Series 86 (FINRA Series 86 — Research Analyst (Analysis)) — Free Online Mock Test

Series 86 exam at a glance

Series 86 full-length mock tests

Attempt 50 full-length Series 86 mock tests, each a distinct question set built on the real 100-question, 270-minute pattern — with instant scoring and section-wise analysis. The first 3 are free.

Series 86 key facts & eligibility

Who is eligible for Series 86?

Requires association with and sponsorship by a member firm, and the SIE is a co-requisite. A candidate who has passed both Level I and Level II of the CFA or the CMT exam may request an exemption from the Series 86.

Last verified July 2026 against FINRA — Series 86 & 87. Always confirm current details on the official website before you register.

Series 86 section breakdown

The Series 86 mock test on Wrexa Edge replicates the real exam's section structure — same names, same question count per section, same time limits. No inter-section breaks — the timer runs continuously.

• Series 86 Full Exam (100 Q)
  100 questions · 270 minutes · ~162 sec/question

Series 86 scoring & marking scheme

Strategy: Series 86 has no negative marking. Attempt every question — blank answers cost you potential marks but cannot pull your score down.

Scale: Series 86 (pass 73%).

How Series 86 is conducted

• Mode
  Proctored — Wrexa Edge mirrors this with a webcam-based proctoring flow (face detection, room scan, fullscreen lock, tab-switch detection).
• Test format
  Linear / fixed-form — every candidate sees the same number of questions per section.
• Backtracking
  Allowed — you can revisit and change answers within a section.
• Mark for review
  Available — flag tough questions and return to them before submitting the section.

Series 86 time strategy

With 100 questions in 270 minutes, you have about 162 seconds per question on average. Successful candidates aim for the following pacing on each section:

• Series 86 Full Exam (100 Q)
  Target ~162 sec/question. If a question takes more than 243 seconds, mark for review and move on.

Wrexa Edge's analytics show your actual time-per-question after every mock so you can spot which sections you're losing time on.

Series 86 topics covered

Across the 50 Wrexa Edge variants of Series 86, the following topics appear most often (sample distribution from one variant):

Series 86 Full Exam (100 Q)

• Series 79 — Underwriting · 9
• Statistics — Percentages · 8
• Statistics — Probability · 8
• Series 79 — M&A · 7
• Statistics — Median · 7
• Statistics — Mean · 7
• Series 79 — Valuation · 6
• Series 79 — Securities Offerings · 4

Series 86 difficulty calibration

Elite tier. Elite-tier: among the toughest exams in its category. Most successful candidates prepare for 6-12+ months.

FINRA research analyst Part 1 — required to publish equity research reports for a broker-dealer. 100 MCQ in 4.5 hours. Heavy quant: financial modelling, valuation, accounting, capital markets. 73% to pass. CFA L1/L2 holders may waive. · Official language: English.

Verified content — Wrexa Edge's Series 86 bank has been deeply curated with real exam-aligned content (estimated 100% syllabus coverage).

How Wrexa Edge prepares you for Series 86

• Real test-day interface
  Our cert skin mirrors the actual Series 86 testing software — same timer, palette, tools, and navigation.
• 50 distinct variants
  5000 unique practice questions, each variant a fresh test — not just shuffled options.
• Detailed analytics
  Scaled score, section accuracy, topic-wise heatmap, time-per-question — see where to focus after every attempt.
• Spaced repetition (Notebook)
  Wrong answers and flagged questions flow into an SM-2 spaced-repetition deck so you actually retain what you learn.
• Optional proctoring
  Browser-based face-api detection (no install) — turn it on to simulate real Series 86 test-day conditions.
• Free to start
  No credit card. Sign up, pick a variant, and your first Series 86 mock starts in under a minute.

Expert take: what Series 86 really tests

The Series 86, from FINRA, is Part I (Analysis) of the Research Analyst Qualification Examination. It has 85 scored multiple-choice questions in 4 hours 30 minutes — the longer, analysis-heavy part covering valuation and financial modelling — with a passing score of 73%. The SIE is a co-requisite, and passing both Level I and Level II of the CFA or CMT may exempt a candidate from the Series 86. Both the Series 86 and Series 87 are required to register as a research analyst.

Series 86 study plan

A phase-by-phase roadmap from your first concept to test-ready. Stretch or compress each phase to fit the time you have before your attempt.

Where Series 86 can take you

A strong Series 86 result opens up these careers and higher-study paths:

• Research Analyst (Analysis)
  Series 86 is Part I of the Research Analyst qualification.
• CFA/CMT exemption
  Passing CFA or CMT Levels I & II can exempt the Series 86.

