Series 162 Study Plan
A practical 7-day, 14-day, 30-day, and 60/90-day study plan for the FINRA Series 162 valuation exam.
Orientation
This Study Plan is for candidates preparing for FINRA’s Series 162 — Supervisory Analyst Qualification Examination (Part II: Valuation of Securities), official exam code Series 162.
Use it to convert your remaining study time into a practical schedule. The plan is independent study guidance and is not affiliated with FINRA. It is designed for candidates who need to review valuation concepts, securities analysis, financial statement interpretation, applied calculations, and supervisory-style judgment under time pressure.
Series 162 preparation should not be treated as simple memorization. Your schedule should include:
- Topic review.
- Calculation practice.
- Scenario-based judgment questions.
- Timed mixed practice.
- Missed-question review.
- Final-week consolidation.
Which plan should you use?
| Time remaining | Best path | Use this if… | Daily workload | Main priority |
|---|---|---|---|---|
| 7 days | Final review plan | You have already studied most topics and need exam readiness | 2-4 hours on weekdays; more if available | Patch weak areas, rehearse timing, stop adding new material |
| 14 days | Focused plan | You know some content but need structure and mixed practice | 1.5-3 hours daily | Rebuild weak topics and complete timed practice |
| 30 days | Balanced plan | You can study consistently for one month | 60-120 minutes most days | Cover all major valuation areas and build accuracy |
| 60 days | Full preparation path | You are starting early but have a normal work schedule | 45-90 minutes most days | Learn, drill, integrate, then test |
| 90 days | Extended preparation path | You want a slower pace or have limited study time | 30-60 minutes most days | Build retention with spaced review and repeated practice |
If you are unsure which plan to choose, start with the shorter plan only if you can already answer mixed valuation questions with reasonable confidence. If your diagnostic results show broad gaps, use the longer path if your exam date can be adjusted.
Series 162 study map
Use the current FINRA materials and your provider’s content outline as the authority for what is testable. For planning purposes, organize your study around the following practical buckets.
| Study bucket | What to practice | Common preparation mistake |
|---|---|---|
| Financial statement analysis | Balance sheet, income statement, cash flow statement, ratios, margins, leverage, liquidity, earnings quality | Memorizing ratios without interpreting what they imply |
| Equity valuation | Earnings, dividends, growth assumptions, market multiples, relative valuation, valuation reasonableness | Treating every valuation method as interchangeable |
| Fixed income valuation | Price/yield relationship, coupon structure, duration concepts, credit quality, callable or convertible features | Knowing definitions but not directional effects |
| Corporate finance concepts | Capital structure, dilution, cost of capital, cash flow, leverage, corporate actions | Ignoring how financing decisions affect valuation |
| Derivatives and embedded features | Options, warrants, convertibles, payoff logic, risk/reward changes | Learning formulas without scenario application |
| Economic, industry, and issuer analysis | Macro factors, sector drivers, company-specific risks, business cycle effects | Reviewing terms but not applying them to a security |
| Research and supervisory judgment | Assumptions, support for opinions, consistency, red flags, valuation language | Focusing only on math and skipping judgment questions |
| Timed mixed practice | Scenario questions, calculation questions, explanation review | Waiting until the final week to practice under time pressure |
Daily practice rhythm
Use the same rhythm almost every study day. Consistency matters more than long, unfocused sessions.
| Block | Time | What to do |
|---|---|---|
| Warm-up | 5-10 minutes | Review formulas, ratios, or prior missed-question notes |
| Focused topic review | 25-45 minutes | Read or watch one narrow topic, such as bond price/yield or equity multiples |
| Practice drill | 25-60 minutes | Complete topic questions without looking at notes |
| Explanation review | 20-40 minutes | Review every missed and guessed question |
| Error log update | 5-10 minutes | Record the rule, calculation, or reasoning error |
| Active recall close | 5 minutes | Write 3-5 facts, formulas, or decision rules from memory |
For longer weekend sessions, repeat the cycle twice. Do not spend an entire session passively reading. At least half of your study time should eventually be practice and review.
