Series 16 – Supervisory Analyst Exam
Effective January 19, 2027, the waiting periods for retaking FINRA qualification exams will be reduced as follows:
- 15 days (from 30 days) after the first and second unsuccessful attempts, and
- 60 days (from 180 days) after the third
The new waiting periods will automatically apply to new enrollments and any open enrollments without an appointment. Candidates who have a scheduled exam retake appointment after January 19, 2027, should review whether cancelling and rescheduling for an earlier date is beneficial as rescheduling fees may apply.
January 19, 2027, is the first date FINRA is able to reduce a candidate’s waiting period and requests prior to this date will not be processed.
For additional information, visit FINRA Regulatory Notice 26-18 and the FINRA Qualification Exam FAQ.
For information about NASAA exams, visit https://www.nasaa.org/exams/exam-faqs/.
For questions related to this communication, contact [email protected] for assistance.
The Series 16 exam — the Supervisory Analyst Qualification Exam (SA) — assesses the competency of an entry-level principal to perform their job as a supervisory analyst.
The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a supervisory analyst, including the rules and statutory provisions applicable to the preparation and approval of research reports.
For more information about the Series 16 exam, refer to FINRA Rule 1210 and FINRA Rule 1220(a)(14).
Content Outline
The Series 16 Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the knowledge required. The outline is comprised of the four major job functions of a supervisory analyst in two parts: Regulations (Series 161) and Valuation of Securities (Series 162), and their corresponding job functions. The table below lists the allocation of exam items for each major job function.
| Major Job Functions Part 1: Series 161 | Number of Exam Items |
|---|---|
| (F1) Review and approve research analysts’ communications to ensure compliance with applicable SEC and FINRA rules and regulations, and firm policies and procedures | 34 |
| (F2) Serve as liaison between the Research Department and other internal and external parties | 16 |
| TOTAL | 50 |
| Major Job Functions Part 2: Series 162 | Number of Exam Items |
|---|---|
| (F1) Review the content of the report to assess the accuracy, consistency, and sources of data and calculations included in the report | 16 |
| (F2) Review the content of the report to ensure a reasonable basis exists for the analyst’s conclusions (e.g., price targets, recommendations, ratings, estimates, and valuation parameters) | 34 |
| TOTAL | 50 |
Download Series 16 Content Outline
Eligibility
Candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm to be eligible to take FINRA principal-level qualification exams. For more information on registration requirements, refer to FINRA Rule 1210.
The Series 16 does not have a corequisite exam.
For more information on the registration process, see Register a New Candidate.
Permitted Activities
A supervisory analyst is qualified to review and approve:
- research reports on debt and equity securities;
- discussion of broad-based indices;
- commentaries on economic, political or market conditions;
- technical analysis of the demand and supply for a sector, index or industry based on trading volume and price;
- statistical summaries of multiple companies’ financial data, including listings of current ratings;
- recommendations for increasing or decreasing holdings in particular industries or sectors;
- notices of ratings or price target changes, provided certain conditions are met; and
- other research that does not meet the definition of research report under FINRA Rule 2241, provided that the supervisory analyst has technical expertise in the particular product area and any additional product-specific registrations that may be required.