Supervisory Analyst Exam (Series 16) Exam Guide

The exam is split into two separately administered parts. Part I (Regulations, also known as the Series 161) covers 50 items on the rules governing research analyst communications, built around two functions: reviewing and approving analysts' communications, and serving as liaison between the research department and other parties.

• Part I, Function 1 — Review and approve research analysts' communications for compliance with SEC/FINRA rules and firm policy (34 items)
• Part I, Function 2 — Serve as liaison between the research department and internal/external parties (16 items)
• Part II, Function 1 — Assess the accuracy, consistency, and sourcing of data and calculations in a report (16 items)
• Part II, Function 2 — Confirm a reasonable basis exists for the analyst's conclusions, such as price targets and ratings (34 items)

Candidates who have already passed the CFA Level I exam are exempt from Part II (the Series 162 valuation content).

The Series 16 exam fee is $325, covering both Part I and Part II. Candidates should confirm current pricing against FINRA's official fee schedule before registering, since fees are periodically updated.

Part I (Regulations) contains 50 items with a 90-minute time limit and a 72% passing score. Part II (Valuation of Securities) contains 50 items with a 120-minute time limit and a 74% passing score. If you fail a part, you must wait 30 days before retaking it, and that wait extends to 180 calendar days after three or more failures in succession.