SERIES 86 & 87 – RESEARCH ANALYST EXAM PREPARATION
Complete preparation for the FINRA Series 86 & 87 exams. Master the analytical, valuation, and regulatory skills needed to excel as a Research Analyst.
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Overview
The Research Analyst Qualification Exams conducted by FINRA consist of two separate tests designed to certify individuals who wish to work as Registered Research Analysts in the U.S. securities industry.
Series 86
Research Analyst (Analysis Exam)
Series 87
Research Analyst (Regulations Exam)
Corequisite
SIE Exam
Series 86 Questions
85 Questions
Series 87 Questions
50 Questions
Passing Score
~70% Each
Purpose of the Exams
The combined purpose of the Series 86 and Series 87 exams is to certify that a candidate is qualified to work as a Research Analyst under FINRA regulations. Research analysts are responsible for:
- Conducting financial and industry analysis
- Preparing equity and debt research reports
- Making investment recommendations
- Ensuring all research follows strict regulatory, ethical, and disclosure standards
Exam Pattern
The Series 86 and Series 87 exams are structured around the core job functions performed by Research Analysts in the securities industry.
Part 1 – Series 86 (85 Questions)
This part evaluates a candidate's analytical skills, understanding of company fundamentals, financial modeling, forecasting, and valuation techniques.
| Job Function | Description | Questions |
|---|---|---|
| F1 – Information & Data Collection | Tests your ability to gather, interpret, and validate financial and non-financial data such as industry trends, company filings, earning releases, economic indicators, and market data. | 18 |
| F2 – Analysis, Modeling & Valuation | Focuses on building financial models, performing ratio analysis, understanding accounting concepts, evaluating revenue drivers, cost structures, and preparing valuation models. | 28 |
| F3 – Valuation & Forecasting | Involves applying valuation techniques to real scenarios, forecasting future performance using historical data, creating investment theses, and forming conclusions about a company's intrinsic value. | 39 |
Total Series 86 Questions: 85
Part 2 – Series 87 (50 Questions)
This exam tests a candidate's understanding of the rules, ethics, compliance standards, and regulatory environment governing the publication and distribution of research reports.
| Job Function | Description | Questions |
|---|---|---|
| F4 – Preparation of Research Reports | Covers FINRA, SEC, and global regulations governing how research reports must be written, reviewed, and approved. Includes conflict-of-interest disclosures and compliance requirements. | 36 |
| F5 – Dissemination of Information | Tests rules for distributing research to clients, handling material non-public information (MNPI), maintaining communication barriers, and ensuring fair, unbiased dissemination of research. | 14 |
Total Series 87 Questions: 50
Overall Purpose of the Pattern
These job functions mirror the exact responsibilities that licensed Research Analysts perform, such as gathering and validating financial data, building detailed models and forecasts, valuing companies using industry-standard techniques, writing accurate and compliant research reports, and ensuring ethical, transparent, and rule-based dissemination of research.
Together, Series 86 + Series 87 ensure the candidate is competent in both technical analysis and regulatory compliance.
Course Details – What You Will Learn
Our Research Analyst Training Program is designed to fully prepare candidates for the responsibilities of a professional equity research analyst, aligned with the competencies tested in FINRA Series 86 & 87.
Equity Research Fundamentals
Role of a research analyst, buy-side vs sell-side research, how research impacts investment decisions, understanding sectors and economic cycles.
Data Gathering & Industry Analysis
Extracting insights from company filings, reading earnings calls, using industry databases, identifying key drivers and competitive dynamics.
Financial Model Building
Revenue modeling, cost structures, projections for financial statements, sensitivity & scenario analysis, integrated models.
Valuation Methodologies
DCF analysis, comparable company analysis, precedent transactions, EVA, residual income models, sum-of-the-parts valuation.
Forecasting Techniques
Predicting revenue, costs, EBITDA, capex, using historical trends, bottom-up vs top-down approaches, sector-specific forecasting.
Understanding Company Financials
Accounting principles, financial statement relationships, quality of earnings, ratio analysis, red flags & forensic analysis.
Writing Recommendations
Structuring research reports, presenting thesis, catalysts, risks & valuation, building conviction in recommendations.
FINRA & SEC Regulatory Rules
Research report rules, analyst certification, limitations on interactions with investment banking, quiet periods & safe harbors.
Learning Outcome
By the end of the program, students will be able to build complete financial models, perform professional valuation analysis, forecast company performance with confidence, write globally acceptable equity research reports, apply regulatory and ethical rules in real-life scenarios, and work as industry-ready research analysts for banks, brokerages, or investment firms.
Our Features – Premium Learning Experience
Complete Live Classes
Instructor-led, interactive classes conducted by professional research analysts with real company case studies and step-by-step teaching.
Recorded Classes for Revision
24/7 access to all class recordings categorized topic-wise for easy navigation and revision.
1-to-1 Mentorship Sessions
Personalized mentorship with experts in equity research, guidance on building models, study schedules, and career roadmaps.
Full Syllabus Coverage
Complete coverage of every topic that FINRA tests in both Series 86 and Series 87 with thorough explanations.
Latest Exam-Based Teaching
Continuously updated curriculum based on latest FINRA exam changes, regulations, and market practices.
Regular Performance Monitoring
Weekly assignments, model-building checkpoints, valuation accuracy tests, and full-length mock exams.
Student Testimonials
"The modeling sessions and valuation techniques helped me clear Series 86 with confidence."
"The mock tests were very close to the real exam. Excellent support."
"Great for beginners. The faculty explains complex topics in simple language."
Student Corner
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Frequently Asked Questions
Yes, candidates who cleared CFA Level I & II can request exemption from Series 86 Part I.
Yes. Series 87 covers regulatory and reporting rules; no exemptions exist.
Yes, if they prepare publicly distributed research.
Foreign analysts must register only if considered "associated persons" of a FINRA member.
Moderate to advanced: strong finance, accounting & valuation skills required.
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