Are flashcards effective for the Series 79 exam?

Yes. Flashcards use active recall — retrieving an answer from memory — which research shows is one of the most effective ways to make information stick, especially the rules, ratios, and formulas the Series 79 tests, reviewed in short sessions over several days.

What topics do the Series 79 flashcards cover?

All three FINRA functions: collection, analysis and evaluation of data (valuation, ratios, due diligence); underwriting, offerings and registration; and mergers and acquisitions, tender offers, and financial restructuring.

How should I study with these flashcards?

Mix the modes: flip to learn, type to test recall, match for speed, and quiz to check yourself. Start early, review daily, and spend the most time on the function that is 49% of the exam — data, analysis and valuation.

Are the Series 79 flashcards free?

Yes — 100% free, all four study modes, no paywall.

Enterprise value (EV)

Equity value + debt + preferred + minority interest − cash; capital-structure-neutral.

The SEC's electronic system for public-company filings; the primary IB data source.

Annual report with audited financial statements.

Quarterly report (unaudited); Exchange Act Rule 13a-13 / 15d-13.

Current report disclosing material events within 4 business days.

Transition report (13a-10)

Filing made when a company changes its fiscal year.

Filed by a >5% beneficial owner with intent to influence/control (activist).

Short-form 13D for passive >5% holders / institutions.

Quarterly holdings report by managers with $\ge$$100M in 13(f) securities.

Insider ownership filings: initial / changes (2 business days) / annual.

Beneficial ownership threshold

Crossing >5% triggers a Schedule 13D or 13G filing.

Governs research analysts/reports; separates research from investment banking.

Information barrier (Chinese wall)

Separation preventing IB from improperly influencing research.

Internal source for market demand, pricing, structure, and covenants.

Snapshot: $ \text{Assets} = \text{Liabilities} + \text{Stockholders' Equity} $.

Over a period: revenue − COGS − SG&A − D&A − interest − taxes = net income.

$ \text{CFO} + \text{CFI} + \text{CFF} = $ net change in cash.

Property, plant & equipment — long-term tangible assets.

Additional paid-in capital — equity raised above par value.

Intangible: purchase price paid above the fair value of net identifiable assets.

Cost of goods sold — the direct costs of production.

Selling, general & administrative expenses.

$ \text{Current assets} - \text{current liabilities} $.

Cash received before the good or service is delivered (a liability).

An expense like depreciation that reduces net income but is added back in CFO.

$ \frac{\text{current assets}}{\text{current liabilities}} $.

Quick (acid-test) ratio

$ \frac{\text{current assets} - \text{inventory}}{\text{current liabilities}} $.

$ \text{total debt} - \text{cash \& equivalents} $.

$ \frac{\text{total debt}}{\text{shareholders' equity}} $.

$ \frac{\text{debt}}{\text{debt} + \text{equity}} $.

Interest coverage ratio

$ \frac{\text{EBIT}}{\text{interest expense}} $.

The headline leverage metric in IB and LBO analysis.

$ \frac{\text{FCF}}{\text{market cap}} $.

Earnings before interest & taxes (operating income).

$ \text{EBIT} + \text{depreciation \& amortization} $.

$ \text{EBITDA} + \text{rent} $.

$ \frac{\text{net income} - \text{preferred dividends}}{\text{weighted avg shares}} $.

$ \frac{\text{gross profit}}{\text{revenue}} $.

$ \frac{\text{EBIT}}{\text{revenue}} $.

$ \frac{\text{net income}}{\text{revenue}} $.

$ \frac{\text{net income}}{\text{total assets}} $.

$ \frac{\text{net income}}{\text{shareholders' equity}} $.

$ \frac{\text{NOPAT}}{\text{invested capital}} $.

Earnings adjusted for nonrecurring / extraordinary items.

A one-time gain or loss excluded to assess core performance.

Equity value (market cap)

$ \text{share price} \times \text{diluted shares outstanding} $.

Your FREE Series 79 Flashcards 2026 – 250+ Cards

Realistic, FINRA exam-style flashcards — flip, match, type, and quiz yourself on valuation, offerings, and M&A.

