NISM AcademyNISM Series IV Interest Rate Derivatives: exam pattern, syllabus and mock tests
For people working in the interest rate futures segment of an exchange. NISM Series IV covers fixed income securities, how bond prices and yields work, interest rate derivative products, bond futures trading and hedging, and the clearing, settlement and regulatory framework for interest rate derivatives in India.
NISM Series IV exam pattern at a glance
- Questions
- 100
- Duration
- 120 minutes
- Total marks
- 100
- Passing score
- 60% (60/100)
- Negative marking
- 25% per wrong answer
- Exam fee
- ₹1,500 + charges
- Certificate valid
- 3 years
100 multiple-choice questions, 1 mark each. Fees and pattern are set by NISM and can change, so confirm on the official NISM Series IV page before you book.
Who should take NISM Series IV?
Approved users and sales staff of trading members in the interest rate derivatives segment, and treasury or fixed income professionals.
Why you need it: NISM sets it as the common benchmark for people working in the interest rate derivatives segment of a recognised exchange.
NISM Series IV syllabus: 10 chapters
- Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Markets
- Interest Rate Derivatives
- Exchange Traded Interest Rate Futures
- Exchange Traded Interest Rate Options
- Strategies using Exchange Traded Interest Rate Derivatives
- Trading Mechanism in Exchange Traded Interest Rate Derivatives
- Clearing, Settlement and Risk Management in Exchange Traded Interest Rate Derivatives
- Regulatory Framework for Exchange Traded Interest Rate Derivatives
- Accounting and Taxation
- Code of Conduct and Investor Protection Measures
How to prepare for NISM Series IV
Get comfortable with the price–yield relationship and duration first; most calculation questions build on them. Practise hedging questions until the direction (buy or sell futures) is automatic.
Not sure where you stand?
Take the free NISM Series IV level check. It takes about 30 minutes, needs no payment, and tells you which chapters to study first. Launch offer: free for our first 100 users. Log in and every mock test, note and flashcard is unlocked.
Start the level checkNISM Series IV FAQs
What is NISM Series IV?
NISM Series IV is the Interest Rate Derivatives Certification Examination conducted by the National Institute of Securities Markets. NISM sets it as the common benchmark for people working in the interest rate derivatives segment of a recognised exchange.
How many questions are in NISM Series IV?
The exam has 100 multiple-choice questions, 1 mark each, for a total of 100 marks. You get 120 minutes.
What is the passing score for NISM Series IV?
You need 60%, which is 60 out of 100 marks.
Is there negative marking in NISM Series IV?
Yes. 25% of a question’s marks are deducted for each wrong answer. Unattempted questions score zero.
How should I prepare for NISM Series IV?
Get comfortable with the price–yield relationship and duration first; most calculation questions build on them. Practise hedging questions until the direction (buy or sell futures) is automatic.
How do I register for NISM Series IV?
Create an account on NISM’s certification portal, choose the exam, pick a test centre or remote-proctored slot, and pay the fee online. NISM Academy can’t register you; we link you to the official portal.
How long is the NISM Series IV certificate valid?
Three years from the date you pass.