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200+ Free Series 16 Practice Questions

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2026 Statistics

Key Facts: Series 16 Exam

50 + 50

Questions by Part

FINRA

72% / 74%

Passing Scores

Published FINRA outline

90m + 120m

Exam Time

FINRA

$325

Exam Fee

FINRA

34%

Largest Function Weight

Part I Function 1 and Part II Function 2

2 parts

Exam Structure

FINRA

About the Series 16 Exam

The Series 16 qualifies supervisory analysts who review and approve research reports. It tests research-report compliance under FINRA rules, coordination and supervisory oversight during publication, factual and source review, and whether valuation conclusions, ratings, and price targets have a reasonable basis.

Assessment

Part I: 50 questions in 1 hour 30 minutes; Part II: 50 questions in 2 hours

Time Limit

3 hours 30 minutes total

Passing Score

72% Part I / 74% Part II

Exam Fee

$325 (FINRA)

Series 16 Exam Content Outline

34%

Part I: Review Communications for Rules Compliance

FINRA Rule 2241, required disclosures, conflicts, public appearances, dissemination controls, and quiet-period restrictions

16%

Part I: Liaison and Supervisory Oversight

Supervisory analyst responsibilities, internal review, recordkeeping, and coordination with research, legal, compliance, sales, and banking personnel

16%

Part II: Review Reports for Factual Support

SEC filings, source reliability, financial-statement review, data verification, and analytical consistency

34%

Part II: Determine Whether Conclusions Are Reasonable

DCF, comparables, valuation assumptions, price targets, ratings, forecasts, and whether conclusions are supported by the work

How to Pass the Series 16 Exam

What You Need to Know

  • Passing score: 72% Part I / 74% Part II
  • Assessment: Part I: 50 questions in 1 hour 30 minutes; Part II: 50 questions in 2 hours
  • Time limit: 3 hours 30 minutes total
  • Exam fee: $325

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

Series 16 Study Tips from Top Performers

1Treat Part I and Part II differently: Part I is about research-rule compliance and supervisory process, while Part II is about checking the analytical work behind the report.
2Memorize the practical disclosure, quiet-period, and public-appearance requirements in FINRA Rule 2241.
3When reviewing valuation questions, always test whether the assumptions, math, rating, and price target are internally consistent.
4Use SEC filings and financial statements as the base source, then ask whether the report's narrative accurately reflects those primary materials.
5Practice timed sets by part because the 90-minute regulatory section and the 120-minute analytical section feel different under pressure.

Frequently Asked Questions

What is the Series 16 exam?

The Series 16 is FINRA's Supervisory Analyst exam for professionals who review and approve research reports. It covers both the regulatory side of research communications and the analytical review needed to judge whether valuation conclusions and recommendations are reasonably supported.

How is the Series 16 structured?

Series 16 is a two-part exam. Part I has 50 multiple-choice questions in 90 minutes, and Part II has 50 multiple-choice questions in 120 minutes, for 100 questions and 3 hours 30 minutes total.

What score do I need to pass Series 16?

The latest published passing thresholds are 72% for Part I and 74% for Part II. You need to pass both parts unless FINRA grants a waiver for Part I.

Are there prerequisites or waivers for Series 16?

FINRA's current Series 16 page does not list a prerequisite or corequisite exam. Member-firm sponsorship is required for registration, and candidates who have passed CFA Level I and Level II may request a waiver of Part I through FINRA Gateway.

What should I study most for Series 16?

Prioritize FINRA Rule 2241, disclosure and conflict rules, supervisory approval standards, recordkeeping, SEC filing review, financial-statement analysis, and whether valuation methods, assumptions, ratings, and price targets are internally consistent and well supported.

What changed for Series 16 in 2026?

As of March 11, 2026, FINRA still shows the same two-part Series 16 structure and weighting on its current exam page and content outline. The current published exam fee is $325, and no newer Series 16-specific outline revision was identified.