SERIES 86 .. failed .. lost .. confused .. Will appreciate immediate feedback!
Friends,
The Series 86 exam today has put me in a state where I doubt all my knowledge, financial background, and skills obtained & learned over the last few years on the street. I might sound like a person IN SUPER NEED OF CONFIDENCE but the fact is that I failed it by 7-8 points today and for the first time saw the words FAIL on an examination screen in my life. Just like all the others I did the usual for my preparation-
Reviewed STC notes, revised all concepts, and took 2 full STC exams (not all 4) and went for the exam.
Once I was at the exam the complexities of the answer choices & the lengthy nature of the exam took me by surprise. I was getting lost between choices & also finding it hard to keep up with the ticking clock. Eventually I wrapped up with some close guesses on some of the doubtful questions & ended in the mid 60s .... totally stunned me & shocked to the core ... and I thought that I was one of the brightest bankers out there in the city.
Not sure what more I can do for the retake in 30 days .. probably make sure I do the other 2 full exams too. Even if I do that how will I ever figure out the right option from a list of confusing options that will be there? Try & complete the exam which is super lengthy? Are there any good learning courses out there besides the usual STC stuff?
I am totally confused & will need guidance here ... any help will be much appreciated.
Thanks
It'll work out man, don't get too down about it. Nothing you can do about it now. Just focus on the future.
Those tests are all about understanding the format of the questions. Take more practice tests and youlll be fine. I didn't read the book bc I knew that I knew the material for the most part. I just did tons of practice tests over and over again, and if there was an area I needed work on I'd go back to the book.
I failed it too. Worked in banking and breezed through 7 & 63 so I thought both these exams would be simple. Wrong! The tests are designed to be tricky and vague and the STC materials provided aren't that great. Make sure you take all the practice tests and score well above 78. Most people always border on passing these last two and it has nothing do with aptitude. Even the equations used for analyses are not exactly what you would do on the job, but it doesn't matter...
You'll do well next time just make sure you master the material.
I just passed the 86 this week and killed it (90%). That said, the exam is NOT a measure of intelligence. The exam is OFTEN wrong- I wanted to rip my hair out every single time the practice exams told me what the "correct" answer was.
The trick to passing the exam is taking enough practice exams until 1. You know their questions (there are plenty of repeats) and 2. Learn their "version" of financial theory. 3. Read the question carefully - I missed a LOT of questions in the practice exams by misreading "most" vs. "least" and etc...
The supplemental was the most helpful exam.
Guys,
Thanks a bunch for all the support & insight. I guess my biggest mistake was that I always thought I am a valuation geek & was overconfident of my skills (still am) .. but I guess just like a GMAT or something ... its not about the formulae/analytics you know but as you all pointed out more about "what answer they want to see" and "what methodology they want you to follow"! Doing just 2 full tests and not doing the other 2 full+supplemental+topic tests might have been the biggest error on my part. I will message some of you for some individual queries in relation to the same.
Thanks again!
"and I thought that I was one of the brightest bankers out there in the city."
This quote tells me all I need to know about you, dude. First, shut off your font of bullshit "how will I ever, ever, ever, ever... and I thought...what oh what oh what will I do.... oh me oh my". Next, try studying for the damn exam. I'd start by READING the fucking materials. Then, take ALL the practice tests. Twice.
@jhoratio ... gr8 suggestions ... thanks! would have been appreciated even more if they werent laced with all the F bombs you threw our way!
Took it today and failed as well. Felt like I knew the material, took all practice exams with 88-92% passing - just a complete disconnect for me today. I'm using STC and can't find anything else out there. Any recommendations would be appreciated.
Thanks1
You failed a governmetn test :(
practice practice practice
there is already a thread on this but I will comment anyway....
The 86 is no joke. The first time I took I failed by one question. It pained me to look at the screen. The trick is knowing the concepts in and out and being able to apply them in different ways than just what they ask you on the practice exams.
That said, the practice exams are important, especially the supplemental exam. The supplemental exam is questions that previous test takers went back to STC and said "HEY DOUCHE! This question was on the test but it wasn't covered in the practice exams! WTF?!" SO it is extremely important just to read through the supplemental.
Finally, believe it or not, the STC class was actually pretty helpful. The guy explains alot of what they are looking for in the answers, not what you think the right answers are. The only thing that can prevent you from passing the test is your fucking ego. If you are so confident in yourself that you know the answer and don't stop to consider any others, than you will fail again.
Where do you get the supplemental exam?
I also just failed the 86 for the second time - and scored a 64! I scored high 80s and low 90s on practice exams. The practice exams are much easier than the actual test. I agree, the exam is no joke. I've passed CFA Level 1, earned an MBA, and scored a 64 on this exam! I'd appreciate advice on how to pass this in 30 days. Problem is - I've exhausted the STC materials, which I think are not adequate. Can someone please recommend an alternative strategy? Live course? Alternative test prep provider? I need to retake ASAP (30 days). Thank you.
Did you pass the third time?
