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NCFM Modules - NCFM Foundation, Intermediate, Advanced Courses List

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NCFM Modules - NCFM Foundation, Intermediate, Advanced Courses List

Edited By Marar Sumeet Sudarshan | Updated on Oct 04, 2023 11:48 AM IST

NCFM Modules - The NCFM course which stands for NSE Academy Certification in Financial Markets includes three modules which are the foundation module, intermediate module and advanced module. These three NCFM modules together constitute the NCFM certification which is proof of one’s skills and knowledge about different aspects of the financial markets. There are no specific NCFM eligibility norms and the NCFM courses are open to anyone. Interested learners can complete NCFM Modules through an online NCFM login id and password which they receive at the time of NCFM registration. Using the NCFM login credentials they can access their personal NCFM account and make online payments, access NCFM study material and enrol for NCFM tests at the designated test centres of their choice. Given below in this article are the details of each NCFM module.

NCFM Foundation Module

As the name suggests, the NCFM foundation module is meant for beginners to introduce them to the basic concepts in the area of banking and insurance and finance. The cost of each of the courses is Rs.2006 as fixed by the NSE academy.

Given below is the NCFM course list that contains a brief overview of the course content in each of the NCFM module.

Sl No.

Module Name

Course Content

Test Pattern

1

Financial Markets Module

  • Markets & Financial Instruments

  • Primary & Secondary Market

  • Analysis of Financial Statements- P&L, Balance Sheet

  • SEBI, BSE, NSE

No. of Questions: 60

Max Marks: 100

Pass Marks:50


No negative marking

2

Mutual Funds Module

  • Introduction to mutual funds

  • Mutual fund products & features

  • Gold ETF, Debt Funds & Liquid Funds

  • Taxation & Regulation

No. of Questions: 60

Max Marks: 100

Pass Marks:50


No negative marking

3

Currency Derivatives Module

  • Derivatives as risk management tool

  • Currency markets & currency futures

  • Strategies using currency futures

  • Trading, clearing and settlement

No. of Questions: 60

Max Marks: 100

Pass Marks:50


No negative marking

4

Equity Derivatives Module

  • Introduction, definition & application of derivatives

  • Trading futures & options

  • Derivatives trading on the exchange

No. of Questions: 60

Max Marks: 100

Pass Marks:50

No negative marking

5

Interest Rate Derivatives Module

  • Interest rates and time value of Money

  • Money & fixed Income Markets

  • Government bonds

  • Interest rate derivatives & futures


No. of Questions: 60

Max Marks: 100

Pass Marks:50


No negative marking


6

Commercial Banking in India Module

  • History, introduction to banking and banking structure in India

  • Bank deposit accounts & bank lending

  • Bank investments

  • Customer relationships in banks


No. of Questions: 60

Max Marks: 100

Pass Marks:50


No negative marking


7

Securities Market Module Module

  • Overview of the securities market

  • Primary Market, Secondary, Market, Govt. Securities Market,Derivatives Market

  • Mathematics & Statistics


No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for incorrect answer

8

Clearing Settlement & Risk Management Module Module

  • Introduction to National Securities Clearing Corporation

  • Liquid asset

  • Securities lending & borrowing scheme

  • Clearing & settlement in new debt segment, equity derivatives segment, and currency derivatives segment

  • Services

No. of Questions: 75

Max Marks: 100

Pass Marks:60


0.25% negative marking for incorrect answer

NCFM Intermediate Module

The intermediate module is the longest NCFM module containing a total of 21 NCFM courses. The module covers more advanced concepts from the financial market, building on the foundation concepts introduced in the beginner module. The cost of each of the NCFM courses in this NCFM module is Rs. 2006 except the commodities market module which costs Rs. 2124.