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Series 79 Flashcards

Enterprise value (EV): Equity value + debt + preferred + minority interest − cash; capital-structure-neutral.
EDGAR: The SEC's electronic system for public-company filings; the primary IB data source.
Form 10-K: Annual report with audited financial statements.
Form 10-Q: Quarterly report (unaudited); Exchange Act Rule 13a-13 / 15d-13.
Form 8-K: Current report disclosing material events within 4 business days.
Transition report (13a-10): Filing made when a company changes its fiscal year.
Schedule 13D: Filed by a >5% beneficial owner with intent to influence/control (activist).
Schedule 13G: Short-form 13D for passive >5% holders / institutions.
Form 13F: Quarterly holdings report by managers with $\ge$ $100M in 13(f) securities.
Forms 3 / 4 / 5: Insider ownership filings: initial / changes (2 business days) / annual.
Beneficial ownership threshold: Crossing >5% triggers a Schedule 13D or 13G filing.
FINRA Rule 2241: Governs research analysts/reports; separates research from investment banking.
Information barrier (Chinese wall): Separation preventing IB from improperly influencing research.
Syndicate desk: Internal source for market demand, pricing, structure, and covenants.
Balance sheet: Snapshot: $\text{Assets} = \text{Liabilities} + \text{Stockholders' Equity}$ .
Income statement: Over a period: revenue − COGS − SG&A − D&A − interest − taxes = net income.
Cash flow statement: $\text{CFO} + \text{CFI} + \text{CFF} =$ net change in cash.
PP&E: Property, plant & equipment — long-term tangible assets.
APIC: Additional paid-in capital — equity raised above par value.
Goodwill: Intangible: purchase price paid above the fair value of net identifiable assets.
COGS: Cost of goods sold — the direct costs of production.
SG&A: Selling, general & administrative expenses.
Working capital: $\text{Current assets} - \text{current liabilities}$ .
Deferred revenue: Cash received before the good or service is delivered (a liability).
Non-cash expense: An expense like depreciation that reduces net income but is added back in CFO.
Current ratio: $\frac{\text{current assets}}{\text{current liabilities}}$ .
Quick (acid-test) ratio: $\frac{\text{current assets} - \text{inventory}}{\text{current liabilities}}$ .
Net debt: $\text{total debt} - \text{cash \& equivalents}$ .
Debt-to-equity: $\frac{\text{total debt}}{\text{shareholders' equity}}$ .
Debt-to-capital: $\frac{\text{debt}}{\text{debt} + \text{equity}}$ .
Interest coverage ratio: $\frac{\text{EBIT}}{\text{interest expense}}$ .
Net debt / EBITDA: The headline leverage metric in IB and LBO analysis.
Free cash flow yield: $\frac{\text{FCF}}{\text{market cap}}$ .
EBIT: Earnings before interest & taxes (operating income).
EBITDA: $\text{EBIT} + \text{depreciation \& amortization}$ .
EBITDAR: $\text{EBITDA} + \text{rent}$ .
EPS: $\frac{\text{net income} - \text{preferred dividends}}{\text{weighted avg shares}}$ .
Gross margin: $\frac{\text{gross profit}}{\text{revenue}}$ .
Operating margin: $\frac{\text{EBIT}}{\text{revenue}}$ .
Net margin: $\frac{\text{net income}}{\text{revenue}}$ .
ROA: $\frac{\text{net income}}{\text{total assets}}$ .
ROE: $\frac{\text{net income}}{\text{shareholders' equity}}$ .
ROIC: $\frac{\text{NOPAT}}{\text{invested capital}}$ .
Normalized earnings: Earnings adjusted for nonrecurring / extraordinary items.
Nonrecurring item: A one-time gain or loss excluded to assess core performance.
Equity value (market cap): $\text{share price} \times \text{diluted shares outstanding}$ .
EV/EBITDA: A capital-structure-neutral valuation multiple.
P/E ratio: $\frac{\text{price}}{\text{earnings per share}}$ .
Forward P/E: $\frac{\text{price}}{\text{next-twelve-months EPS}}$ .
P/B ratio: $\frac{\text{price}}{\text{book value per share}}$ .
PEG ratio: $\frac{\text{P/E}}{\text{earnings growth rate}}$ .
P/S ratio: $\frac{\text{price}}{\text{sales per share}}$ .
DCF: Present value of unlevered FCF + terminal value, discounted at WACC.
WACC: $\frac{E}{V}R_e + \frac{D}{V}R_d(1-T)$ ; the DCF discount rate.
Terminal value: Value beyond the projection period (Gordon Growth or exit multiple).
