Series 86 — Research Analyst Qualification Examination (Part I) Study Plan
Practical study plan for FINRA Series 86, with 7-day, 14-day, 30-day, and 60/90-day schedules for research analysis, valuation, accounting, and timed practice.
How to use this Series 86 study plan
This Study Plan is for candidates preparing for the FINRA Series 86 — Research Analyst Qualification Examination (Part I), official exam code Series 86. It is designed for candidates who need a practical schedule for research analysis, financial statement analysis, valuation, modeling, economic concepts, and applied investment reasoning.
Series 86 is not just a memorization exam. Your plan should include:
- Accounting and financial statement interpretation
- Valuation methods and investment analysis
- Equity research workflow and company/industry analysis
- Quantitative reasoning and calculation practice
- Timed practice questions under exam-like pressure
- Missed-question review that turns weak areas into repeatable rules
Use the schedule that matches your remaining time. If you are also preparing for Series 87, keep the plans separate: Series 86 preparation should focus on research analysis and analytical judgment, not primarily on regulatory rules.
Which plan should you use?
| Time remaining | Best plan | Use this if | Main goal |
|---|---|---|---|
| 7 days | Final review plan | You have already studied most content | Consolidate formulas, fix weak areas, complete timed practice |
| 14 days | Focused recovery plan | You know some material but are uneven | Cover high-value topics quickly and test daily |
| 30 days | Balanced plan | You can study most days for a month | Build content knowledge, drill calculations, and add mocks |
| 60/90 days | Full preparation path | You are starting early or working full-time | Learn methodically, build durable analytical skill, avoid cramming |
Core Series 86 study areas to rotate
Use these categories to organize your calendar and error log.
| Study area | What to practice | Common mistake to avoid |
|---|---|---|
| Financial statements | Income statement, balance sheet, cash flow statement, working capital, margins, leverage, liquidity | Memorizing ratios without understanding what changes the ratio |
| Accounting analysis | Revenue, expenses, depreciation, amortization, inventory, capitalized vs. expensed items | Missing how accounting choices affect earnings, cash flow, and valuation |
| Valuation | Comparable companies, precedent transactions, discounted cash flow logic, multiples, growth and margin assumptions | Treating valuation as formula-only instead of assumption-driven |
| Equity analysis | Company drivers, industry structure, cyclicality, competitive position, earnings quality | Ignoring the business reason behind the numbers |
| Economics and markets | Rates, inflation, business cycles, sector sensitivity, macro indicators | Overgeneralizing market relationships without reading the scenario |
| Quantitative methods | Percent change, growth rates, present value logic, sensitivity analysis, basic statistics | Rushing arithmetic and choosing the answer that “looks close” |
| Research process | Building an investment thesis, identifying risks, using public information, comparing companies | Confusing facts, assumptions, and conclusions |
Daily practice rhythm
Use the same structure most study days. Consistency matters more than marathon sessions.
| Study block | Time | What to do |
|---|---|---|
| Warm-up recall | 10 minutes | Rewrite key formulas, ratio definitions, or decision rules from memory |
| Content review | 45–75 minutes | Study one focused topic, not a broad chapter skim |
| Targeted questions | 30–45 minutes | Complete 15–30 questions on that same topic |
| Missed-question review | 25–40 minutes | Write why each miss happened and the rule you will use next time |
| Mixed practice | 15–30 minutes | Do a small set from older topics to prevent forgetting |
| End-of-day summary | 5 minutes | Record weak topics and tomorrow’s first drill |
If you only have one hour, use this compressed version:
- 10 minutes: formula or concept recall
- 30 minutes: targeted questions
- 15 minutes: missed-question review
- 5 minutes: update error log
Missed-question review method
Do not simply read explanations and move on. Series 86 misses often come from weak interpretation, not just missing facts.