Given below is a table containing the ncfm course details and question pattern of the intermediate NCFM module

Sl. No

Module Name

Course Content

Test Pattern

1

Capital Markets (Dealers) Module

  • Overview of the Indian securities market

  • Trading & trading membership

  • Clearing & settlement

  • Legal framework

  • Fundamental valuation concepts


No. of Questions: 60

Max Marks: 100

Pass Marks:50


0.25% negative marking for wrong answer

2

Derivatives Markets (Dealers) Module

  • Introduction to derivatives

  • Understanding interest rates & stock indices

  • Futures & options

  • Trading of derivative contracts

  • Clearing & settlement

  • Regulatory framework

No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

3

Investment Analysis & Portfolio Management

  • Objectives of investment decisions

  • Financial markets

  • Fixed income securities

  • Capital market efficiency

  • Financial analysis and valuation

  • Modern portfolio theory

  • Valuation of derivatives

  • Investment Management

No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

4

Fundamental Analysis Module

  • Introduction to fundamental analysis

  • Understanding financial statements

  • Valuation methodologies


No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

5

Options Trading Strategies Module

  • Introduction to options

  • Different options strategies


No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

6

Operations Risk Management Module

  • Introduction to operations risk

  • Trades in secondary market

  • Clearing & settlement of trades

  • Workflow design

  • Basel Norms

No. of Questions: 75

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

7

Banking Sector Module

  • Introduction to Banking

  • Banking & Economy

  • Bank Deposits, Nomination, and Deposit Insurance

  • Banking services and customer relationship

  • Understanding of bank financials

  • BASEL and regulatory framework

No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

8

Treasury Management Module

  • Treasury management fundamentals

  • Product/Exposure structures

  • Capital structure and weighted average cost of capital

  • Treasury management in manufacturing, service, banking & finance companies

  • Accounting issues in treasury management

  • Treasury management processes

  • Risk management in treasury


No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

9

Insurance Module

  • Introduction to insurance

  • Fundamentals of risk management

  • Insurance contract, terminology, elements and principles

  • Personal & General insurance

  • Financial planning & life insurance

  • Type of life insurance policies

  • Insurance intermediaries


No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

10

Macroeconomics for Financial Markets Module

  • Introduction to macroeconomics

  • Inflation & interest rates

  • National income accounting

  • Government & fiscal policy

  • Money & monetary policy

  • Financial markets

  • External sector

  • Regulatory institutions in India


No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

11

NSDL Depository Operations Module

  • Rationale for a depository

  • Services provided by a depository

  • Processes involved in a depository’s functioning

  • Understanding the NSDL application software

No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

12

Commodities Market Module

  • Introduction to derivatives

  • Application of futures & options

  • Commodity derivatives

  • NCDEX platform

  • Regulatory framework and taxation aspect

No. of Questions: 60

Max Marks: 100

Pass Marks:50


0.25% negative marking for wrong answer

13

Surveillance in Stock Exchange Module

  • Basic investment mathematics

  • Rules & regulations

  • Investigation, surveillance and risk management

No. of Questions: 50

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

14

Technical Analysis Module

  • Introduction to technical analysis

  • Candle charts

  • Pattern study

  • Major indicators & oscillators

  • Trading strategies

  • Dow theory & Elliott Wave theory

  • Trading psychology & risk management


No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

15

Mergers & Acquisitions Module

  • Introduction to mergers & acquisitions

  • Scheme of compromise, arrangement or re-construction

  • Buyback of securities

  • Substantial acquisition of shares & takeovers

  • Delisting of equity shares

  • Valuation

  • Accounting for mergers & acquisitions

  • Taxation

No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

16

Back Office Operations Module

  • KYC, anti-money laundering,

  • Primary market and secondary market, Depository operations

  • Registrar & transfer agent

  • Mutual fund - amc operations

  • Qualified foreign investors - equity shares

  • Qualified foreign investors - mutual funds

No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

17

Wealth Management Module

  • Introduction to financial planning

  • Wealth management & economy

  • Investment & risk management: Equity, Debt & Alternate asset

  • Investment products & services

  • Investment evaluation framework

  • Risk profiling & asset allocation

  • Risk management through insurance

  • Elements of taxation

  • Taxation of investment products

  • Estate planning


No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

18

Project Finance Module

  • Project finance background

  • Market analysis

  • Business model, competencies & promoter analysis

  • Estimating cost of project

  • Project feasibility analysis

  • Financial projections

  • Project finance & their sources


No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

19

Venture Capital & Private Equity Module

  • Private equity background

  • Getting ready for growth capital from funds

  • Business model, business plan & financial model

  • Buyouts & other transactions

  • PE investment process

  • Documentation & typical investment conditions

  • Tax aspects of PE investment

  • Post investment support, management & exit

  • EMERGE platform of NSE

No. of Questions: 70

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

20

Financial Services Foundation

  • Orientation in financial analysis, investment banking, equity research and portfolio management

