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NISM Certifications · NISM-Series-XV: Research Analyst · Fundamentals of Research

Which of the following best describes primary research as opposed to secondary research by an analyst?

Meeting suppliers and distributors to gather first-hand demand information is primary research because the analyst collects original data directly. Annual reports, government statistical releases and other analysts' reports are existing published material, so they count as secondary research sources.

  1. AReading the company's annual report filed with the exchange
  2. BUsing a government statistical release on industrial production
  3. CMeeting a company's suppliers and distributors to gather first-hand information on demandCorrect
  4. DDownloading a peer's research report from a data vendor

Explanation

Primary research involves collecting original, first-hand information, such as channel checks, interviews or surveys. Annual reports, government releases and others' reports already exist and are therefore secondary sources.

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