Non-official sequence guide for the FINRA supervisory analyst path, including Series 161, Series 162, and the broader research-analyst sequence.
This is a sequence guide, not a standalone exam page.
Use it when you are searching for Series 16 exam prep but first need to understand the actual FINRA structure. The supervisory analyst path splits into Series 161 and Series 162. If you need the broader research-analyst base first, that usually means Series 86 and Series 87 before supervisory review.
| If your goal is… | Best page | Why |
|---|---|---|
| Open the regulatory side first | Series 161 | Best page for disclosures, approvals, research-report controls, and public-appearance supervision. |
| Open the valuation side first | Series 162 | Best page for reasonable-basis review, model logic, estimates, and valuation support. |
| Start with the research-analyst base first | Series 86 and Series 87 | Best page when you still need the technical and communications baseline before supervision. |
| Return to the full FINRA family | FINRA | Best page when you are still comparing research supervision against broader FINRA representative, principal, or operations paths. |
flowchart TD
A["Start<br/>Research supervision path"] --> B["Series 161<br/>Regulations"]
A --> C["Series 162<br/>Valuation of Securities"]
D["Need research-analyst baseline first?"] --> E["Series 86 + Series 87"]
B --> F["Supervisory analyst sequence"]
C --> F
E --> F
| Exam | Official exam name | What it is really testing |
|---|---|---|
| Series 161 | Supervisory Analyst Qualification Examination, Part I: Regulations | Research-report controls, disclosures, approvals, dissemination, and communication supervision |
| Series 162 | Supervisory Analyst Qualification Examination, Part II: Valuation of Securities | Source quality, valuation support, estimate review, and whether conclusions have a reasonable basis |
| Series 86 | Research Analyst Qualification Examination, Part I | Technical and valuation research foundation |
| Series 87 | Research Analyst Qualification Examination, Part II | Research communications and regulatory foundation |
| If you are… | Best first move | Why |
|---|---|---|
| Supervising research reports and analyst output | Series 161 | Best page when communications controls and disclosures are the weak point. |
| Reviewing price targets and valuation support | Series 162 | Best page when reasonable-basis review and model challenge matter most. |
| Still becoming a research analyst before supervision | Series 86 and Series 87 | Best page when the supervisory layer is premature. |
| Still sorting the broader U.S. path | U.S. roadmap | Best page when you need the higher-level FINRA / NASAA / MSRB / NFA map first. |