Gordon Growth Model: $TV = \frac{FCF_n(1+g)}{WACC-g}$ .
NPV: Sum of discounted cash flows minus the initial investment.
IRR: The discount rate at which $\text{NPV} = 0$ .
DDM: Dividend discount model: $\text{value} = \frac{D_1}{r-g}$ .
CAGR: $\left(\frac{\text{End}}{\text{Begin}}\right)^{1/n} - 1$ .
Beta: A measure of systematic (market) risk.
CAPM: $R_e = R_f + \beta(R_m - R_f)$ ; the cost of equity.
Accretion: A deal that increases the acquirer's pro forma EPS.
Dilution: A deal that decreases the acquirer's pro forma EPS.
Accretion/dilution rule of thumb: An all-stock deal is accretive when the acquirer's P/E > the target's.
Sum-of-the-parts (SOTP): Value each segment separately, then add them up.
LTM: Last twelve months (trailing).
NTM: Next twelve months (forward).
Economic profit (EVA): $\text{NOPAT} - (\text{invested capital} \times \text{WACC})$ .
Comparable companies analysis: Value via public peers' trading multiples (market-based).
Precedent transactions analysis: Value via multiples paid in past M&A deals (includes a control premium).
Control premium: The extra paid above market price to acquire control.
Valuation football field: A bar chart showing valuation ranges by method.
LBO floor: An LBO sets the valuation floor — the most a sponsor could pay at a target IRR.
FIFO: First-in-first-out; in rising prices → lower COGS, higher income.
LIFO: Last-in-first-out; in rising prices → higher COGS, lower income/taxes.
LIFO reserve: The difference between LIFO and FIFO inventory values.
C corporation: A separate taxable entity (double taxation).
S corporation: A pass-through entity ( $\le$ 100 shareholders).
LLC: Limited liability company; pass-through and flexible.
MLP: Master limited partnership; a publicly traded pass-through.
REIT: Real estate investment trust; must distribute $\ge 90\%$ of taxable income.
Private equity fund: Pooled capital making private / buyout investments.
QIB: Qualified Institutional Buyer — owns/manages $\ge$ $100M in securities (Rule 144A).
Qualified purchaser: Holds $\ge$ $5M in investments (the 3(c)(7) threshold).
Accredited investor: $200K/$300K income or >$1M net worth excluding home (Rule 501).
IPO: Initial public offering — a company's first public sale of stock.
Follow-on offering: An additional public offering by an already-public company.
PIPE: Private investment in public equity.
Primary offering: New shares; proceeds go to the company (dilutive).
Secondary offering: Existing shares sold by holders; proceeds go to the selling shareholders.
Forward sale: An agreement to sell securities at a future date and price.
GARP: Growth at a reasonable price (an investment objective).
Risk arbitrage: A strategy trading on announced merger spreads.
Due diligence: Investigation to verify facts and satisfy disclosure obligations.
Material misstatement standard: No untrue material fact; no omission that makes statements misleading.
Rule 176: Defines reasonable investigation — the §11 due diligence defense.
Data room (VDR): A repository of confidential documents for buyer due diligence.
Bring-down due diligence: Updating DD just before closing to confirm no material change.
Sarbanes-Oxley (SOX): 2002 act enhancing financial disclosure and internal controls.
SOX §402: Prohibits most personal loans to executives.
SOX §403: Requires disclosure of insider / principal-stockholder transactions.
SOX §404: Management assessment of internal control over financial reporting.
Off-balance-sheet liability: An obligation not recorded on the balance sheet (a DD red flag).
Rule 13e-3: Going-private transactions (heightened disclosure).
Rule 13e-1: Issuer purchases during a third-party tender offer.
Securities Act of 1933: Governs registration & disclosure of new securities offerings.
Securities Exchange Act of 1934: Governs secondary trading, reporting, and broker-dealers.
Section 5: The master prohibition governing the registration/offering process.
Pre-filing (quiet) period: No offers or sales permitted (gun-jumping is prohibited).
Waiting (cooling-off) period: Oral offers, red herring, and IOIs allowed; no sales.
