Study how Series 86 begins: macroeconomic data, industry drivers, and the information sources used to evaluate sectors and covered companies.
Series 86 starts with information gathering because weak inputs produce weak research. Before a model is built or a valuation multiple is chosen, the analyst has to understand the economy, the industry, and the competitive setting in which the company operates. That is why FINRA gives the first function to data collection rather than to spreadsheet mechanics.
Read this chapter as the input layer of the exam. The first lesson focuses on macroeconomic signals and the broad drivers that shape industry conditions. The second lesson focuses on industry structure, competition, supply and demand, and the way analysts position a company inside its sector.