Diagnostic practice before you build the schedule
Take a diagnostic before committing to a plan.
| Diagnostic result | What it means | What to do next |
|---|---|---|
| Many misses across all topics | Foundation is incomplete | Use the 30-day or 60/90-day path if possible |
| Strong in definitions, weak in calculations | Knowledge is too passive | Add daily formula and calculation drills |
| Strong by topic, weak in mixed sets | You may be recognizing patterns, not applying concepts | Increase timed mixed practice |
| Good accuracy but slow | Timing is the issue | Use shorter timed blocks before full mocks |
| Misses mostly from reading errors | Process problem | Practice underlining facts, rates, time periods, and security features |
Treat guessed correct answers as not mastered. For tracking, use this working error rate:
\[ \text{Working error rate} = \frac{\text{incorrect answers} + \text{guessed correct answers}}{\text{questions attempted}} \]The goal is not just a higher score. The goal is fewer unstable answers.
Missed-question review method
Do not simply read the explanation and move on. Use a structured error log.
| Error type | Signs | Fix |
|---|---|---|
| Content gap | You did not know the rule, term, or valuation concept | Return to the source material and write a short rule statement |
| Formula gap | You knew the concept but could not calculate | Rework 5 similar calculation questions |
| Directional error | You reversed the effect of rates, yields, leverage, dilution, or growth | Create a cause/effect note |
| Scenario misread | You missed words such as increasing, decreasing, callable, diluted, after-tax, or convertible | Slow down and mark key facts before answering |
| Judgment error | You chose an answer that sounded reasonable but was not best supported | Compare the best answer to the distractor and explain why |
| Timing error | You rushed or spent too long on one item | Practice timed blocks with a skip-and-return rule |
For every missed or guessed question, record:
- Topic.
- Why your answer was wrong.
- Why the correct answer is better.
- The rule, formula, or judgment principle.
- The date you will retry it.
Use this retest schedule:
| When | Action |
|---|---|
| Same day | Rewrite the rule or formula from memory |
| 2 days later | Redo the question or a similar question |
| 7 days later | Mix it into a timed set |
| Final week | Review only recurring errors and high-value formulas |
Calculation and formula practice
Series 162 preparation should include regular calculation work. Keep a short formula sheet, but practice interpretation as much as computation.
| Area | Formulas or relationships to know in plain language | Practice task |
|---|---|---|
| Liquidity | Current ratio = current assets / current liabilities | Explain whether liquidity is improving or weakening |
| Leverage | Debt-to-equity = total debt / total equity | Connect leverage to risk, cost of capital, and valuation |
| Profitability | Gross margin, operating margin, net margin | Identify which part of the business is changing |
| Earnings | EPS = earnings available to common shareholders / weighted average shares | Practice dilution and share-count effects |
| Equity multiples | P/E = market price per share / EPS | Compare valuation across companies with different growth profiles |
| Dividend valuation | Value depends on expected dividends, required return, and growth assumptions | Identify when the assumptions are unrealistic |
| Fixed income | Bond prices and yields move inversely | Practice directional questions before detailed calculations |
| Current yield | Current yield = annual coupon / market price | Distinguish current yield from yield to maturity concepts |
| Convertibles | Conversion value = conversion ratio × stock price | Compare bond value, conversion value, and premium logic |
| Options/warrants | Payoff depends on underlying price, strike/exercise price, and time/value assumptions | Draw payoff direction before answering |
For calculation-heavy practice, require yourself to write the setup before calculating. Many exam errors come from using the right formula with the wrong input.
Timed mock exams and mixed practice
Use timed practice in stages. Do not wait until you feel fully ready.
| Stage | When to start | What to use | Purpose |
|---|---|---|---|
| Diagnostic set | First study day | Mixed questions across topics | Find weak areas |
| Topic drill | Immediately | 10-30 questions on one topic | Build accuracy |
| Mixed timed block | After several topic drills | 20-50 mixed questions | Build switching ability |
| Full timed mock | Once major topics have been reviewed | A full-length practice exam matching your provider’s format | Test endurance and pacing |
| Final mock | Several days before exam day | Full timed practice, then deep review | Confirm readiness and identify final repairs |
Mock exam rules:
- Use the timing and format from your current exam-prep provider or official exam instructions.
- Do not pause the timer.
- Do not check notes.
- Mark guessed answers.
- Review the mock after a break, not while frustrated.
- Spend at least as much time reviewing as you spent taking the mock.
- Do not take multiple full mocks in one day unless you have already built endurance.