Create an error log with these fields:
| Field | What to record |
|---|---|
| Topic | Example: DCF assumptions, inventory accounting, margin analysis |
| Question type | Calculation, concept, scenario judgment, comparison, interpretation |
| Why I missed it | Knowledge gap, misread, formula error, arithmetic error, weak assumption, time pressure |
| Correct rule | The principle that would have led to the right answer |
| Redo date | 2 days later, then 7 days later |
| Status | Open, improving, mastered |
For each missed calculation question, redo the full calculation without looking at the explanation. For each missed scenario question, write the decision rule in plain English.
Example:
| Miss type | Review action |
|---|---|
| Formula forgotten | Add formula to daily recall sheet and use it in 5 new questions |
| Formula known but applied incorrectly | Write the trigger phrase that tells you when to use it |
| Accounting effect missed | Trace the impact through income statement, balance sheet, and cash flow statement |
| Scenario misread | Underline the actual question being asked before reviewing answer choices |
| Two answers seemed right | Identify the stronger answer based on the fact pattern, not general preference |
Formula and calculation practice
Series 86 candidates should practice formulas actively. Do not rely on recognition.
Build a one-page formula sheet for:
- Revenue growth and compound growth
- Gross, operating, and net margins
- Return measures
- Liquidity and leverage ratios
- Working capital relationships
- Earnings per share logic
- Valuation multiples
- Present value and discounted cash flow concepts
- Sensitivity analysis
- Basic probability/statistics concepts if included in your study materials
A useful study formula for readiness is:
\[ \text{Readiness} = \frac{\text{Questions answered correctly with explanation}}{\text{Total questions attempted}} \]Do not count a question as “mastered” unless you can explain why the right answer is right and why the tempting wrong answer is wrong.
7-day final review plan
Use this plan if your exam is one week away and you have already covered most of the material. This is not the time to read everything from scratch.
7-day schedule
| Day | Main focus | Practice requirement | Output |
|---|---|---|---|
| Day 1 | Diagnostic mixed set | Timed mixed practice block | Rank weak areas by topic |
| Day 2 | Financial statements and accounting effects | Targeted accounting and ratio questions | Updated formula and ratio sheet |
| Day 3 | Valuation and modeling | DCF, multiples, assumptions, sensitivity questions | List of valuation decision rules |
| Day 4 | Industry, company, and market analysis | Scenario-based equity research questions | Thesis/risk checklist |
| Day 5 | Timed mock or long timed set | Simulate exam pacing as closely as practical | Full error log review |
| Day 6 | Weak-area repair | Redo misses and drill top 3 weak areas | Final “must remember” sheet |
| Day 7 | Light final review | Short recall sets only; no heavy new material | Rested, organized exam-day plan |
Final-week rules
- Stop adding new study sources unless you have a clear gap.
- Prioritize missed questions over reading new material.
- Redo old misses before doing more new questions.
- Do not spend the final day on a full-length mock unless you know it will not drain you.
- Keep formula review short and active: write, solve, check.
- Sleep and pacing matter; avoid turning the final night into a cramming session.
14-day focused plan
Use this if you have two weeks and need a structured recovery plan. The goal is to cover the most testable analytical skills quickly, then shift into timed practice.
Days 1–7: Build and repair core knowledge
| Day | Study focus | Practice |
|---|---|---|
| 1 | Diagnostic mixed set; identify weak areas | 40–60 mixed questions or a timed section |
| 2 | Financial statement structure and ratio interpretation | Accounting and ratio drills |
| 3 | Income statement analysis, margins, earnings quality | Scenario and calculation questions |
| 4 | Balance sheet, working capital, leverage, liquidity | Ratio and interpretation questions |
| 5 | Cash flow statement and accounting adjustments | Cash flow and accounting-effect drills |
| 6 | Valuation multiples and comparable analysis | Multiple-selection and interpretation drills |
| 7 | Weekly review and timed set | Timed mixed set plus error log cleanup |
Days 8–14: Apply under timed conditions
| Day | Study focus | Practice |
|---|---|---|
| 8 | DCF concepts, discounting, growth assumptions | Valuation calculation and scenario questions |
| 9 | Industry analysis, competitive position, cyclicality | Applied company/industry questions |
| 10 | Economics, markets, rates, inflation, sector effects | Macro-to-company scenario questions |
| 11 | Quantitative methods and statistics review | Calculation set with strict pacing |
| 12 | Timed mock or long timed mixed set | Full review of all misses |
| 13 | Weak-area repair and formula recall | Redo misses, targeted drills |
| 14 | Final review | Light mixed set, formula sheet, exam-day checklist |
14-day priorities
If you fall behind, protect these activities:
- Daily missed-question review
- Ratio, accounting, and valuation drills
- At least one timed mock or long timed mixed set
- Final two-day review of your own errors
30-day balanced plan
Use this if you have about one month. This is the most realistic path for many working candidates because it allows content learning, repetition, and timed practice.
