Research Analyst Exam (Series 86/87) Exam Guide
At a glance
- Passing score
- 73% (Series 86) / 74% (Series 87)
- Exam fee
- $295
- Governing body
- FINRA
The Series 86/87, formally the Research Analyst Exam, qualifies candidates to prepare, approve, and distribute equity research reports at FINRA-member firms. It is split into two parts, Series 86 covering analysis and Series 87 covering procedures and regulation, and is administered by FINRA alongside the Securities Industry Essentials (SIE) exam requirement.
Overview
The content outline organizes the exam into five functional areas, each weighted by the number of scored items drawn from it across the two parts:
- Valuation and Forecasting — 39 items
- Preparation of Research Reports — 36 items
- Data Verification and Analysis — 28 items
- Information and Data Collection — 18 items
- Dissemination and Marketing of Information — 14 items
FINRA revised the content outline effective for exams administered on or after May 15, 2023.
Cost and registration
The Series 86 exam carries a $295 fee, and the Series 87 exam is billed separately at $195. Candidates should confirm current pricing against FINRA's official qualification exam fee schedule before registering, since fees are set independently of the content outline.
Exam format
Series 86 (Part I) consists of 95 total items, 85 scored multiple-choice questions plus 10 unscored pretest items, with a time limit of 4 hours and 30 minutes. Series 87 (Part II) consists of 55 total items, 50 scored questions plus 5 unscored pretest items, with a time limit of 1 hour and 45 minutes. Passing scores are 73% for Series 86 and 74% for Series 87, and candidates must also pass the SIE exam co-requisite to earn the Research Analyst registration.
Frequently asked questions
How many questions are on the Series 86 and Series 87 exams?
Series 86 (Part I) has 85 scored multiple-choice questions plus 10 unscored pretest items, for 95 total. Series 87 (Part II) has 50 scored questions plus 5 unscored pretest items, for 55 total.
What is the passing score for Series 86/87?
Candidates need a scaled score of 73% on the Series 86 exam and 74% on the Series 87 exam to pass.
How much do the Series 86 and Series 87 exams cost?
The Series 86 exam fee is $295, and the Series 87 exam is a separate exam with its own $195 fee, administered by FINRA.
How much time is given to complete each part of Series 86/87?
Candidates get 4 hours and 30 minutes for the Series 86 exam and 1 hour and 45 minutes for the Series 87 exam.
Is there a prerequisite for the Series 86/87 exams?
Yes, FINRA requires candidates to pass the Securities Industry Essentials (SIE) exam in addition to the Series 86 and Series 87 exams to earn the Research Analyst registration.
What happens if I don't pass Series 86 or Series 87 on the first attempt?
FINRA's qualification exam program allows candidates to retake a failed exam, though specific waiting periods and retake rules are set out in FINRA's official qualification exam guidance rather than in the content outline itself.
Sources
- 1.Research Analyst Qualification Examinations (Series 86 and 87) — Content Outline — FINRA (accessed Aug 9, 2026)
- 2.Series 86 and 87 – Research Analyst Exams | FINRA.org — FINRA (accessed Aug 9, 2026)
- 3.Qualification Exams | FINRA.org — FINRA (accessed Aug 9, 2026)
- 4.Enroll for a FINRA Exam — FINRA
- 5.FINRA Exam Scheduling (Prometric) — Prometric
Official sources
Every exam fact on this page traces to a primary document published by the body that administers the exam.
- Research Analyst Qualification Examinations (Series 86 and 87) — Content OutlineFINRAfinra.org
- Qualification Exams | FINRA.orgFINRAfinra.org
- Regulatory Notice 23-05: FINRA Revises the Research Analyst (Series 86/87) Exam ProgramFINRAfinra.org
- Series 86 and 87 – Research Analyst Exams | FINRA.orgFINRAfinra.org
Last verified against the official exam content outline: