Series 16 guide for the FINRA Supervisory Analyst qualification, including Part I Series 161, Part II Series 162, route fit, exam structure, and study order.
Use this Series 16 guide when your search starts with the Supervisory Analyst Qualification Exam rather than with one of its two component parts. FINRA presents Series 16 as one supervisory analyst qualification, but the exam is divided into Part I, known as Series 161, and Part II, known as Series 162.
The route is narrow. Series 16 is not a general principal exam, not a research analyst production exam, and not a broad valuation credential. It is the supervisory analyst route for professionals who review and approve research reports, research-related communications, and the support behind analyst conclusions.
| Item | Current FINRA reference point |
|---|---|
| Full qualification | Supervisory Analyst Qualification Exam |
| Part I | Series 161 - Regulations |
| Part II | Series 162 - Valuation of Securities |
| Total scored items | 100 scored items across the two parts |
| Corequisite | FINRA lists no Series 16 corequisite exam |
| Sponsorship | Candidates must be associated with and sponsored by an eligible FINRA member firm or other applicable SRO member firm |
Most candidates should treat Series 161 as the regulatory and communications-control paper and Series 162 as the report-support and valuation-review paper.
| If your weak area is… | Start here |
|---|---|
| research communication approvals, disclosures, restricted-list issues, public appearances, or liaison controls | Series 161 |
| source quality, calculations, accounting inputs, valuation assumptions, ratings, target prices, or reasonable-basis review | Series 162 |
| understanding the full supervisory analyst route before scheduling either part | this Series 16 overview |
| Part | Exam focus | Study priority |
|---|---|---|
| Series 161 | Regulations and supervisory review of research communications | Learn what may be approved, revised, delayed, restricted, documented, or escalated. |
| Series 162 | Valuation of securities and review of analytical support | Learn how to test whether sources, calculations, estimates, ratings, and conclusions are defensible. |
Series 161 questions tend to reward control judgment. The fact pattern may describe a report, a public appearance, a distribution sequence, or a conflict signal. The best answer usually protects approval standards, disclosure quality, timing restrictions, and supervisory evidence.
Series 162 questions tend to reward analytical skepticism. The fact pattern may describe a valuation input, financial statement treatment, industry comparison, price target, rating, or estimate. The best answer usually tests whether the conclusion follows from reliable data and reasonable assumptions.
| Route | Best fit |
|---|---|
| Series 16 | supervisory analyst approval and review of research output |
| Series 24 | broad general securities principal supervision |
| Series 86/87 | research analyst qualification path |
| Series 161 | Part I of Series 16 |
| Series 162 | Part II of Series 16 |
Do not treat Series 16 as a substitute for the research analyst route or as a replacement for a broad principal registration. The exam is built around supervisory analyst work: approving research communications, controlling research interactions, and testing whether research conclusions have adequate support.
Use FINRA’s Series 16 exam page to confirm the current structure, eligibility language, and permitted-activity framing before scheduling. Use the Series 16 content outline when you need the detailed function-by-function topic scope for Part I and Part II.
If you already know which part you need, go directly to the matching guide:
If you are still choosing your route, confirm the live FINRA Series 16 page and your firm’s registration instructions before scheduling. The practical study sequence should follow your risk: candidates with weaker rule and disclosure control should start with Series 161; candidates with weaker accounting, valuation, or report-support review should start with Series 162.