FINRA Series 86 Guide

Use this guide root when you are preparing for Series 86, 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.

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.

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.
  • Financial Statements, Business Model, and Company Analysis
    Learn how Series 86 tests statement analysis, company fundamentals, business quality, management execution, and the drivers of profit and growth.
  • Accounting Quality, Ratios, and Corporate Actions
    Learn how Series 86 tests adjusted figures, accounting choices, governance, corporate actions, and the ratios used to compare companies.
• Valuation and Forecasting
  Study the largest Series 86 function: model assumptions, projections, valuation methods, catalysts, and recommendation logic.
  • Financial Projections and Model Maintenance
    Learn how Series 86 tests revenue, margin, cash-flow, and balance-sheet forecasts, including assumption testing and model revision discipline.
  • Valuation Metrics and Recommendation Frameworks
    Learn how Series 86 tests P/E, EV-based metrics, dividend and cash-flow approaches, cost of capital, and recommendation logic.
  • Catalysts, Risk, and Future Valuation
    Learn how Series 86 tests catalysts, historical and peer valuation context, technical signals, risk factors, and events that change stock 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.