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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