FINRA Series 162 Exam Guide: Supervisory Analyst Part II

Use this Series 162 exam guide when you are preparing for Part II of the FINRA Series 16 Supervisory Analyst qualification. Series 162 is the valuation and report-review half of the Series 16 path. It focuses on assessing the accuracy, consistency, sources, calculations, and analytical basis behind research reports rather than on the broader communications-review workflow covered in Part I.

If you need the combined route view before choosing a part, start with the FINRA Series 16 overview.

The current Part II configuration uses two functions led heavily by reviewing whether a reasonable basis exists for the analyst’s conclusions. Treat it as a research-report quality and analytical-basis exam. The strongest candidates think in terms of evidence, support, and defensibility.

Function lessons

Use these Series 162 function guides after confirming the Part II route within the Series 16 Supervisory Analyst qualification.

• Review the Content of the Report to Assess the Accuracy, Consistency, and Sources of Data and Calculations Included in the Report
• Review the Content of the Report to Ensure a Reasonable Basis Exists for the Analyst’s Conclusions

Series 162 exam snapshot

Where Series 162 fits

What to study first

Start with the two review layers the exam uses:

1. data and calculation integrity
2. reasonable basis for the analyst’s conclusions

The first layer asks whether the report’s numbers, sources, calculations, and accounting treatment are reliable. The second layer asks whether the report’s rating, target price, recommendation, estimates, and valuation parameters actually follow from the evidence. Most missed Series 162 questions come from accepting a polished investment story before checking the support underneath it.

What this guide is for

Use this guide to confirm route fit, understand the weighted outline, and decide how to use practice questions after the report-review frame is clear. Series 162 rewards candidates who can test whether the report is internally sound and whether the analyst’s conclusions are adequately supported.

Series 162 guide pages

Practice this exam

Use this free guide for review, then Start Series 162 Practice on Finance Prep for timed questions, topic drills, and detailed explanations.

In this section

• Series 162 Data and Calculations Review Guide
  Series 162 data and calculations review guide for source attribution, source credibility, calculation integrity, financial statement reconciliation, accounting treatments, comparability adjustments, and market-data verification.
  • Series 162 Data Source Attribution, Permissions, and Estimate Labeling Guide
    Study data source attribution, permissions, and estimate labeling for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Third-Party Information, Management Guidance, and Source Credibility Guide
    Study third-party information, management guidance, and source credibility for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Calculation Integrity, Ratio Mechanics, and Cross-Section Consistency Guide
    Study calculation integrity, ratio mechanics, and cross-section consistency for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Financial Statement Reconciliation and Per-Share Consistency Guide
    Study financial statement reconciliation and per-share consistency for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Accounting Statement Construction, Footnotes, and MD&A Context Guide
    Study accounting statement construction, footnotes, and md&a context for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Comparability Adjustments, Sustainable Cash Flow, and Structural Adjustments Guide
    Study comparability adjustments, sustainable cash flow, and structural adjustments for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Accounting Practices, Special Items, and Reporting Treatments Guide
    Study accounting practices, special items, and reporting treatments for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Market Data Verification and Reference Data Currency Guide
    Study market data verification and reference data currency for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
• Series 162 Reasonable Basis Review Guide
  Series 162 reasonable-basis review guide for model architecture, valuation logic, recommendation alignment, thesis support, economics, fixed income, company and industry analysis, ratios, risk measures, and technical indicators.
  • Series 162 Model Architecture, Assumption Flow, and Internal Links Guide
    Study model architecture, assumption flow, and internal links for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Projection Drivers and Estimate-Change Support Guide
    Study projection drivers and estimate-change support for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Discounted Cash Flow, Terminal Assumptions, and Long-Term Valuation Logic Guide
    Study discounted cash flow, terminal assumptions, and long-term valuation logic for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Relative Valuation, Multiples, Peer Sets, and Target-Price Bridges Guide
    Study relative valuation, multiples, peer sets, and target-price bridges for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Ratings, Outlooks, Price Targets, and Recommendation Alignment Guide
    Study ratings, outlooks, price targets, and recommendation alignment for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Thesis Support, Catalysts, Downside Cases, and Narrative Consistency Guide
    Study thesis support, catalysts, downside cases, and narrative consistency for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Microeconomics, Demand, Supply, Elasticity, and Market Structure Guide
    Study microeconomics, demand, supply, elasticity, and market structure for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Macroeconomics, Business Cycle, Fiscal Policy, Inflation, and Rates Guide
    Study macroeconomics, business cycle, fiscal policy, inflation, and rates for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Monetary Policy, Money Supply, and International Economics Guide
    Study monetary policy, money supply, and international economics for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Fixed-Income Instruments and Structural Features Guide
    Study fixed-income instruments and structural features for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Yield, Duration, Credit Quality, and Bond Relative Value Guide
    Study yield, duration, credit quality, and bond relative value for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Equity Information Sources, Security Types, and Packaged Securities Guide
    Study equity information sources, security types, and packaged securities for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Industry Appraisal, Competition, Prices, Costs, and Profits Guide
    Study industry appraisal, competition, prices, costs, and profits for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Company Valuation, Growth, Management Appraisal, and Forecasting Guide
    Study company valuation, growth, management appraisal, and forecasting for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Risk Analysis, Alpha, Beta, and Preferred Stock Support Guide
    Study risk analysis, alpha, beta, and preferred stock support for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Profitability, Liquidity, Coverage, and Turnover Ratios Guide
    Study profitability, liquidity, coverage, and turnover ratios for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Leverage, Tax Accounting, and Analytical Adjustments Guide
    Study leverage, tax accounting, and analytical adjustments for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
  • Series 162 Technical Analysis, Market Indicators, and Sentiment Measures Guide
    Study technical analysis, market indicators, and sentiment measures for FINRA Series 162 Supervisory Analyst Part II with learning objectives, report-review controls, and exam traps.
• Series 162 Study Plan for Supervisory Analyst Part II
  A practical Series 162 study plan for FINRA Supervisory Analyst Part II, with weighted reading order, report-review milestones, miss-review method, and final review plan.
• Series 162 Cheat Sheet: Supervisory Analyst Part II
  High-yield Series 162 cheat sheet for FINRA Supervisory Analyst Part II: exam facts, report-review controls, calculation integrity, reasonable basis, and conclusion traps.
• Series 162 FAQ: FINRA Supervisory Analyst Part II
  Series 162 FAQ for FINRA Supervisory Analyst Part II, including exam format, passing score, CFA Level I exemption context, report review, and study strategy.
• Series 162 Resources: Official FINRA Links for Supervisory Analyst Part II
  Official Series 162 resources for FINRA Supervisory Analyst Part II, including Series 16 exam facts, content outline, CFA Level I exemption context, scoring, and study checkpoints.