What is the key output of the research analysis process as highlighted in the Series 86 exam?

The key output of the research analysis process is research reports. These reports synthesize detailed information about a company's operations, financial performance, industry positioning, and market dynamics, serving as a vital tool for investors and stakeholders. Research analysts evaluate quantitative and qualitative data to provide insights, forecasts, and recommendations regarding stocks or sectors.

Research reports are essential because they aggregate and analyze information into a structured format, enabling users to make informed investment decisions. The content typically covers financial metrics, valuation assessments, competitive analysis, and sometimes even macroeconomic factors that could impact the company's future performance.

In contrast, company audits are focused on verifying the accuracy of financial statements, investment strategies entail a broader approach to portfolio management, and personal financial statements relate to individual financial situations rather than specific companies or markets. Thus, research reports stand out as the main deliverable of the research analysis process in the context of the Series 86 exam.