Series 86/87 Cheat Sheet.
The night-before summary, built like the exam.

The numbers to remember

• Series 86 (Part I): 85 scored questions + 10 pretest items = 95 total; 4 hours 30 minutes; passing score 73; $295 fee.
• Series 87 (Part II): 50 scored questions + 5 pretest items = 55 total; 1 hour 45 minutes; passing score 74; $195 fee.
• Combined pretest items: 15 unidentified pretest questions across both exams (10 on Series 86, 5 on Series 87) — answer every question as if it counts.
• Prerequisite: the Securities Industry Essentials (SIE) exam is required alongside Series 86 and 87 for the Research Analyst registration.
• Content outline: current version applies to exams administered on or after May 15, 2023.

Content domains and weights

• Valuation and Forecasting — 46% weight, 39 items (largest single area)
• Preparation of Research Reports — 72% weight, 36 items
• Data Verification and Analysis — 33% weight, 28 items
• Information and Data Collection — 21% weight, 18 items
• Dissemination and Marketing of Information — 28% weight, 14 items

Use each domain's own published item count as your review benchmark rather than trying to combine domains into one total.

High-yield review areas

• Valuation and forecasting methodology — the highest-item-count area, so a proportionally larger share of review time belongs here.
• Research report preparation standards — how findings must be structured, substantiated, and disclosed.
• Data verification workflow — confirming source accuracy before it flows into a model or report.
• Data collection sourcing — where analyst inputs legitimately come from.
• Dissemination and marketing rules — the smallest area by item count, but still tested, so don't skip it entirely.

Top traps

• Treating the two exams as one: Series 86 and Series 87 have separate time limits, separate passing scores, and separate fees — study and schedule them as distinct projects.
• Guessing which items are pretest: pretest questions are unidentified and unscored, but you cannot tell them apart from scored ones, so rushing through any question is a risk.
• Ignoring the SIE: passing both Series 86 and 87 is not enough on its own — the SIE is also required for the Research Analyst registration.
• Studying evenly across topics: item counts range from 14 to 39 across the five content areas, so an even split of study time under-prepares you for the heaviest domains.
• Skipping timed practice: Series 86's 4-hour-30-minute window and Series 87's 1-hour-45-minute window reward candidates who have rehearsed pacing, not just content.