Weekly structure
| Week | Main objective | Question volume target | Timed work |
|---|---|---|---|
| Week 1 | Build accounting and financial statement base | Moderate daily sets | Short timed sets only |
| Week 2 | Add valuation, modeling, and quantitative methods | Moderate to high | Timed topic sets |
| Week 3 | Apply research judgment across companies, industries, and markets | High mixed practice | One long timed set |
| Week 4 | Mock exams, weak-area repair, final review | High-quality review over raw volume | Timed mock plus final review |
30-day calendar
| Day range | Focus | Required actions |
|---|---|---|
| Days 1–2 | Diagnostic and plan setup | Complete a mixed diagnostic; create error log; identify top 5 weak topics |
| Days 3–5 | Financial statements | Study statement links; drill ratios, margins, cash flow, working capital |
| Days 6–7 | Accounting analysis | Practice revenue/expense timing, depreciation, inventory, capitalization, earnings quality |
| Days 8–10 | Valuation multiples | Drill comparable company logic, multiple interpretation, relative valuation |
| Days 11–13 | DCF and modeling assumptions | Practice present value logic, growth assumptions, margins, terminal value concepts if covered in your materials |
| Day 14 | Review checkpoint | Timed mixed set; update weak-topic ranking |
| Days 15–17 | Company and industry analysis | Practice competitive position, cyclicality, demand drivers, risks |
| Days 18–19 | Economics and market factors | Connect macro facts to sectors, rates, inflation, earnings, valuation |
| Days 20–21 | Quantitative methods | Calculation drills, statistics concepts, sensitivity analysis, arithmetic accuracy |
| Days 22–23 | Mixed application | Timed mixed sets; focus on switching topics quickly |
| Day 24 | Mock exam or long timed set | Simulate pacing and review all misses |
| Days 25–27 | Weak-area repair | Redo misses; drill top 3 weak topics; rewrite formula sheet |
| Day 28 | Second timed mock or long timed set | Confirm pacing and endurance |
| Day 29 | Final content review | Review formulas, ratios, accounting effects, valuation rules |
| Day 30 | Light review | Short recall, logistics, rest |
30-day study rules
- Use topic blocks early and mixed blocks later.
- Start timed practice by the second week.
- Keep one study source as your primary outline to avoid scattered notes.
- Do not wait until the final week to discover pacing problems.
- Redo missed questions at least once before the exam.
60/90-day full preparation path
Use this if you are starting early or studying around a demanding work schedule. The advantage of a longer path is spaced repetition: you can learn accounting, valuation, and analysis deeply enough to apply them under pressure.
