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.
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 |
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