Series 86 FAQ — Common Questions & Quick Answers

Policies can change—confirm critical details with FINRA and your firm before scheduling.

Quick facts

• Scored items: 85
• Unscored pretest items: 10
• Time: 4 hours 30 minutes
• Passing score: 73
• Cost: $225
• Corequisite: SIE
• Sponsorship: required

Frequently asked questions

Do I need firm sponsorship for Series 86?

Yes. Series 86 is a representative-level FINRA qualification exam and generally requires association with a FINRA member firm (or other applicable SRO member firm).

Do I need to pass SIE too?

Yes. The SIE is a corequisite for the Research Analyst qualification path.

Do I need Series 87 as well?

Usually, yes. FINRA indicates that candidates must pass Series 86 + Series 87 + SIE to obtain the Research Analyst registration (subject to firm registration processes and applicable exemptions).

Is there an exemption from Series 86?

FINRA indicates that a candidate may request an exemption from Series 86 (Part I) if they have:

• passed CFA Level I and Level II, or
• passed CMT Level I and Level II

Your firm’s registration team should confirm whether you qualify and how to file the exemption request.

What does Series 86 cover?

Series 86 tests the technical analyst toolkit:

• macroeconomic and industry data collection (F1)
• company and sector fundamental analysis (F2)
• forecasting, valuation metrics, and recommendation logic (F3)

How should I allocate study time?

Use the blueprint weights:

• F3 (46%): valuation metrics, cost of capital concepts, DCF/DDM intuition, and “which method fits?” decisions
• F2 (33%): financial statement analysis, accounting comparability, ratios, and quality-of-earnings logic
• F1 (21%): macro/industry drivers and how to translate them into model assumptions

What is the retake policy?

FINRA retake waiting periods can depend on attempt count and exam type. Verify current rules with FINRA at scheduling time.