The 24-module framework is applied progressively across the three years, with increasing depth and independence. Typical investigation areas include:
- Company profile, business model and product mix
- Industry structure and competitive position
- Management, governance and disclosures
- Annual reports and financial statement review
- Revenue, profitability and margin trends
- Balance sheet, debt and liquidity
- Cash flow and working capital
- Financial ratios and peer comparison
- Quarterly results and trend changes
- Economic and sector context
- Equity-market structure and share information
- Price history and volume behaviour
- Chart patterns and technical indicators
- Valuation methods and assumptions
- Risk factors and uncertainty
- Corporate actions and material announcements
- Data collection and source verification
- Spreadsheet and analytical tool use
- Statistical interpretation of evidence
- Investment thesis and counterarguments
- Scenario analysis and limitations
- Report writing, charts and citations
- Presentation, viva and reviewer feedback
- Final revised company-investigation report
Project quantities and NISM pathways are planned programme elements, subject to the institute’s published delivery terms and applicable examination requirements.