Pass the Series 86/87 on the first try.

A two-part exam for equity research analysts who prepare and publish research reports. Our Series 86/87 course is in the works. Here's everything you need to know about the exam in the meantime.

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Planned price $199 · one-time payment

The exam

What's on the Series 86/87.

Part I (Series 86) tests analysis: gathering information, financial modeling, valuation and forecasting. Part II (Series 87) tests the rules for preparing and distributing research, centered on FINRA Rule 2241 and Regulation AC. Passing both parts, along with the SIE, qualifies you to register as a Research Analyst.

Who takes it. Equity research analysts and associates at broker-dealers; candidates who passed CFA or CMT Levels I and II may request an exemption from Part I.

Official FINRA exam page ↗

How the 135 scored questions are split

1. S86: Information and Data Collection21%

18 questions

2. S86: Analysis, Modeling and Valuation33%

28 questions

3. S86: Valuation and Forecasting46%

39 questions

4. S87: Preparation of Research Reports72%

36 questions

5. S87: Dissemination of Information28%

14 questions

Coming soon

The Series 86/87 course is in the works

Planned price: $199. Leave your email and we'll tell you the day it opens.

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Get a head start while you wait.

The Series 86/87 has a co-requisite: SIE (both parts plus the SIE are required for Research Analyst registration). These courses are open today:

SIESecurities Industry Essentials$79 · View course →Series 7General Securities Representative$199 · View course →Series 63Uniform Securities Agent State Law$99 · View course →

FAQ

Series 86/87 questions, answered.

Who can take the Series 86/87?

Sponsorship by a FINRA member firm; CFA or CMT Level I and II passers may request an exemption from the Series 86. Co-requisite: SIE (both parts plus the SIE are required for Research Analyst registration). Equity research analysts and associates at broker-dealers; candidates who passed CFA or CMT Levels I and II may request an exemption from Part I.

What score do I need to pass the Series 86/87?

73% (S86) / 74% (S87), on 135 scored questions (plus 15 unscored pretest questions you can't tell apart).

How much does the Series 86/87 exam cost?

The exam fee is $295 (S86) / $195 (S87), paid when you enroll for the exam. It's separate from the price of the course.

Is Series Ready affiliated with FINRA?

No. Series Ready is an independent study provider. Our courses are built on the publicly available content outlines and rules, but we are not affiliated with, endorsed by or sponsored by FINRA or NASAA.