Series 86 and 87 guide for the FINRA Research Analyst route, including SIE corequisite context, Part I analysis, Part II regulation, and study order.
Use this Series 86 and 87 guide when your search starts with the FINRA Research Analyst route rather than with one part of the exam. FINRA treats Series 86 and Series 87 as a paired representative-level qualification path for registered research analysts, with the SIE as a corequisite.
The route is focused on research analyst work. It is not the same as the supervisory analyst path and not the same as a broad principal route. The exam is built around preparing research analysis, supporting conclusions, producing compliant research reports, and disseminating research under the right controls.
| Item | Current FINRA reference point |
|---|---|
| Full route | Research Analyst Exams |
| Part 1 | Series 86 - analysis, modeling, valuation, and forecasting |
| Part 2 | Series 87 - research report preparation and dissemination controls |
| Corequisite | SIE |
| Registration logic | Candidates must pass SIE, Series 86, and Series 87 to obtain the Research Analyst registration unless an applicable Series 86 exemption is approved |
| Permitted activity focus | Preparing written or electronic communications that analyze equity securities, companies, or industry sectors |
Most candidates should treat Series 86 as the analytical paper and Series 87 as the regulatory and disclosure paper.
| If your weak area is… | Start here |
|---|---|
| information collection, accounting data, company analysis, modeling, valuation, forecasting, or price-target support | Series 86 |
| research report disclosures, certifications, approvals, public appearances, dissemination, or conflict controls | Series 87 |
| deciding whether Research Analyst, Supervisory Analyst, or Research Principal is the right route | this Series 86/87 overview |
| Part | Exam focus | Study priority |
|---|---|---|
| Series 86 | Analysis, modeling, valuation, and forecasting | Learn how to collect reliable information, analyze companies and sectors, build defensible assumptions, and support valuation conclusions. |
| Series 87 | Research report preparation and dissemination controls | Learn disclosure, approval, certification, communication, conflict, and distribution rules for research output. |
Series 86 questions tend to reward analytical discipline. The fact pattern may describe financial data, a model assumption, an industry comparison, valuation method, forecast, or catalyst. The best answer usually tests whether the conclusion follows from reliable inputs and reasonable support.
Series 87 questions tend to reward regulatory control. The fact pattern may describe a report, public appearance, disclosure, distribution channel, communication timing, or conflict. The best answer usually protects research integrity and the required evidence trail.
| Route | Best fit |
|---|---|
| Series 86/87 | registered research analyst route |
| Series 16 | supervisory analyst qualification route |
| Series 24 | broader general securities principal route |
| Series 86 | analytical half of the research analyst route |
| Series 87 | regulatory half of the research analyst route |
Do not treat Series 86/87 as a general finance credential. FINRA frames the route around associated persons who prepare research reports or related communications that analyze equity securities, companies, or industry sectors. If the role is supervisory rather than production-oriented, compare Series 16 and Series 24 before scheduling.
Use FINRA’s Series 86 and 87 exam page to confirm the current route, SIE corequisite, exemption notes, and permitted activities. Use the Series 86/87 content outline when you need the official function weights for Series 86 and Series 87.
If you already know which part you need, go directly to the matching guide:
If you are still choosing your route, confirm whether your role prepares research, supervises research output, or acts as a broader principal. Those are separate paths, and confusing them can send you into the wrong exam family.