The 86 is written in a very specific way (like almost all other FINRA exams) and the only way you can pass it (lest you always get luck with your answers) is by answering in that specific manner. Having experienced all other exams and this one twice (BTW I had a 20+ improvement on my retake) here is how you pass it - 1) Take the STC 86 class. I took the virtual classroom but live would even be better. Insist on Paul Dougherty as your tutor (please just take his class I can't be sure of other STC tutors). His tips, class notes, and practice exam will put you in top gear. 2) For the weeks following your class till the test try to analyze equities from the point of view of his classnotes. It's hard but until the test please unlearn your MBA and CFA concepts in equity research. 3) 3-4 days before the exam - drink his class notes, concepts, and shortcuts. Those are the only needed notes don't do anything else. Knock out every single question of the exam they give in the class and the supplemental exam from STC. The 2 are as close as you can be to a real exam so do every single question. Just do them at a real time pace making sure you learn every single answer & explanation. Don't worry about scoring yourself. For the time left you can attempt random questions from the other 4 tests till you go for the main exam.
AGAIN Follow the steps above religiously and you won't fail this exam ever. You will see the huge difference that Paul's class will make by itself. Scoring yourself is not at all important. Learning how to answer the questions and their style is more important here (you will have decent amount of time and just remember that the questions follow a bell curve of difficulty level). Good luck!
this is very good advice. agree with everything said here. this test is highly subjective; lots of times it seems like more than one answer is correct. the trick is to know what the testers are looking for.
I failed previously as well and had to retake a second time, which I passed. I searched everywhere for additional study materials / advice and couldn't find anything. I called STC and asked them to re-set my tests, which they did at no additional charge (although they tried to charge me $60 the first time - so just push them). The supplemental is by far the best, but all of them have some repeats that are on the actual test. I ended up with at 80% and I don't have a CFA / finance background (which possibly helped on this test). While I didn't take the class as suggested above, it cant hurt. Just don't spend your time searching for additional test materials - I exhausted that effort. Good luck.
The tests are annoying, especially because they are designed to be tricky and only test knowledge that they specifically have written. You can't rely too heavily on your previous background / finance knowledge since their definition / rationale could be slightly different.
Try to remember the questions you failed and reread those sections. And take all the questions that the STC provides..even those in their question bank. It's a lot, but it has to be almost second knowledge I think to pass. The answers can be so similar it could throw you off. Good luck!
I failed the Series 86 (65%) after using STC's materials and taking exams 1-4 and the supplemental exam. My primary issue was time. Like many of you, I have 1 month from today to re-take and am interested in hearing from some of you both what sorts of study schedules you kept (assuming you were working and studying as I am) your 2nd time around (every day after work? all weekend?) and any other pointers (is it worth taking the 1 day class in NYC? the on-line STC class?). Thanks in advance.
To be honest, this thread is sad. The test is not difficult. I used STC with no classes and simply did the practice questions over and over again and easily passed. Crying about STC not preparing you is weak. Take the practice exams over and over then go pass the test. I don't know how you all managed to get hired and then you fail this basic test. Sad.
Best advice:keep taking the practice exams. Over and over. Once you are scoring high 80's and 90's and it feels second nature, go retake it. Taking one through four and then taking the exam is a joke. You need to take one through four * 10 to really understand what they are testing. Lotsofquestions obviously did just that--took the practice exams over and over.
Took the 86 today, and missed by 3. If I was to offer any advice, I would say that you absolutely have to take the test seriously. I took time to prepare, but you need to know the material inside and out. My experience with the STC materials is that you can't be comfortable with just scoring well on the practice exams. Within the exam itself, the questions can be lenghty and detailed. It wasn't like the 7 at all. There are very few questions that say...."what is the P/E of this firm"...or "calculate A/R turnover", where the information is laid out for you.
I'll probably wind up taking the class. As far as I know...STC is the only group to offer 86 training, so it is what it is. I'm not going to fault the company. I just need to get it done next time.
bankster2010 wrote: The 86 is written in a very specific way (like almost all other FINRA exams) and the only way you can pass it (lest you always get luck with your answers) is by answering in that specific manner. Having experienced all other exams and this one twice (BTW I had a 20+ improvement on my retake) here is how you pass it - 1) Take the STC 86 class. I took the virtual classroom but live would even be better. Insist on Paul Dougherty as your tutor (please just take his class I can't be sure of other STC tutors). His tips, class notes, and practice exam will put you in top gear. 2) For the weeks following your class till the test try to analyze equities from the point of view of his classnotes. It's hard but until the test please unlearn your MBA and CFA concepts in equity research. 3) 3-4 days before the exam - drink his class notes, concepts, and shortcuts. Those are the only needed notes don't do anything else. Knock out every single question of the exam they give in the class and the supplemental exam from STC. The 2 are as close as you can be to a real exam so do every single question. Just do them at a real time pace making sure you learn every single answer & explanation. Don't worry about scoring yourself. For the time left you can attempt random questions from the other 4 tests till you go for the main exam. AGAIN Follow the steps above religiously and you won't fail this exam ever. You will see the huge difference that Paul's class will make by itself. Scoring yourself is not at all important. Learning how to answer the questions and their style is more important here (you will have decent amount of time and just remember that the questions follow a bell curve of difficulty level). Good luck!
for the Series 86...
Does anyone have any extra practice exams besides STC's final and supplemental that they'd be willing to lend out? I have all the STC material, but from what everyone tells me, that isn't sufficient to pass the 86.
Holy shit- how do you guys have time for this stuff?
Most people I know cranked through all the study material in less than 10 hours. I probably spent 5 hours on it.
I am an astronaut
The STC materials for the 86 are actually somewhat out of date. It's probably best to see an instructor for the most up to date questions if you are having issues with the exam until they update the study materials (who knows if they will bc they get the extra revenue when you tutor).
You will definitely see questions on the exam that STC doesn't cover, or questions very similar to the STC materials that have been altered by FINRA to trick you.
How the hell do you fail S86? It's pretty simple.
S87 on the other hand is much tougher. I had to actually study to memorize some compliance stuff unlike s7/s86 which should be easily passed without studying.
Just study for a day or two and you will pass. No sweat. Multiple guess questions.
I will post a new thread on this because i feel it is that important. I took the series 86 today and passed on the first try. Let me first say that the STC prep was on point; so on point in some respects that I wont go into too much detail since it could hinder STC and then our fellow WSO members about to test.
whoever posted this about the materials and the whining, you are doing everyone a disservice and gave me a great deal of heartburn in wondering if I was blind going into the exam. IF you do the STC tests, all of them and score consistently in the upper 80s (especially tests 4 and 5) you should not a have problem passing this test the first try.
It pisses me off and reflects the level some people are operating on to say that the prep was bad and then you failed. For the record, I hate all these exams and think the whole thing is a test prep/finra scam for money and tomake people jump through hoops. I dont shit a shit about STC or its enterprise.
Here is the bottom line: I didnt the read material STC provided, just worked the problems like crazy to the point where I would zip through their exams in half the time necessary and score above 85 percent.
Long ass post I know, but seeing people say "oh god the prep wasnt good, any other materials out there?, I'm the best banker on the street with an MBA from ivy dick and I didn't pass!!"
Well I may owe it to this thread for pushing me harder, but rest assured you are not going into the test blind. Some shit is verbatim so give me a break, you want them to just give you the exact exam? OK i'm done. May of came off douchey but this kind of thread gives people a lot to worry about for better or worse (not talking to the people who told the truth.)
Okay, I'm about to go party. Hope this helps those in prep mode.
Simply scoring high on the practice tests mean diddly squat. I've seen a lot of people scoring high that inadvertently memorized the practice test questions and answers, and bombed the actual test. I've seen a lot of people fail this test, and very few come out of it saying it was easy. 86 is one of the most poorly designed and managed tests that FINRA puts out.
Agree with this. I failed it by 1 point my first time. I did not take this seriously at all. I thought 7 was a joke, so were 63 and 87. That attitude kicked my little white ass, as I became way too overconfident and studied for only a couple of days using STC. Next time around I actually took the practice tests using STC's "Q&A" method and actually paid attention to the explanations. I think this is honestly all you need. Read the STC material, take at least 3 Q&A tests and carefully review the answers. Then take 2+ timed practice tests to make sure you have everything down.
There is a difference between scoring high on the practice tests and knowing the material. Those people you are referencing do not rework the exams 2-3 times each and are not honest with themselves about knowing the material. A person should know whether the 85-90% they got on the practice exam was a bogus or not. Here is how you know, if you can break the problems down and force yourself to explain why you are choosing the answers you are choosing then you are actually building competence and understanding how the statements all flow together.
If you can't explain why you are picking the solutions you are picking, then you will have big problems. When you are under the gun and are asked whether a certain function increases x and whats that impact on EBITDA or EPS or WC you will many times be unable to recall a memorized problem, you need to be able to write it out and diagnose the problem.
I definitely did not say the test was easy and I know smart people who have failed , but I stand by the fact that the prep is pretty damn good at this point. btw do yourself a favor and do not use the term "diddly squat" anymore.
advice for 86- Know MKT Cap/ Net Income= P/e
Feel free to contact me regarding series 86 insight. I am no taking the 87, in which I would love to hear some advice!
So I've looked around for about a week now and there really isn't anything else besides STC for the 86/87 is there? Has anyone else found anything comparable to kaplan on the 7 and 63?
I found the 86 much more tricky than 7/63 & 87. I'm ranked #7 analyst by sales/trading in bb bank (out of ~140 total seniors & associates) and failed by a few points. 2x! I suppose it does come down to studying for this specific test & its wording rather than truly knowing the underpinnings of this job. Good luck!
So did you have to take 86 a third time, how did it end up going?
I am currently in this boat, only have one shot at 86 or i'm out of the job. Has anyone experienced this and have any tips on what I should do next? Want to kind of risk mitigate before I get to that point of being let go. Could I pivot into IB with a few months of ER on my resume as S79 is much easier?
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