Post-effective period: Sales permitted; the final prospectus is delivered.
Registration statement: Document filed with the SEC (Form S-1, etc.) to register an offering.
Prospectus: The disclosure document delivered to investors; §2(a)(10) definition.
Red herring: Preliminary prospectus used in the waiting period; has no final price.
Tombstone ad: A limited offering notice (Rule 134); not a prospectus.
Indication of interest (IOI): Non-binding investor interest collected during the waiting period.
Section 11: Civil liability for a false / misleading registration statement.
Section 12: Liability for §5 violations (12(a)(1)) and prospectus misstatements (12(a)(2)).
Section 17: Anti-fraud in the offer or sale of securities.
Section 18 / NSMIA: Preempts state blue-sky regulation for covered securities.
Free writing prospectus (FWP): A written offer beyond the statutory prospectus; Rules 164 & 433.
WKSI: Well-known seasoned issuer; broad communication freedom + automatic shelf.
Shelf registration (Rule 415): Register securities now and sell them over time.
Automatic shelf (Rule 405): Auto-effective shelf registration for WKSIs.
Rule 134: Communications (tombstones) not deemed a prospectus.
Rules 137 / 138 / 139: When broker-dealer research reports are permitted around a distribution.
Rule 163A: 30-day bright line before filing for non-gun-jumping communications.
Emerging Growth Company (EGC): A JOBS Act on-ramp issuer with scaled disclosure.
JOBS Act: Created the EGC IPO on-ramp and testing-the-waters.
Regulation S-K: Non-financial disclosure requirements.
Regulation S-X: Form and content of financial statements.
Regulation FD: Bans selective disclosure of MNPI by issuers.
Exchange Act §12: Registers a class of securities for ongoing reporting (12(a)/12(g)/12(j)).
Rule 5110 (Corporate Financing Rule): FINRA review of underwriting compensation and arrangements.
Rule 5121: Public offerings with conflicts of interest; may require a QIU.
Qualified Independent Underwriter (QIU): An independent underwriter in conflicted offerings.
Rule 2262: Disclosure of a control relationship with the issuer.
Rule 2269: Disclosure of participation or interest in a distribution.
Agreement Among Underwriters (AAU): Governs the syndicate members' relationship.
Selected Dealers' Agreement: Adds non-syndicate dealers to the selling group.
Underwriting agreement: The issuer-to-lead-underwriter contract.
Lock-up agreement: Insiders agree not to sell for a period (often 90–180 days) post-IPO.
Firm commitment: The underwriter buys the whole issue and bears unsold-share risk.
Best efforts: The underwriter acts as agent and sells only what it can.
All-or-none (AON): The deal is cancelled unless 100% is sold.
Standby commitment: The underwriter backstops unsubscribed shares in a rights offering.
Competitive bid vs negotiated: Two ways a deal is awarded and priced.
Rule 10b-9: Prohibited representations in contingency offerings.
Rule 15c2-4: Funds in contingency offerings must be held in escrow.
Regulation M: Anti-manipulation rules during a distribution.
Reg M Rule 101: Restricts distribution participants during the restricted period.
Reg M Rule 102: Restricts issuers / selling holders during a distribution.
Rule 5160: Disclose price and concessions in selling agreements.
Building the book: Compiling investor demand / IOIs to price and allocate the deal.
Road show: Marketing presentations to institutional investors.
Greenshoe (over-allotment): Lets the syndicate sell up to 15% extra shares.
Stabilizing bid: A bid supporting price; never above the offering price (Reg M Rule 104).
Penalty bid: Reclaims concessions from members whose shares are flipped.
Underwriter's spread (gross spread): Management fee + underwriting fee + selling concession.
Management fee: The portion of the spread paid to the lead / bookrunner.
Selling concession: The portion of the spread paid to the selling firm.
Pot: Pooled institutional shares allocated by the bookrunner.
Jump ball: Pot economics awarded by who generates demand.
Designation: An investor instruction on which firm gets credit for an order.
Reg M Rule 103: Nasdaq passive market making during a distribution.
