Research Analyst Exam (Series 86/87) Study Guide

The Research Analyst registration is actually two separate FINRA exams, and each publishes its own specs — never add them together.

• Series 86 (Part I): 85 scored multiple-choice items plus 10 unscored pretest items, for 95 total items on screen. You get 4 hours 30 minutes. The passing score is 73. The fee is $295.
• Series 87 (Part II): 50 scored multiple-choice items plus 5 unscored pretest items, for 55 total items. You get 1 hour 45 minutes. The passing score is 74. The fee is $195.
• Across both parts, candidates see 15 unidentified pretest items total (10 on the 86, 5 on the 87) — you cannot tell which questions are scored, so treat every item as if it counts.
• Both exams require the Securities Industry Essentials (SIE) exam as a co-requisite before the Research Analyst registration is complete.

The current content outline took effect for exams administered on or after May 15, 2023 — if you're studying from older materials, confirm they reflect this revision.

FINRA's content outline groups Research Analyst material into five functional domains, each carrying a published weight and item count:

• Valuation and Forecasting — 46% weight, 39 items. The heaviest domain: modeling, projections, and valuation methodology.
• Preparation of Research Reports — 72% weight, 36 items. Drafting, substantiating, and structuring analyst reports.
• Data Verification and Analysis — 33% weight, 28 items. Confirming source data before it goes into a report.
• Information and Data Collection — 21% weight, 18 items. Gathering the inputs that feed analysis.
• Dissemination and Marketing of Information — 28% weight, 14 items. Rules around distributing and promoting research.

Because the outline is published per functional domain rather than per part, don't assume any single domain maps cleanly to only the Series 86 or only the Series 87 — study the outline's own domain-to-part mapping directly rather than guessing from weight alone.

Use each domain's own published item count as your review benchmark for that topic, rather than trying to total the domains into a single combined figure.

Treat these as two distinct qualification exams that happen to combine into one registration, not one long test with two halves.

• Series 86 (Part I): 85 scored + 10 pretest items = 95 total; 4 hours 30 minutes; passing score 73; fee $295.
• Series 87 (Part II): 50 scored + 5 pretest items = 55 total; 1 hour 45 minutes; passing score 74; fee $195.

Notice the Series 86 is the longer, more expensive exam with 85 scored items versus the Series 87's 50 — plan your study calendar accordingly rather than splitting prep time evenly between the two. The larger item count and longer time limit mean the 86 typically demands a larger share of your review time.

Both exams sit alongside the Securities Industry Essentials (SIE) exam, which is required before the Research Analyst registration is granted. Confirm your firm's or regulator's own sequencing requirement for when the SIE must be completed relative to the 86 and 87, since firms may set their own internal order.

Because pretest items are unidentified on both exams, your raw percentage on test day reflects only the scored portion — you won't know in the moment which questions were experimental, so answer every item with full effort.

Each part has its own passing standard: 73 on the Series 86 and 74 on the Series 87. There is no combined or averaged score — you must clear the bar on each exam independently, and passing one part does not offset a shortfall on the other.

The content outline behind today's exams took effect for administrations on or after May 15, 2023. As part of that revision, FINRA reduced the Series 86 from its earlier 100 scored multiple-choice questions down to the current 85 scored questions, while keeping the exam's overall scope intact. If you find older study guides, flashcard decks, or forum posts referencing a 100-question Series 86, they predate this change and should not be trusted for structure or timing — rely only on materials that reflect the current outline.

Because the passing standards and item counts are set independently for each part, a strong score on one exam has no bearing on the other — each requires its own dedicated review pass, its own bank of practice questions, and its own timed run-throughs before you sit for it. Budget separate study blocks for each rather than treating prep as one continuous effort.

A weighted study plan beats an even split across topics. Since Valuation and Forecasting (46%, 39 items) and Preparation of Research Reports (72%, 36 items) carry the heaviest published weights, they deserve the largest share of your review calendar and the most timed practice sets.

• Start with the highest-weighted domains while your energy and focus are freshest.
• Use the item counts as a rough proxy for how many practice questions you should be working through per domain — more items on the real exam means more repetitions in practice.
• Save the lighter domains — Dissemination and Marketing of Information (28%, 14 items) and Information and Data Collection (21%, 18 items) — for later review passes once the heavy-weight material is solid.
• Because the Series 86 and 87 are separate exams with separate timers, rehearse each under its own time limit rather than one combined mock session.

Revisit the content outline itself periodically during your prep — it is the authoritative map of exactly which sub-topics live inside each domain. Keep a running log of which domains still feel shaky after each practice set so your next session targets real gaps instead of repeating material you've already mastered.

A full-length, timed practice test is the single best tool for calibrating your pace before either exam. Because the Series 86 gives you 4 hours 30 minutes across 95 items and the Series 87 gives you 1 hour 45 minutes across 55 items, your per-question pace target is different for each — practicing under the correct time limit for each part matters more than practicing under a blended average.

• Take at least one full practice run under real time constraints for each part separately before exam day.
• Flag and skip unfamiliar items on a first pass, then return with remaining time rather than stalling on any single question.
• Since pretest items are mixed in and unidentified, answer every item as though it counts — there is no reliable way to spot which ones are unscored.
• Review your practice test's domain-by-domain breakdown, not just the overall score, so you can see exactly where more study time is still needed before the real exam.

Arrive rested and plan your testing-center logistics (ID, check-in time) well ahead of your scheduled slot for either part.