Series 16 case studies
Series 16 · Put your knowledge to work in context.
The Series 16 - often called the Supervisory Analyst Qualification Examination - is a FINRA qualification examination associated with the supervisory analyst function at member firms: the review and sign-off of research reports before they reach clients. Candidates are typically experienced analysts, associates, or compliance staff who already hold a research-related registration and are moving into a review-and-approval role. The Series 16 case studies are 5 cases and about 3,987 words.
1Initiation Draft, Day 22: Quiet Period, Banking Input, and Pay Structure
You are the senior analyst covering industrials at a boutique broker-dealer. Kestrel Industrial (KRST) priced its IPO at 21 twenty-two days ago; the firm appears on the prospectus cover as a co-manager but sold only 3% of the deal.
790 words, about 4 min2Meridian Health Systems: Working Capital, Capitalized Software, and the Adjusted EBITDA Story
Meridian Health Systems (MRDN) reports FY revenue of 840 million, up 14%, and net income of 95 million. Days sales outstanding rose from 62 to 81, deferred revenue fell 22 million, and operating cash flow was 71 million.
883 words, about 4 min3Cirrus Data: A DCF That Is Really a Terminal-Margin Bet
You are valuing Cirrus Data (CRDS), a subscription software company, using a five-year DCF. The model produces $96 per share.
745 words, about 4 min4Lumen Freight: Estimates 14% Above Consensus and a Price Target That No Longer Works
Lumen Freight (LFRT) trades at 34, up 28% year to date. Your FY2026 EPS estimate is 2.80; consensus is 2.45; management guided 2.30– 2.50.
774 words, about 4 min5Arden Semiconductor: An Expert-Network Channel Check, a Personal Position, and a Pending Banking Mandate
You cover Arden Semiconductor (ARDN). You personally hold 3,000 ARDN shares in a brokerage account; your spouse holds shares of one of Arden's suppliers.
795 words, about 4 min