200+ Free Series 86 Practice Questions
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Key Facts: Series 86 Exam
70-75%
First-Time Pass Rate
Industry estimate
73%
Passing Score
FINRA
80-100 hrs
Study Time
Recommended
46%
Valuation
Largest section
$295
Exam Fee
FINRA
4h 30m
Exam Duration
FINRA
The Series 86 exam has an estimated 70-75% first-time pass rate. It requires 73% to pass in 4 hours 30 minutes. The exam covers three major areas: Information and Data Collection (21%), Analysis and Financial Modeling (33%), and Valuation (46%). Prerequisites: SIE + firm sponsorship. Plan for 80-100 hours of study focusing on DCF, comparable analysis, and financial modeling.
About the Series 86 Exam
The Series 86 is Part I of the Research Analyst qualification, covering analysis and valuation. It focuses on information and data collection (21%), analysis and financial modeling (33%), and valuation methodologies (46%) including DCF analysis, comparable company analysis, and precedent transactions.
Questions
85 scored questions
Time Limit
4 hours 30 minutes
Passing Score
73%
Exam Fee
$295 (FINRA)
Series 86 Exam Content Outline
Information and Data Collection
SEC filings (10-K, 10-Q, 8-K), primary/secondary research, data sources, due diligence, and MNPI handling
Analysis and Financial Modeling
Financial statement analysis, ratio analysis, revenue/expense modeling, working capital, and three-statement models
Valuation
DCF analysis, WACC, terminal value, comparable company analysis, precedent transactions, multiples (P/E, EV/EBITDA, P/B), and sensitivity analysis
How to Pass the Series 86 Exam
What You Need to Know
- Passing score: 73%
- Exam length: 85 questions
- Time limit: 4 hours 30 minutes
- Exam fee: $295
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 86 Study Tips from Top Performers
Frequently Asked Questions
What is the Series 86 exam?
The Series 86 is Part I of FINRA's Research Analyst Qualification Examination. It covers analysis and valuation skills required to work as a research analyst, including information gathering from SEC filings, financial statement analysis, financial modeling, and valuation methodologies such as DCF, comparable company analysis, and precedent transactions. You must pass both Series 86 and Series 87 to be registered as a Research Analyst.
What is the Series 86 pass rate?
The Series 86 exam has an estimated pass rate of 70-75% for first-time test-takers. The exam has 85 scored questions plus unscored pretest items with a 73% passing score, taken over 4 hours 30 minutes. The technical nature of financial modeling and valuation calculations contributes to the difficulty.
What are the prerequisites for the Series 86?
You must pass the SIE (Securities Industry Essentials) exam and have firm sponsorship before taking the Series 86. A finance or accounting background is strongly recommended given the technical analytical content. After passing Series 86, you must also pass Series 87 (Part II) to complete the Research Analyst registration.
How long should I study for Series 86?
Plan for 80-100 hours of study over 8-12 weeks. Focus heavily on Valuation (46% of exam) including DCF analysis, WACC calculation, terminal value, comparable company analysis, and precedent transactions. Practice financial modeling and ratio analysis extensively. Complete at least 200 practice questions and score 80%+ consistently before scheduling.
What are the main topics on the Series 86?
The main topics are: Valuation (46%) covering DCF analysis, WACC, terminal value, comparable company analysis, precedent transactions, and multiples; Analysis and Financial Modeling (33%) covering financial statement analysis, ratio analysis, and three-statement models; and Information and Data Collection (21%) covering SEC filings, research sources, and MNPI handling.
What is the difference between Series 86 and Series 87?
Series 86 (Part I) covers analysis and valuation skills including financial modeling, DCF analysis, comparable company analysis, and data collection. Series 87 (Part II) covers regulatory administration and best practices including research report preparation, required disclosures, supervisory approval, and information dissemination. You must pass both exams to be registered as a Research Analyst.