Reg M Rule 104: Stabilizing and other supporting activities.
Reg M Rule 105: Bars covering a syndicate short with offering shares after shorting in the restricted period.
Rule 5130: Restricts equity-IPO sales to restricted persons (anti-spinning).
Restricted person: Broker-dealers / employees / family barred from buying equity IPOs.
Rule 5141: Sales in fixed-price offerings at the public offering price.
Rule 5190: Notification requirements for offering participants.
Regulation Best Interest (Reg BI): Standard of conduct for retail recommendations (15l-1).
Form CRS: Customer relationship summary disclosure (Rule 17a-14).
Rule 17a-3: Records that broker-dealers must make.
Rule 17a-4: Records that must be preserved (retention / WORM storage).
Rule 4511: FINRA general recordkeeping requirements.
Rule 11880: Settlement of syndicate accounts.
Deal file: The archive of all offering documents and correspondence.
Exempt security: A security exempt from registration (e.g., Reg A, government).
Exempt transaction: A transaction exempt from registration (e.g., a Reg D private placement).
Rule 147 / 147A: The intrastate offering exemption (§3(a)(11)).
Regulation A: Small-issues exemption: Tier 1 $20M, Tier 2 $75M.
Section 4(a)(2): The statutory private-placement exemption (no public offering).
Regulation D: The safe harbor for §4(a)(2) private placements.
Rule 501: Reg D definitions, including the accredited investor.
Rule 502: Reg D general conditions (integration, resale limits, information).
Rule 503: File a Form D notice with the SEC.
Rule 504: Reg D exemption up to $10M / 12 months.
Rule 506(b): Unlimited raise; no solicitation; up to 35 non-accredited sophisticated investors.
Rule 506(c): Unlimited raise; solicitation allowed; accredited-only with verification.
Form D: Notice of an exempt offering, filed within 15 days of the first sale.
Restricted securities: Privately placed securities with resale limits and a legend.
Rule 144: Resale safe harbor for restricted/control securities (6-month/1-year holding).
Rule 144A: Resale of restricted securities to QIBs.
Regulation S: Exemption for offers and sales made outside the U.S. (Rules 901–904).
PPM: Private placement memorandum (the private-offering disclosure document).
Teaser: An anonymized one-page summary to attract investor interest.
Security term sheet: A document outlining expected pricing and structure.
Placement agent agreement: Engagement of a broker to place a private offering.
Rule 5122: Member private placements of their own securities.
Control person: An affiliate whose resales are restricted.
Engagement letter: Contract retaining the advisor (scope, fees, tail, exclusivity).
Sell-side mandate: Advising the seller / target.
Buy-side mandate: Advising the acquirer.
Teaser (M&A): An anonymized one-pager marketing the target.
CIM: Confidential Information Memorandum describing the target for buyers.
NDA / confidentiality agreement: Protects confidential deal information.
Letter of intent (LOI): A non-binding outline of proposed deal terms.
Definitive agreement: The binding merger or purchase agreement.
Stalking horse bid: The initial benchmark bid in a §363 / auction sale.
Strategic buyer: An operating company acquiring for synergies.
Financial buyer (sponsor): A PE firm acquiring via an LBO for return.
Stapled financing: Pre-arranged financing offered by the seller's advisor to buyers.
Stock sale: Buyer acquires the entity with its assets and liabilities (seller-friendly).
Asset sale: Buyer acquires selected assets, leaving liabilities (buyer-friendly; step-up).
Merger: A combination requiring target board + shareholder vote (proxy).
Tender offer: A direct offer to shareholders to buy shares (can be hostile).
Spin-off: Distribute subsidiary shares to existing holders (tax-free if §355 met).
Split-off: Holders exchange parent shares for subsidiary shares.
Divestiture: The sale or disposal of a business unit.
Tax-free reorganization: An IRC §368 structure deferring tax (e.g., stock-for-stock).
§338(h)(10) election: Treats a stock purchase as an asset purchase for tax (step-up).
§280G golden parachute: Excise tax on excess change-of-control payments to executives.