  • Preparing for claritas certification from CFA

No. of Questions: 45

Max Marks: 100

Pass Marks:50



21

NSE Certified Quality Analysis Module

  • Understanding how quality relates to a finance professional

  • Business relevance of customer focus & quality

  • Applying data analysis and decision making tools in everyday work

  • Popular problem solving tools & methodologies and systematic approach to quality improvement

  • Calculating productivity, and identifying and eliminating different types of waste

No. of Questions: 60

Max Marks: 100

Pass Marks:50



NCFM Advanced Module

As is clear by the name, the advanced NCFM module in the NCFM certification contains very advanced concepts from the financial world. It is the last of the three stages in the NCFM course. Once the candidate obtains the NCFM certification, they will be ready for a career in the finance field. In this NCFM module, there are 7 modules.

The course fees for all the courses in this NCFM module is Rs. 2006 except the Information Services Security Professionals module which costs Rs.11800 and Algorithmic Trading module which costs Rs.7080

Given below is a table containing the NCFM course details and question pattern of this NCFM module

Sl No.

Module Name

Course Content

Question Pattern

1

Information Services Security Professionals

  • Regulatory, legal and compliance issues in information security for financial markets

  • Physical & environmental security as well as security management practices

  • Business continuity plan’s provisions

No. of Questions: 160

Max Marks: 160

Pass Marks:60



2

Algorithmic Trading Module

  • Introduction to algorithmic trading

  • Order types

  • Trading strategies

  • Algorithmic trading - system architecture

  • Risk management in algorithmic trading

  • Audit & compliance process

No. of Questions: 100

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

3

Financial Markets (Advanced) Module

  • Financial markets, products & institutions

  • Quantitative background to debt

  • Debt -investment drivers & approaches

  • Financial statements - analysis and projections for equity

  • Equity -valuation & investment decisions

  • Derivatives

  • Alternate assets & structured products

  • International markets

No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

4

Securities Markets (Advanced) Module

  • Introduction to capital market

  • Fundamental analysis of equity

  • Primary markets process

  • Membership on exchanges


No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

5

Derivatives (Advanced) Module

  • Derivatives & Quantitative Fundamentals Investment with Equity Futures

  • Interest Rate Futures

  • Black-Scholes Option Pricing Model

  • Option greeks

  • Currency futures & options

  • Swaps


No. of Questions: 55

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

6

Mutual Funds (Advanced) Module

  • Mutual Funds in perspective

  • Investments by Mutual Fund Schemes

  • Valuation of Investments by Mutual Fund Schemes

  • Mutual Fund Accounting

  • Novel Portfolio Structures in Mutual Fund Schemes

  • Quantitative Evaluation of Mutual Fund Schemes

  • Cut-off Time Regulations & Time Stamping

  • Investment in Mutual Funds through Exchange

  • Non-Resident Investment in Indian M F Schemes

  • Investment by Indians in International MF Schemes

  • Mutual fund taxation

No. of Questions: 60

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

7

Options Trading (Advanced) Module

  • Options - a backgrounder

  • Quantitative concepts - a backgrounder

  • Binomial option pricing model

  • Black scholes option pricing model

  • Options greeks

  • Volatility

  • Basic option & stock positions

  • Option trading strategies

  • Exotic options

  • Market indicators

No. of Questions: 35

Max Marks: 100

Pass Marks:60


0.25% negative marking for wrong answer

NCFM Study Material

All the NCFM modules have been designed as self learning courses and candidates can take the test throughout the year at the designated centre of their choice. However, to help learners complete the NCFM certification, there is also NCFM study material available that can be accessed by making the required payment through the online NCFM login account.

Learners will either get the NCFM modules pdf study material delivered on the registered email or they can use the e-library section by logging in to the online NCFM account.

In addition tothat learners can also access a few mock test papers that are made available by the nse on their website - nseindia.com/learn model-test. The NCFM modules free download link for these sample papers can be found on the official website.

Frequently Asked Question (FAQs)

1. What are modules in NCFM?

NCFM modules are a compilation of different NCFM courses divided into three segments - foundation, intermediate, and advanced.

2. Is NCFM certification tough?

The NCFM course is a compilation of 36 modules arranged into three difficulty levels - foundation, intermediate, and advanced. The NCFM certification requires proper preparation with the study material and self learning.

3. When is the NCFM test conducted?

The NCFM test is conducted throughout the year at designated test centres.

