This Series 86 exam study guide is for anyone moving into equity research at a broker-dealer. The Series 86 is the first half of the two-part Research Analyst Qualification — the analysis half — and it tests the quantitative work behind a research report: reading the economy, sizing up an industry, dissecting financial statements, and valuing a company. It is administered by FINRA, but it feels closer to a finance course than to the SIE you already passed, which is why a generic prep plan tends to leave points on the table.
What is the Series 86 exam?
The Series 86 qualifies an entry-level research analyst to prepare written and electronic communications that analyze equity securities, companies, and industry sectors. Together with the Series 87 and the SIE, it completes the Research Analyst registration. You must be sponsored by a FINRA member firm to sit for it, and the SIE is a co-requisite. The official details live on FINRA's Series 86 and 87 page.
Series 86 exam format at a glance
- Scored questions: 85 (plus a small number of unscored pretest items)
- Time limit: 4 hours 30 minutes
- Passing score: 73%
- Sponsorship: required — you must be associated with a FINRA member firm
- Co-requisite: the SIE
These details are accurate as of June 2026. Regulators revise exam specifications periodically, so confirm the latest format on the official exam page before you schedule.
What the Series 86 tests
FINRA organizes the content into three functions. Information and data collection (about 21%) covers reading the economy and analyzing the industry sector. Data verification and analysis (about 33%) is the financial-statement work — fundamental analysis, earnings quality, accounting choices, and the profitability ratios that tell you whether the numbers hold up. Valuation and forecasting is the largest block at roughly 46%, covering financial projections and valuation models such as discounted cash flow, multiples, and comparable companies. The weighting is the study plan in miniature: valuation and the analysis that feeds it should get the bulk of your hours.
How to study for the Series 86
The Series 86 rewards understanding over memorization. You cannot fake a discounted cash flow or a ratio interpretation, so build the mechanics until they are second nature. Learn each concept in plain language first — why a margin moves, what a multiple implies — then drill it with exam-style questions, and finally work mixed sets that force you to move between statement analysis and valuation the way the real exam does. Keep a short miss log pairing every wrong answer with the concept behind the right one; by the final week that log is your highest-value review material.
Common Series 86 mistakes
- Memorizing formulas without understanding what the output actually means.
- Under-weighting valuation and forecasting, the largest part of the exam.
- Treating it like the SIE — the Series 86 goes far deeper on analysis.
- Skipping mixed practice, so switching between topics feels unfamiliar under the clock.
The Exam Bootcamp Series 86 study guide
Our Series 86 study guide and question bank follows that method: teach each analysis concept simply, drill it with exam-style questions, and explain why every wrong answer is wrong so the reasoning sticks. You can see every exam we cover in one place on the study guides page.
Series 86 and Series 87
The two exams are a pair. The Series 86 is the analysis half; the Series 87 is the regulations half, covering research-report rules, conflicts of interest, and disclosure. Most candidates take them close together and need both — plus the SIE — for the full Research Analyst registration. If you have not cleared the foundation yet, start with our SIE study guide.
Series 86 exam FAQs
Is the SIE required for the Series 86?
Yes. The SIE is the co-requisite, and you also need the Series 87 to complete the Research Analyst registration.
Can CFA candidates skip the Series 86?
FINRA allows candidates who have passed CFA Level I and Level II (or CMT Level I and II) to request an exemption from the Series 86. Confirm eligibility with FINRA and your firm — the Series 87 is still required.
How hard is the Series 86?
It is technical but fair. Candidates comfortable with financial statements and valuation tend to find it very passable; the ones who struggle usually leaned on memorization instead of understanding the analysis.