Recapitalization: Restructuring the mix of debt and equity.
Synergies: Cost or revenue benefits from combining companies.
Accretion/dilution analysis: Whether a deal raises or lowers pro forma EPS.
Pro forma: A combined post-deal financial projection.
Hart-Scott-Rodino (HSR) Act: Pre-merger antitrust notification to the FTC/DOJ + a waiting period.
LBO analysis: Sponsor buyout with heavy debt targeting an IRR; sets a valuation floor.
Poison pill (rights plan): A defense diluting a hostile acquirer.
Staggered (classified) board: A defense electing directors in tranches to slow takeovers.
Control-share statute: A state law stripping voting rights from large blocks.
Change-of-control provision: A contract clause triggered by a takeover.
Fairness opinion: An advisor opinion that the consideration is financially fair to shareholders.
FINRA Rule 5150: Requires conflict-of-interest disclosure in fairness opinions.
Special committee: An independent board committee overseeing a conflicted transaction.
Fairness committee: An internal advisor committee approving the opinion.
Closing conditions: Requirements before closing (approvals, vote, financing, no MAC).
MAC / MAE clause: Material adverse change/effect clause allowing an exit.
Proxy statement: Solicitation document for a shareholder vote (Schedule 14A).
Form S-4: Registration statement for stock-for-stock business combinations.
Rule 145: When a merger / reclassification is an offer or sale needing registration.
Rule 165 / Rule 425: Filing of communications in business combinations.
Schedule 14A: The proxy statement under §14(a).
Item 14 of Schedule 14A: The M&A disclosure item in the proxy.
Regulation M-A: Integrated disclosure rules for M&A communications.
Williams Act: 1968 amendments regulating tender offers (§§13(d)/(e), 14(d)/(e)).
Schedule TO: The tender-offer statement filed by the bidder.
Schedule 14D-9: The target's response / recommendation to a tender offer.
Rule 13e-4: Issuer self-tender offer.
Rule 14d-10 (all-holders/best-price): The offer is open to all holders; all get the highest price.
Rule 14e-1: A tender offer must stay open $\ge$ 20 business days.
Rule 14e-2: The target must state its position within 10 business days.
Rule 14e-3: Bars trading on MNPI in the tender-offer context.
Rule 14e-4: Anti-short-tendering in partial tender offers.
Rule 14e-5: Bars purchases outside the tender offer while it is open.
Going-private (13e-3): A heightened-disclosure transaction taking a company private.
Absolute priority rule: Claim order: secured → unsecured → preferred → common.
Senior secured creditor: First-lien lender; the highest claim priority.
Subordinated debt: Debt ranking below senior debt in priority.
Mezzanine financing: A hybrid debt/equity layer between senior debt and equity.
Unsecured creditor: A lender or supplier with no collateral claim.
Indenture: The bond contract (with a trustee; the Trust Indenture Act).
Credit agreement: A loan contract with covenants.
Negative covenant: A restriction on borrower actions (debt, dividends, asset sales).
Financial covenant: A maintenance test (e.g., maximum leverage, minimum coverage).
Event of default: A breach triggering lender remedies.
Chapter 11: Reorganization bankruptcy; the debtor continues operating.
Chapter 7: Liquidation bankruptcy; assets are sold and the entity dissolved.
Plan of reorganization: The Chapter 11 plan creditors vote on and the court confirms.
DIP financing: Debtor-in-possession financing with super-priority.
Debtor in possession: Existing management running a Chapter 11 company.
§363 sale: A sale of assets free and clear within bankruptcy.
Creditors' committee: A body representing unsecured creditors in a case.
Trustee: A court-appointed party managing or liquidating the estate.
Make-whole provision: A prepayment penalty compensating lenders for early refinancing.
Bring-down certificate: A closing confirmation that representations remain true.
Breakup fee: A fee paid if a seller terminates to accept a competing bid.
Appraisal (dissenters') rights: A dissenting shareholder's right to a court-determined fair value.

