Series 86 Exam — Mock Exams & Practice Tests

The Series 86 is Part I of FINRA’s Research Analyst Qualification Exams (Series 86 and 87). Series 86 focuses on the analyst’s core technical work: information/data collection, fundamental analysis, forecasting, and valuation.

Key points:

• Sponsorship required: you must be associated with a FINRA member firm (or other applicable SRO member firm) to sit for Series 86.
• Corequisite: SIE.
• Research Analyst registration: you generally must pass SIE + Series 86 + Series 87 to obtain the Research Analyst registration.
• Possible exemption: candidates who passed CFA Level I & II or CMT Level I & II may request an exemption from Series 86 (per FINRA eligibility rules).

Use this hub as your study flow:

• Overview: exam format, timing, score, and what’s tested
• Syllabus: blueprint → functions → learning objectives (practice links included)
• Cheatsheet: modeling + valuation toolkit + common traps
• Practice: timed mocks + targeted drills
• FAQ: eligibility, exemptions, Series 86 vs Series 87, and study strategy
• Resources: official FINRA links and the content outline PDF
• Updates: content changes and syllabus mapping updates

In this section

• Series 86 Cheatsheet — 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 Exam Overview — Format, Weights & Eligibility
  Understand FINRA Series 86 (Research Analyst Qualification Exam Part I) at a glance: structure, timing, passing score, function weights, eligibility, and how it fits with Series 87.
• Series 86 FAQ — Common Questions & Quick Answers
  Answers to common questions about the FINRA Series 86 exam: eligibility and sponsorship, SIE corequisite, Series 87 relationship, exemption rules, format/timing, scoring, and study strategy.
• Series 86 Practice — Mock Exams & Topic Drills
  Launch Series 86 practice: full-length timed mocks and targeted drills mapped to FINRA’s Series 86 functions with detailed explanations.
• Series 86 Resources — Official FINRA Links & Content Outline
  Official resources for the FINRA Series 86/87 (Research Analyst) exams: exam page, content outline PDF, eligibility/exemptions, and key rule references.
• Series 86 Syllabus — Blueprint & Learning Objectives
  FINRA Series 86 syllabus mapped to the official functions with clear learning objectives and quick links to targeted practice.
• Series 86 Updates — Blueprint & Content Changes
  Track changes to the Series 86 study hub: syllabus mapping, cheat sheet refinements, practice coverage, resources, and copy updates.