1
Series 86 / Part 1 - Function 1: Information and Data Collection
Read economic indicators in context | Trace market forces to company results | Analyze fiscal policy transmission | Analyze monetary policy transmission
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FINRA Research Analyst Exam (Series 86/87) Free Practice Test
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A U.S. retailer sells mostly discretionary home goods. Recent data show slower real GDP growth, rising unemployment, and declining consumer confidence. Which conclusion is the most defensible starting point for industry analysis?
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FINRA Research Analyst Exam (Series 86/87)
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Exam Syllabus
Core FINRA Research Analyst Exam (Series 86/87) topics
2
Series 86 / Part 1 - Function 2: Data Verification and Analysis
Verify financial trends across filings | Understand the reporting entity | Map the supply chain to margin risk | Reconcile the three statements
3
Series 86 / Part 1 - Function 3: Valuation and Forecasting
Build an earnings bridge | Forecast sales and operating profit | Forecast sources and uses of cash | Forecast the balance sheet
4
Series 87 / Part 2 - Function 4: Preparation of Research Reports
Explain a rating system | Interpret ratings distribution | Read a historical price chart disclosure | Identify investment banking conflicts
5
Series 87 / Part 2 - Function 5: Dissemination and Marketing of Information
Discuss research with institutional clients | Explain research to retail clients | Brief institutional sales | Brief retail sales
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Video course preview
FINRA Research Analyst Exam (Series 86/87) video course
Treasury Conquer brings guided video study, worked examples, and exam-style practice into one study flow.
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Show cash visibility, forecast reasoning and financial decision support. Project, analytics and supply-chain studies are transferable inputs, not treasury designations.
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Treasury analyst
Finance operations analyst seeking treasury responsibilities, with experience reconciling inputs and explaining forecast differences. Preparing the next credential step while building practical cash-analysis evidence.
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Reconciled a fictional 13-week cash forecast to bank and ledger inputs and documented four timing differences.
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Feedback from learners using Treasury Conquer to make FINRA Research Analyst Exam (Series 86/87) preparation more focused and manageable.
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FAQ
Common questions about FINRA Research Analyst Exam (Series 86/87)
How do Series 86 and Series 87 divide the research analyst's work?
Series 86 follows the analytical process: gather economic and industry information, verify company data, build forecasts and estimate value. Series 87 follows the communication process: prepare supported reports, address required disclosures and conflicts, and present or distribute research through different channels. A valuation can be mathematically sound yet still require careful disclosure and controlled dissemination.
How should I connect a financial forecast to a valuation?
Build the operating forecast first: units or customers, price, costs, working capital and capital spending. Reconcile earnings to cash flow and the balance sheet. Then choose a valuation measure that matches the cash flow or earnings being valued. For example, enterprise value pairs naturally with EBITDA or cash flow available to all capital providers, while equity value pairs with earnings per share or dividends. Test whether changes in growth, margins and discount rates alter the conclusion.
What makes a research communication more than a market opinion?
A research communication should make its thesis, evidence, valuation method, assumptions and material risks understandable to its intended audience. The analyst must also consider applicable ratings, ownership, investment banking and other conflict disclosures, approvals, certification and restrictions. Changing the channel from a report to an email, call, social post or video does not remove the need to handle the substance and its distribution appropriately.
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