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By Career EmployerUpdated Sep 12, 2026

250+ free Series 79 flashcards — 4 ways to study

Series 79 Flashcard of the DayNew daily

The classic card. Do you know this one?

Click Study Flashcards above to open the flashcard hub — over 250 Series 79 cards you can flip, match, type, or quiz yourself on. Every card is drawn from the three FINRA job functions, so you study exactly what the Investment Banking Representative exam tests.^[2] Pair them with our free practice exam and study guide.

Series 79 Flashcard Study Modes

Flip mode lets you move through all 280 cards at your own pace, checking the definition before you commit. Type mode shows the definition and asks you to produce the term, so a card like WKSI has to come back from memory, not recognition. Match turns terms and definitions into a timed pairing game, and Quiz builds multiple-choice questions from the same cards.

Free Series 79 flashcards from Career Employer — active recall for the FINRA Investment Banking Representative exam

Why Flashcards Work for the Series 79

Data, Analysis & Valuation is the largest section of the deck at 106 cards, and it drills the vocabulary you use to read a company and price it. Per-share and return measures show up as EPS, ROA and ROE, while the modeling side is carried by cards such as DCF, NPV and IRR. Others cover the inputs and conventions analysts argue over, including DDM and LTM, so you can move between an income statement, a comparable company screen and a cash flow model without stopping to decode the shorthand.

Underwriting, Offerings & Registration follows with 96 cards covering how a deal gets built, marketed and cleared. Syndicate mechanics appear in cards like Pot, and private and exempt offerings show up through PPM and Form D. Rule-driven cards such as Rule 134, Teaser and Form CRS pin down what may be communicated and when, while WKSI and JOBS Act cards separate the filing paths available to different issuers. These are the terms that reward precision, because the distinctions are narrow and heavily tested.

M&A, Tender Offers & Restructuring rounds out the deck with 78 cards on deal structures and the documents behind them. Basic transaction forms are covered by Merger, Spin-off and Split-off, while the paperwork and rule set come through cards like Form S-4 and Rule 145. Sell-side and deal-value language appears in CIM and Synergies, and restructuring vocabulary such as Trustee gives you the terms that surface when a target is distressed rather than healthy.

Pair recall with spacing — short sessions across several days rather than one cram — and you retain more in less time.^[3] Used alongside our practice exam and study guide, flashcards turn review time into measurable progress.^[3]

Series 79 Flashcards by Topic

The cards are organized by the three FINRA functions. Weight your study toward the heaviest one — data, analysis and valuation is nearly half the exam:^[2]

Series 79 flashcards by FINRA function
FINRA function	% of exam	Focus
Collection, Analysis & Evaluation of Data	49%	Valuation (DCF, comps, LBO), ratios, due diligence
Underwriting, Offerings & Registration	27%	Securities Act §5, syndicate, Reg D / exemptions
M&A, Tender Offers & Restructuring	24%	Deal process, Williams Act, bankruptcy priority

How to Get the Most Out of These Flashcards

Start with valuation. Data, Analysis & Valuation carries 106 cards, more than any other domain, so early mastery there gives you the largest return before you touch the rules-heavy material.
Type-drill the acronyms. Cards like DCF and IRR are easy to recognize and hard to define precisely, so force yourself to produce the term from the definition instead of picking it.
Let Match handle the forms. Timed pairing works well on the filing and rule cards, including Form D and Form S-4, where speed of recall matters more than long explanation.
Move to the practice test deliberately. Once Quiz scores hold steady across all three domains, switch to full-length practice questions and use the study guide to close whatever the results expose.
Rotate, do not cram. With 280 cards, work one domain per session and revisit the previous day’s weakest cards first, so the 96 underwriting terms never sit untouched for long.

Series 79 Flashcards FAQ

Hundreds of free Series 79 flashcards, organized across the three FINRA job functions tested on the exam — data analysis & valuation, underwriting & offerings, and M&A, tender offers & restructuring. They're free with no account required.

References

1.FINRA. “Series 79 — Investment Banking Representative Exam.” FINRA.org. ↑
2.FINRA. “Series 79 Content Outline (2025, PDF).” FINRA.org. ↑
3.Institute of Education Sciences (U.S. Dept. of Education). “Organizing Instruction and Study to Improve Student Learning (Practice Guide).” What Works Clearinghouse, IES. ↑
4.FINRA. “Qualification Exams Overview.” FINRA.org. ↑

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