4. Is the NCFM exam online or offline?

The NCFM test for different modules is conducted online and the test consists of multiple choice questions.

5. How many modules are there in NCFM?

NCFM modules are broadly divided into three foundation, intermediate, and advanced. There are 8 courses in foundation module, 21 courses in intermediate module and 7 courses in advanced module. 

6. Does NCFM provide study material?

Yes. Candidates can purchase the study material by logging into their NCFM account.

7. What is the duration of NCFM course?

NCFM is a self learning course.  The exams are conducted throughout the year. Candidates can register for any exam after paying the required fee.

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The word “choreography" actually comes from Greek words that mean “dance writing." Individuals who opt for a career as a choreographer create and direct original dances, in addition to developing interpretations of existing dances. A Choreographer dances and utilises his or her creativity in other aspects of dance performance. For example, he or she may work with the music director to select music or collaborate with other famous choreographers to enhance such performance elements as lighting, costume and set design.

2 Jobs Available
Social Media Manager

A career as social media manager involves implementing the company’s or brand’s marketing plan across all social media channels. Social media managers help in building or improving a brand’s or a company’s website traffic, build brand awareness, create and implement marketing and brand strategy. Social media managers are key to important social communication as well.

2 Jobs Available
Photographer

Photography is considered both a science and an art, an artistic means of expression in which the camera replaces the pen. In a career as a photographer, an individual is hired to capture the moments of public and private events, such as press conferences or weddings, or may also work inside a studio, where people go to get their picture clicked. Photography is divided into many streams each generating numerous career opportunities in photography. With the boom in advertising, media, and the fashion industry, photography has emerged as a lucrative and thrilling career option for many Indian youths.

2 Jobs Available
Producer

An individual who is pursuing a career as a producer is responsible for managing the business aspects of production. They are involved in each aspect of production from its inception to deception. Famous movie producers review the script, recommend changes and visualise the story. 

They are responsible for overseeing the finance involved in the project and distributing the film for broadcasting on various platforms. A career as a producer is quite fulfilling as well as exhaustive in terms of playing different roles in order for a production to be successful. Famous movie producers are responsible for hiring creative and technical personnel on contract basis.

2 Jobs Available
Copy Writer

In a career as a copywriter, one has to consult with the client and understand the brief well. A career as a copywriter has a lot to offer to deserving candidates. Several new mediums of advertising are opening therefore making it a lucrative career choice. Students can pursue various copywriter courses such as Journalism, Advertising, Marketing Management. Here, we have discussed how to become a freelance copywriter, copywriter career path, how to become a copywriter in India, and copywriting career outlook. 

5 Jobs Available
Vlogger

In a career as a vlogger, one generally works for himself or herself. However, once an individual has gained viewership there are several brands and companies that approach them for paid collaboration. It is one of those fields where an individual can earn well while following his or her passion. 

Ever since internet costs got reduced the viewership for these types of content has increased on a large scale. Therefore, a career as a vlogger has a lot to offer. If you want to know more about the Vlogger eligibility, roles and responsibilities then continue reading the article. 

3 Jobs Available
Publisher

For publishing books, newspapers, magazines and digital material, editorial and commercial strategies are set by publishers. Individuals in publishing career paths make choices about the markets their businesses will reach and the type of content that their audience will be served. Individuals in book publisher careers collaborate with editorial staff, designers, authors, and freelance contributors who develop and manage the creation of content.

3 Jobs Available
Journalist

Careers in journalism are filled with excitement as well as responsibilities. One cannot afford to miss out on the details. As it is the small details that provide insights into a story. Depending on those insights a journalist goes about writing a news article. A journalism career can be stressful at times but if you are someone who is passionate about it then it is the right choice for you. If you want to know more about the media field and journalist career then continue reading this article.

3 Jobs Available
Editor

Individuals in the editor career path is an unsung hero of the news industry who polishes the language of the news stories provided by stringers, reporters, copywriters and content writers and also news agencies. Individuals who opt for a career as an editor make it more persuasive, concise and clear for readers. In this article, we will discuss the details of the editor's career path such as how to become an editor in India, editor salary in India and editor skills and qualities.

3 Jobs Available
Reporter

Individuals who opt for a career as a reporter may often be at work on national holidays and festivities. He or she pitches various story ideas and covers news stories in risky situations. Students can pursue a BMC (Bachelor of Mass Communication), B.M.M. (Bachelor of Mass Media), or MAJMC (MA in Journalism and Mass Communication) to become a reporter. While we sit at home reporters travel to locations to collect information that carries a news value.  

