Series 162 FAQ for FINRA Supervisory Analyst Part II, including exam format, passing score, CFA Level I exemption context, report review, and study strategy.
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Series 162 is Part II of the FINRA Series 16 Supervisory Analyst qualification. It is the valuation, report-review, and analytical-basis half of the qualification.
No. Series 162 is only Part II. It should be understood as one half of the overall Series 16 path.
FINRA lists Series 162 as 50 multiple-choice items with a 120-minute time limit.
FINRA lists the passing score for Part II of the Series 16 exam as 74%.
It tests whether the supervisory analyst can review the report for data accuracy, calculation consistency, source quality, and whether a reasonable basis exists for the analyst’s conclusions.
It is testing whether you can challenge unsupported reasoning. The stronger answer usually identifies where the report’s conclusion outruns its factual or analytical support.
The reasonable-basis function deserves the most time because it carries 68% of the exam.
FINRA’s current outline states that a candidate who has passed CFA Level I may be exempt from Part II (Series 162). Confirm the live FINRA wording and required evidence before relying on that in your own path.
The most common mistake is treating Series 162 like a general valuation class. The exam is not asking you to build the perfect model; it is asking whether the report has enough source, calculation, valuation, and reasoning support to justify its conclusions.
Use the outline as a checklist of review defects. After each study session, mark whether your misses came from source quality, calculation integrity, accounting context, model structure, valuation support, recommendation alignment, or unsupported conclusions.
Switch once you can tell quickly whether the problem is factual accuracy, calculation consistency, or unsupported analysis. That split is the fastest way to clean up misses.
Review the reasonable-basis function, source and calculation controls, passing-score facts, the CFA Level I exemption note if relevant, and your own missed-question log. Avoid learning new valuation topics that are not connected to report-review decisions.