Best books & official prep for Series 86

• Series 86/87 content outline — FINRA
  Official scope for the analysis part.
• Research Analyst (Series 86) exam prep — Various
  85 scored questions; pass 73%.

Official practice: Study the FINRA Series 86 content outline on securities analysis, valuation and modelling; the SIE is a co-requisite and the pass mark is 73%.

Previous-year papers: FINRA publishes the content outline; commercial providers supply practice questions.

Frequently asked questions

What is the Series 86 exam pattern?

FINRA Series 86 — Research Analyst (Analysis) contains 100 questions across 1 section: Series 86 Full Exam (100 Q). Total duration is 270 minutes (about 162 seconds per question).

Does Series 86 have negative marking?

No — Series 86 has no negative marking. Each correct answer is worth 1 mark, so attempt every question.

How is Series 86 scored?

Scaled score range: 100 to 1000. Series 86 (pass 73%).

How can I practise Series 86 online for free?

Wrexa Edge gives you 3 free full-length Series 86 mock tests — with instant scoring, detailed explanations and analytics — plus 47 more with Pro. Start practising in under a minute, no card required.

What is the difficulty level of Series 86?

Series 86 is rated Elite difficulty on Wrexa Edge. Elite-tier: among the toughest exams in its category. Most successful candidates prepare for 6-12+ months. FINRA research analyst Part 1 — required to publish equity research reports for a broker-dealer. 100 MCQ in 4.5 hours. Heavy quant: financial modelling, valuation, accounting, capital markets. 73% to pass. CFA L1/L2 holders may waive. · Official language: English.

How long is the Series 86 exam?

Series 86 runs for 270 minutes total. On Wrexa Edge the timer is enforced exactly as on the real exam — including no inter-section breaks.

What topics are covered in Series 86?

Series 86 is split into: Series 86 Full Exam (100 Q). Each section is timed and weighted separately. FINRA research analyst Part 1 — required to publish equity research reports for a broker-dealer. 100 MCQ in 4.5 hours. Heavy quant: financial modelling, valuation, accounting, capital markets. 73% to pass. CFA L1/L2 holders may waive. · Official language: English.

What tools or aids are allowed during Series 86?

No special tools are required. Note: real exam is proctored — Wrexa Edge mirrors this with a webcam-based proctoring flow you can enable.

Is the Series 86 test adaptive?

No — Series 86 is a fixed-form (linear) test. Every candidate sees the same number of questions per section.

How many Series 86 mock tests does Wrexa Edge offer?

Wrexa Edge generates 50 distinct Series 86 variants — each with different question content, not just shuffled options — the first 3 free for everyone and 47 more with Pro. That's 5000 unique practice questions in the real test-day interface.

Is there a free Series 86 test series 2026?

Yes. The Wrexa Edge Series 86 test series for 2026 gives you 3 free full-length mock tests (50 in total) plus subject-wise and topic-wise tests — instant scoring and detailed analysis, no card required.

Are Series 86 previous year question–style papers included?

Every Series 86 mock is modelled on the official exam pattern and the style of previous years' papers — the same 100-question structure, sections and marking — so your practice mirrors the real paper you'll sit.

Which is the best free Series 86 mock test online?

Wrexa Edge's Series 86 mock test replicates the real exam interface, timing and marking scheme, with instant score, section-wise analysis and 50 fresh variants — a strong free choice for 2026 preparation.

Can I take the Series 86 mock test on mobile?

Yes. Series 86 mock tests run in any browser on mobile, tablet or desktop — no app or download needed. Start on your phone and your progress and analytics sync when you sign in.

What is the Series 86 syllabus?

The Series 86 syllabus maps to its 1 section: Series 86 Full Exam (100 Q). Wrexa Edge's mock tests cover the complete syllabus topic by topic — see the topics-covered breakdown above — so you practise every area at real exam difficulty.

What is the eligibility for Series 86?

Requires association with and sponsorship by a member firm, and the SIE is a co-requisite. A candidate who has passed both Level I and Level II of the CFA or the CMT exam may request an exemption from the Series 86. Wrexa Edge focuses on realistic Series 86 practice: 3 free full-length mocks in the exact exam pattern, ready whenever you are.

When is the Series 86 exam and how should I prepare?

Official Series 86 exam dates are announced by the conducting body for each cycle — check the latest notification for the current schedule. To be ready, follow a phased study plan and take full-length timed mocks; Wrexa Edge gives you 3 free Series 86 mocks with instant scoring so you can track your readiness week by week.

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Ready to ace Series 86?

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