2 Jobs Available
Corporate Executive

Are you searching for a Corporate Executive job description? A Corporate Executive role comes with administrative duties. He or she provides support to the leadership of the organisation. A Corporate Executive fulfils the business purpose and ensures its financial stability. In this article, we are going to discuss how to become corporate executive.

2 Jobs Available
Multimedia Specialist

A multimedia specialist is a media professional who creates, audio, videos, graphic image files, computer animations for multimedia applications. He or she is responsible for planning, producing, and maintaining websites and applications. 

2 Jobs Available
Welding Engineer

Welding Engineer Job Description: A Welding Engineer work involves managing welding projects and supervising welding teams. He or she is responsible for reviewing welding procedures, processes and documentation. A career as Welding Engineer involves conducting failure analyses and causes on welding issues. 

5 Jobs Available
QA Manager
4 Jobs Available
Quality Controller

A quality controller plays a crucial role in an organisation. He or she is responsible for performing quality checks on manufactured products. He or she identifies the defects in a product and rejects the product. 

A quality controller records detailed information about products with defects and sends it to the supervisor or plant manager to take necessary actions to improve the production process.

3 Jobs Available
Production Manager
3 Jobs Available
Product Manager

A Product Manager is a professional responsible for product planning and marketing. He or she manages the product throughout the Product Life Cycle, gathering and prioritising the product. A product manager job description includes defining the product vision and working closely with team members of other departments to deliver winning products.  

3 Jobs Available
QA Lead

A QA Lead is in charge of the QA Team. The role of QA Lead comes with the responsibility of assessing services and products in order to determine that he or she meets the quality standards. He or she develops, implements and manages test plans. 

2 Jobs Available
Structural Engineer

A Structural Engineer designs buildings, bridges, and other related structures. He or she analyzes the structures and makes sure the structures are strong enough to be used by the people. A career as a Structural Engineer requires working in the construction process. It comes under the civil engineering discipline. A Structure Engineer creates structural models with the help of computer-aided design software. 

2 Jobs Available
Process Development Engineer

The Process Development Engineers design, implement, manufacture, mine, and other production systems using technical knowledge and expertise in the industry. They use computer modeling software to test technologies and machinery. An individual who is opting career as Process Development Engineer is responsible for developing cost-effective and efficient processes. They also monitor the production process and ensure it functions smoothly and efficiently.

2 Jobs Available
QA Manager
4 Jobs Available
AWS Solution Architect

An AWS Solution Architect is someone who specializes in developing and implementing cloud computing systems. He or she has a good understanding of the various aspects of cloud computing and can confidently deploy and manage their systems. He or she troubleshoots the issues and evaluates the risk from the third party. 

4 Jobs Available
Azure Administrator

An Azure Administrator is a professional responsible for implementing, monitoring, and maintaining Azure Solutions. He or she manages cloud infrastructure service instances and various cloud servers as well as sets up public and private cloud systems. 

4 Jobs Available
Computer Programmer

Careers in computer programming primarily refer to the systematic act of writing code and moreover include wider computer science areas. The word 'programmer' or 'coder' has entered into practice with the growing number of newly self-taught tech enthusiasts. Computer programming careers involve the use of designs created by software developers and engineers and transforming them into commands that can be implemented by computers. These commands result in regular usage of social media sites, word-processing applications and browsers.

3 Jobs Available
Product Manager

A Product Manager is a professional responsible for product planning and marketing. He or she manages the product throughout the Product Life Cycle, gathering and prioritising the product. A product manager job description includes defining the product vision and working closely with team members of other departments to deliver winning products.  

3 Jobs Available
Information Security Manager

Individuals in the information security manager career path involves in overseeing and controlling all aspects of computer security. The IT security manager job description includes planning and carrying out security measures to protect the business data and information from corruption, theft, unauthorised access, and deliberate attack 

3 Jobs Available
ITSM Manager
3 Jobs Available
Automation Test Engineer

An Automation Test Engineer job involves executing automated test scripts. He or she identifies the project’s problems and troubleshoots them. The role involves documenting the defect using management tools. He or she works with the application team in order to resolve any issues arising during the testing process. 

2 Jobs Available
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