Series 86 Exam feedback since the exam changed on May 15, 2023 has been fairly consistent: The exam remains quite difficult!
Despite fewer questions (it now has 85 questions as opposed to 110 previously), the Series 86 Exam is still one of the hardest, if not the hardest, FINRA exam out there.
In today’s post, we discuss how the changes to the Series 86 Exam have played out for the many dozens of students that we’ve worked with since then.
Series 86 Exam Feedback…Still Difficult!
Despite some changes to the Series 86 Exam, the general feedback, and the general experience from the average student we see is that the exam is still very difficult. Most people still have a very hard time with the exam. There are also plenty of people that get very close, but don’t quite make it their first time around (this includes MBAs and PhDs from top-tier schools…so you’re in good company if you also fail at least once).
The type of questions asked are very similar to before the exam changed. However, the concentration of questions is obviously a little different given that there are fewer questions in each section. That said, feedback suggests questions have become much more topical, loosely referencing current events. The only two Series 86 practice question providers – STC and us, Professional Exam Tutoring – cover similar types of questions.
Interpreting Questions Is a Sticking Point
A core issue that differentiates student scores in the low 80% range, as opposed to the low 90% range, is interpreting the wording of questions.
And as a reminder, we HIGHLY recommend cracking 90% at least once your first time around on practice exams, but over 95% for your second or third time. It’s almost essential for the second and third time around.
Wording can always be tricky on standardized exams, but this exam takes it to another level. For instance, you must interpret what a question is referring to when it says “calculate EPS.” Does this mean diluted EPS, basic EPS, forward EPS, TTM EPS, etc.? A simple understanding of this can be the difference between a right and wrong answer when you were presented with multiple potential EPS answers.
Answer: Given the instruction to “calculate EPS” you would calculate basic EPS – calculating diluted EPS requires the preceding, qualifying word “diluted“.
Overall, the Series 86 exam remains quite the challenge. This was true before May 15, and is still true after May 15 of this year. One silver lining however, is that we rarely hear of students running out of time post May 15. Questions take just as long, but with 25 fewer questions, and the same time, it’s no problem.
If you are looking for more help on this very difficult exam, check out our Series 86 exam course launched this summer. And of course, if you need help beyond that, try a Series 86 tutor. Good luck!