60-day version
| Phase | Days | Objective | What to complete |
|---|---|---|---|
| Phase 1 | 1–10 | Orientation and financial statement foundation | Diagnostic, statement links, ratio basics, error log |
| Phase 2 | 11–20 | Accounting and earnings quality | Accounting effects, cash flow, working capital, margin analysis |
| Phase 3 | 21–32 | Valuation and modeling | Multiples, DCF concepts, assumptions, sensitivity |
| Phase 4 | 33–42 | Company, industry, and macro analysis | Sector drivers, business risks, market factors |
| Phase 5 | 43–50 | Quantitative review and mixed practice | Calculation speed, statistics, mixed sets |
| Phase 6 | 51–56 | Timed mocks and weak-area repair | Mock or long timed sets, error-log review |
| Phase 7 | 57–60 | Final review | Formula recall, redo misses, light practice |
90-day version
| Phase | Days | Objective | What to complete |
|---|---|---|---|
| Phase 1 | 1–14 | Foundation | Diagnostic, exam outline review, accounting and statements |
| Phase 2 | 15–30 | Financial analysis | Ratios, margins, cash flow, earnings quality |
| Phase 3 | 31–45 | Valuation | Multiples, DCF, assumptions, valuation judgment |
| Phase 4 | 46–60 | Research application | Industry analysis, company analysis, macro and market drivers |
| Phase 5 | 61–72 | Quantitative and mixed practice | Timed calculations, statistics concepts, mixed topic sets |
| Phase 6 | 73–82 | Mock phase | Timed mocks or long timed sets, detailed review |
| Phase 7 | 83–90 | Final review | Redo misses, formula sheet, weak-area drills, rest |
Long-path weekly rhythm
| Day type | What to do |
|---|---|
| 3 content days | Learn or review one major topic per day |
| 2 question days | Complete targeted drills and review explanations |
| 1 mixed practice day | Combine older and newer topics under time limits |
| 1 light review day | Redo misses, update formula sheet, rest if needed |
When to use timed mock exams
Timed practice should increase as the exam approaches. Do not use all mocks too early; the value is in review.
| Time remaining | Mock strategy |
|---|---|
| 60/90 days | Use an early diagnostic, then save full timed mocks for later phases |
| 30 days | Take one long timed set around the final third of the plan and another near the final week |
| 14 days | Take at least one timed mock or long timed mixed set after core review |
| 7 days | Use one timed mock or long timed set early in the week if it will guide final review |
After every mock, spend at least as much time reviewing as you spent testing.
Mock review checklist
For each missed or guessed question, ask:
- Did I know the concept?
- Did I identify the relevant financial statement, ratio, or valuation method?
- Did I choose too quickly?
- Did I make an arithmetic mistake?
- Did I ignore a keyword in the scenario?
- Did I understand why the wrong answer was tempting?
- Can I solve a similar question tomorrow without the explanation?
How to organize your final review sheet
By the final week, your review sheet should be short enough to review daily.
Include:
- Ratios and what each ratio indicates
- Common accounting adjustments and their directional effects
- Valuation multiple interpretation rules
- DCF assumption checklist
- Macro and sector relationship reminders
- Common personal error patterns
- Question stems that often cause you to slow down or misread
Do not turn the final sheet into a full textbook. It should contain only what you are likely to forget or misapply.
Exam-readiness checks
Use these checks before scheduling your final push.
| Readiness check | Good sign | Warning sign |
|---|---|---|
| Formula recall | You can write key formulas from memory | You recognize formulas only after seeing answer choices |
| Accounting effects | You can trace effects across statements | You know definitions but miss directional impacts |
| Valuation judgment | You understand what assumptions drive value | You plug numbers in without interpreting the scenario |
| Timed pacing | You finish timed sets without rushing the final questions | You run out of time or guess heavily near the end |
| Error log | Old misses are declining | Same topic misses repeat every session |
| Explanation quality | You can explain correct and incorrect answers | You only remember the letter choice |
What to stop doing near the end
In the final 3–5 days:
- Stop building large new notes.
- Stop switching between too many materials.
- Stop chasing obscure topics at the expense of repeated weak areas.
- Stop doing question volume without explanation review.
- Stop using untimed practice only.
- Stop ignoring calculation errors as “careless”; careless errors still cost points.
Practical next step
Choose the schedule that matches your remaining time, take a diagnostic or timed mixed set, and build your first error log. Then use daily Series 86 practice questions to convert weak accounting, valuation, and research-analysis areas into repeatable exam decisions.