and put options, which are tested heavily in the derivatives parts of this examination. So, one needs clear understanding, conceptual knowledge, and practical application of forwards, futures, and options.
Give Chapters 15 and 16 their full two days each. Together they are worth 28 marks, nearly as much as all of Module 3.
Make it concrete: don't just read the payoff tables, draw them. Please practice on paper for long call, long put, covered call and protective put, Straddle, Strangles etc., So you can be confident what happens to profit/loss when the market rises, falls or stays flat, without looking anything up.
#Days 21–25: Module 3, Interest Rate Derivatives (30 marks)
| Day | Chapters | Marks |
|---|---|---|
| 21 | Ch 18 Interest Rate, Instruments & Fixed Income Markets · Ch 19 Interest Rate Derivatives | 6 + 2 |
| 22–23 | Ch 20 Exchange Traded Interest Rate Futures | 10 |
| 24 | Ch 21 Exchange Traded Interest Rate Options · Ch 22 Strategies using Interest Rate Derivatives | 6 + 6 |
| 25 | Revise Module 3: price–yield, YTM, duration and PVBP calculations | — |
Module 3 is small, but it is calculation-heavy. Practise the duration and PVBP questions until you can do them without hesitating. These 30 marks often decide whether a borderline candidate passes.
#Days 26–30: Mocks and finishing
| Day | What |
|---|---|
| 26 | Full mock 1: 150 questions, 3 hours, timed, no interruptions. Then review every wrong and skipped question. |
| 27 | Fix the two or three chapters the mock exposed: re-read, then drill only those. |
| 28 | Full mock 2, same conditions. Compare chapter by chapter with mock 1. |
| 29 | Light revision: formulas, regulatory limits, and your list of past mistakes. No new topics. |
| 30 | Rest. Check your exam centre, timing and ID documents. |
Your target: aim to score around 100+ in your mocks before the real exam, so a bad day still leaves you above 90. It is more beneficial to spend the last few days before the examination practising mocks or sample questions, rather than going through the entire content again as revision.
For how to work through the paper on exam day, including when to guess, see NISM V-D Exam Strategy: How to Clear It in Your First Attempt.
#Already hold NISM V-A? The 25-day version
Module 1 overlaps heavily with V-A. Compress Days 1–10 into five days:
- Day 1: Chapters 1–4
- Day 2: Chapters 5–8
- Day 3: Chapter 9
- Day 4: Chapters 10–12
- Day 5: a timed Module 1 set
Then use the five days you've saved on Module 2, where most V-A holders lose their marks. Our guide to moving from V-A to V-D explains what changes for you.