7-day final review plan
Use this plan only if you have already studied the core material. If this is your first exposure to the content, use the 7 days to identify risk and focus on the most testable fundamentals, but understand that the schedule is compressed.
| Day | Primary focus | Practice | Review output |
|---|---|---|---|
| 7 | Diagnostic mixed set and error sorting | Timed mixed set or full mock if feasible | Rank weak areas into top 5 problems |
| 6 | Financial statements, ratios, earnings quality | Ratio and statement-analysis drills | One-page ratio interpretation sheet |
| 5 | Equity valuation and corporate finance | Multiples, EPS, dividends, dilution, capital structure | List of valuation assumptions and red flags |
| 4 | Fixed income valuation | Price/yield, duration concepts, credit, calls, convertibles | Directional effects chart |
| 3 | Derivatives, embedded features, industry/economic analysis | Scenario drills and calculation sets | Updated error log; no new large resources after today |
| 2 | Full timed mock or longest timed set available | Simulate exam conditions | Deep review of missed and guessed answers |
| 1 | Light final review | Short mixed set only if it calms you | Formula sheet, recurring errors, logistics check |
Final 48 hours:
- Stop adding new study materials.
- Do not chase obscure topics at the expense of core valuation logic.
- Review your error log, formula sheet, and high-frequency judgment traps.
- Sleep and pacing matter more than another rushed mock.
14-day focused plan
This plan works if you have some background but need disciplined review and practice.
| Day | Topic and task | Practice target |
|---|---|---|
| 1 | Diagnostic set; build topic ranking | Mixed timed set |
| 2 | Financial statements: structure, linkages, cash flow | Statement-analysis questions |
| 3 | Ratios: liquidity, leverage, margins, profitability | Ratio interpretation drills |
| 4 | Equity valuation: EPS, P/E, dividends, growth assumptions | Equity valuation questions |
| 5 | Corporate finance: capital structure, dilution, financing effects | Scenario and calculation drills |
| 6 | Fixed income: price/yield, coupons, duration concepts, credit | Fixed income topic set |
| 7 | Timed mixed review | Half-length or substantial timed block |
| 8 | Review Day 7 errors; repair two weakest topics | Targeted drills |
| 9 | Convertibles, warrants, options, embedded features | Payoff and conversion drills |
| 10 | Economic, industry, and issuer analysis | Applied scenario questions |
| 11 | Supervisory-style judgment: assumptions, support, consistency | Research/valuation judgment questions |
| 12 | Full timed mock | Full mock and marked guesses |
| 13 | Deep review of mock; rework misses | Missed-question retest set |
| 14 | Final review and pacing rehearsal | Short mixed set; formula and error-log review |
Rules for the 14-day plan:
- Stop adding new resources after Day 10.
- Use Days 12-14 for confirmation and repair, not broad learning.
- If a topic repeatedly fails, reduce it to rules, examples, and a small drill set.
30-day balanced plan
The 30-day plan gives you enough time to learn, practice, and simulate the exam without cramming.
| Week | Main goal | Topic work | Practice work | End-of-week output |
|---|---|---|---|---|
| 1 | Build the foundation | Financial statements, ratios, earnings, cash flow | Topic drills after each study block | Diagnostic summary and formula sheet draft |
| 2 | Learn valuation mechanics | Equity valuation, fixed income, corporate finance, convertibles | Calculation drills and scenario questions | Error log with recurring calculation patterns |
| 3 | Integrate topics | Industry/economic analysis, issuer analysis, securities features | Mixed timed blocks every other day | Timing plan and weak-area list |
| 4 | Convert knowledge to exam readiness | Full review of weak areas | Full mock, targeted drills, final mock or long timed set | Final formula sheet and exam-readiness checklist |
Sample 30-day rhythm
| Day range | What to do |
|---|---|
| Days 1-2 | Take diagnostic; set up error log; review financial statements |
| Days 3-5 | Ratios, margins, cash flow, leverage, earnings quality |
| Days 6-7 | Mixed review of Week 1 topics; retest missed questions |
| Days 8-10 | Equity valuation methods, EPS, dividends, growth, multiples |
| Days 11-13 | Fixed income price/yield, credit, duration concepts, calls |
| Days 14-15 | Corporate finance, dilution, capital structure, convertibles |
| Days 16-18 | Derivatives, warrants, embedded features, payoff direction |
| Days 19-21 | Industry/economic analysis and issuer-specific valuation judgment |
| Days 22-23 | Timed mixed blocks; review timing and guessed answers |
| Day 24 | Full timed mock |
| Days 25-26 | Deep review of mock; repair top weak areas |
| Day 27 | Second long timed mixed set or full mock if appropriate |
| Days 28-29 | Final formula, ratios, directional effects, error-log review |
| Day 30 | Light review; confirm exam logistics; no heavy new work |
60/90-day full preparation path
Use this path if you are starting early, balancing work obligations, or want stronger retention.
