Series 86 Exam Guide, Study Plan & Practice Questions

Use this Series 86 exam guide when you are preparing for the analytical half of the Research Analyst qualification path. FINRA treats Series 86 and Series 87 as a two-part research analyst registration track rather than unrelated exams. Series 86 is the side that tests whether a candidate can gather the right information, verify and interpret it correctly, and turn it into a defensible valuation and recommendation framework.

If you need the combined route view before choosing a part, start with the FINRA Series 86/87 overview.

That structure matters because Series 86 is not the whole registration by itself. Candidates generally need the full research-analyst path, including the companion regulatory portion and the SIE co-requisite. Use the chapter lessons below to build the three official functions in sequence: first data collection, then verification and company analysis, then valuation and forecasting.

The guide also includes quick-reference pages such as the Cheat Sheet and FAQ for faster recall. The chapter lessons are where you build working judgment about macro drivers, industry structure, accounting quality, model assumptions, valuation methods, and catalyst analysis.

Series 86 study sections

Use this route when you want the exact Series 86 section path instead of only the broad chapter view. The exam is weighted most heavily toward valuation and forecasting, but weak data collection or statement analysis will usually break the valuation answer.

Practice this exam

Use this free guide for review, then Start Series 86 Practice on Finance Prep for timed questions, topic drills, and detailed explanations.

In this section

• Information and Data Collection
  Study how Series 86 begins: macroeconomic data, industry drivers, and the information sources used to evaluate sectors and covered companies.
  • Macroeconomic Data and Industry Drivers
    Learn how Series 86 tests economic indicators, policy signals, demographic trends, and the macro drivers that shape industry research.
  • Industry-Sector Research and Competitive Position
    Learn how Series 86 tests industry structure, supply and demand, competitive dynamics, disruptive threats, and comparative positioning.
• Data Verification and Analysis
  Study how Series 86 tests company analysis, accounting quality, ratios, corporate actions, and the verification of industry and company data.
  • Series 86 Filings, Financial Statements, and Trend Analysis
    Learn how Series 86 tests SEC filings, income statement, balance sheet, cash flow, segment reporting, guidance, risk factors, and source verification.
  • Series 86 Business Model and Operating Drivers
    Learn how Series 86 tests business strategy, revenue drivers, cost structure, management execution, supply chain, customer concentration, product mix, and competitive position.
  • Series 86 Working Capital and Accounting Practices
    Learn how Series 86 tests receivables, inventory, payables, cash conversion, accounting-policy comparability, non-GAAP adjustments, and earnings quality.
  • Series 86 Capital Structure, Corporate Actions, and Governance
    Learn how Series 86 tests debt, leverage, interest coverage, liquidity, M&A, restructuring, divestitures, return metrics, share count, and governance evidence.
• Valuation and Forecasting
  Study the largest Series 86 function: model assumptions, projections, valuation methods, catalysts, and recommendation logic.
  • Series 86 Income Statement Projection Drivers
    Learn how Series 86 tests revenue, price, volume, mix, gross margin, operating expenses, D&A, interest, taxes, EPS, and income statement forecast discipline.
  • Series 86 Cash Flow, Balance Sheet, and Model Integrity
    Learn how Series 86 tests working-capital forecasts, capex, sources and uses of cash, three-statement reconciliation, sensitivity analysis, scenarios, and model updates.
  • Series 86 Relative Valuation and Key Metrics
    Learn how Series 86 tests equity value, enterprise value, P/E, P/B, EV/EBITDA, EV/sales, PEG, peer comparison, historical averages, leverage, and price-target ranges.
  • Series 86 Intrinsic Valuation and Recommendation Framing
    Learn how Series 86 tests cost of capital, DCF, terminal value, DDM, economic profit, sum-of-the-parts valuation, takeout logic, price targets, and risk/reward.
  • Series 86 Catalysts, Market Patterns, and Risk Perception
    Learn how Series 86 tests macro, political, company-specific, technical, shareholder, and risk-perception events that can change valuation and recommendations.
• Series 86 Study Plan — A Practical Reading and Review Schedule
  A practical Series 86 study plan with a clear reading order, weekly milestones, review rhythm, and a final review strategy.
• Series 86 Cheat Sheet — Research Analyst Modeling, Valuation & Forecasting
  Comprehensive FINRA Series 86 reference: macro/industry data collection, fundamental company analysis, accounting comparability, forecasting frameworks, valuation methods (multiples, DCF, DDM, economic profit, SOTP), cost of capital, and catalyst-driven re-rating logic.
• Series 86 FAQ — Common Questions About Eligibility, Exemptions, and Study Strategy
  Common questions about the FINRA Series 86 exam, including sponsorship, the SIE and Series 87 relationship, exemption rules, and practical study strategy.
• Series 86 Resources — Official FINRA Links & Content Outline
  Official resources for the FINRA Series 86 exam, including the combined Research Analyst exam page, content outline, exemption details, and registration logistics.