# Introduction to Research Analyst Profession | NISM Series XV
> Learn about the role of Research Analysts, including micro vs macro economics, data collection, and the differences between sell-side and buy-side analysts.

Tags: research-analyst, nism-series-xv, stock-market, investment-analysis, financial-research, equity-research
## Introduction to Research Analyst Profession | NISM Series XV - Chapter 1
This presentation covers the fundamentals of becoming a Research Analyst as defined by NISM Series XV.

## Chapter Learning Objectives
*   Understand the primary role of a Research Analyst.
*   Learn principles of interaction between companies and clients.
*   Identify essential qualities of an analyst.

## The Need for Research Analysts
*   Investors often lack the time and expertise for full-time market monitoring.
*   SEBI Registered Research Analysts help investors make informed decisions through time-intensive research processes.

## Data Collection Scope
*   **Economic Analysis:** Micro and Macro trends.
*   **Sector Studies:** Industry-specific analysis.
*   **Company Deep Dive:** Focusing on management quality and internal factors.

## Micro vs. Macro Economics
*   **Micro Economics:** Focuses on individual units like customer behavior or specific market sectors.
*   **Macro Economics:** Focuses on the aggregate economy, including GDP, inflation, and employment rates.

## Sources of Information
*   **Local/Economic:** Government statistics and RBI data.
*   **Global:** IMF, World Bank, and Asian Development Bank.
*   **Company Specific:** Annual Reports (AR), Quarterly Results, and DRHP.

## Analysis & Decision Making Process
*   **Qualitative Factors:** Management quality and ethics.
*   **Quantitative Factors:** Performance metrics like profit, revenue, and cash flow.

## Types of Research Analysts
*   **Sell Side:** Work for investment banks or brokers; reports are public; generate income via brokerage.
*   **Buy Side:** Work for Mutual Funds/AMCs; research is internal; focus on generating returns for portfolios.
*   **Independent:** Provide unbiased research on a subscription basis; no brokerage or conflicting investments.
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