| Phase | 60-day pace | 90-day pace | Focus |
|---|---|---|---|
| Phase 1: Setup and diagnostic | Days 1-5 | Days 1-7 | Diagnostic, calendar, error log, study materials |
| Phase 2: Core accounting and ratios | Days 6-15 | Days 8-24 | Financial statements, ratios, cash flow, earnings quality |
| Phase 3: Valuation mechanics | Days 16-30 | Days 25-45 | Equity valuation, fixed income, corporate finance |
| Phase 4: Securities features and scenarios | Days 31-40 | Days 46-60 | Convertibles, options/warrants, embedded features, industry analysis |
| Phase 5: Mixed timed practice | Days 41-52 | Days 61-78 | Mixed sets, partial mocks, calculation repair |
| Phase 6: Final readiness | Days 53-60 | Days 79-90 | Full mocks, targeted review, final-week rules |
Weekly structure for 60/90 days
| Day type | Study action |
|---|---|
| 3 weekdays | 45-75 minutes of topic review plus drills |
| 1 weekday | Timed mixed set and explanation review |
| 1 weekday | Missed-question retest and formula practice |
| Weekend session 1 | Longer content block and scenario questions |
| Weekend session 2 | Cumulative review or mock exam as the exam gets closer |
Mock timing for longer plans
| Time remaining | Mock use |
|---|---|
| 60-90 days out | Diagnostic only; focus on learning |
| 45-60 days out | Occasional mixed timed blocks |
| 30-45 days out | Longer timed blocks every 1-2 weeks |
| 14-30 days out | At least one full timed mock if available |
| Final 7-10 days | Final full mock or long timed set, then targeted review |
Do not burn through all practice exams too early. Early practice should teach you. Late practice should test readiness.
How to review explanations
When reviewing practice questions, your goal is to learn the decision rule.
For each explanation, ask:
- What fact in the question controlled the answer?
- Was the issue valuation, calculation, definition, or judgment?
- Why is the correct answer better than the second-best answer?
- Did I miss a word, time period, security feature, or assumption?
- Can I solve a similar question without looking?
If an explanation includes a formula, rework it with changed numbers. If it includes a judgment rule, write a short version in your own words.
Final-week rules
Follow these rules regardless of whether you used the 7-day, 14-day, 30-day, or 60/90-day plan.
| Rule | Why it matters |
|---|---|
| Stop adding new resources in the final few days | New materials can create confusion without enough time for mastery |
| Review missed and guessed questions | These are your highest-value study items |
| Keep calculation work short but daily | Formula fluency fades quickly under stress |
| Use timed practice, but do not overtest | You need readiness, not exhaustion |
| Prioritize recurring weaknesses | One repeated error pattern can cost multiple questions |
| Confirm exam logistics from official sources | Avoid preventable exam-day stress |
Exam-readiness checks
You are closer to ready when you can do most of the following:
- Explain major valuation concepts without reading notes.
- Interpret ratios rather than just calculate them.
- Identify how interest rate changes affect fixed income values.
- Work through equity, fixed income, and convertible scenarios without guessing the method.
- Recognize when a valuation assumption is unsupported or inconsistent.
- Complete mixed timed sets without major pacing problems.
- Review a missed question and state exactly why your original answer was wrong.
- Keep your error log from growing in the final week.
- Avoid relying on memorized answer patterns from one question bank.
If you are still missing entire topic categories in the final week, narrow the repair plan. Do not try to relearn everything. Focus on core definitions, formulas, directional relationships, and common scenario logic.
Practical next step
Choose the plan that matches your remaining time, then take a timed diagnostic set before your next full study session. Build your error log immediately, rank your weakest Series 162 topics, and use the schedule above to move from review to timed practice to final readiness.