Series 87 Exam Guide, Study Plan & Practice Questions

Use this Series 87 exam guide when you are preparing for the regulatory half of the Research Analyst qualification path. FINRA frames Series 87 as the side of the exam that tests whether research can be prepared, reviewed, disclosed, and distributed under the right controls. That means the exam is not mainly about valuation. It is about research integrity, conflict management, approval discipline, and safe dissemination.

If you need the combined route view before choosing a part, start with the FINRA Series 86/87 overview.

Like Series 86, Series 87 is part of a combined path rather than a stand-alone registration target. Candidates generally need both parts of the Research Analyst qualification path, together with the SIE co-requisite. Use the chapter lessons below to learn the official exam functions in order: first how reports are prepared under disclosure and approval rules, then how research is presented and disseminated without crossing into rumor, manipulation, or recordkeeping failures.

The guide also includes quick-reference pages such as the Cheat Sheet and FAQ for faster recall. The chapter lessons are where you should build working judgment about disclosures, certifications, public appearances, distribution channels, and research-related supervision.

Series 87 study sections

Use this route when you want the exact Series 87 section path instead of the broad chapter view. The exam is dominated by research-report preparation, but the dissemination function is where unapproved channels, rumors, offering restrictions, and recordkeeping failures become visible.

Practice this exam

Use this free guide for review, then Start Series 87 Practice on Finance Prep for timed questions, topic drills, and detailed explanations.

In this section

• Preparation of Research Reports
  Study the largest Series 87 function: disclosures, approvals, conflicts, report types, and the structure of supportable research.
  • Regulatory Requirements and Mandatory Disclosures
    Study Series 87 research report regulation, mandatory disclosures, rating systems, rating distribution, price charts, material conflicts, public-appearance disclosures, forward-looking statements, and disclosure checklists.
  • Ratings, Price Targets, and Chart/Performance Disclosures
    Study Series 87 rating-system disclosures, rating distributions, price targets, historical price charts, performance context, valuation assumptions, non-GAAP charting, and risk context.
  • Conflicts of Interest and Independence Controls
    Study Series 87 investment-banking conflicts, information barriers, issuer influence, analyst and household holdings, firm positions, market making, compensation conflicts, personal trading controls, and recusal or escalation.
  • Approvals, Certifications, and Supervisory Review
    Study Series 87 approvals, supervisory analyst review, Regulation AC certification, research management and compliance roles, version control, corrections, heightened review, and audit trails.
  • Communications Restrictions, Public Appearances, and Selective Disclosure
    Study Series 87 communications restrictions, public-appearance disclosures, issuer feedback, Regulation FD and MNPI controls, social media, retail and institutional communications, and timing fairness.
  • Trading Restrictions, Compensation, and Publication Timing Controls
    Study Series 87 trading-ahead restrictions, analyst and firm trading controls, restricted lists, publication embargoes, compensation independence, quiet periods, Regulation M, public-offering conflicts, and non-GAAP controls.
  • Research Report Types and Lifecycle
    Study Series 87 research report types and lifecycle controls, including initiations, rating changes, price-target changes, earnings notes, termination notices, short news notes, topical reports, industry reports, updates, and version control.
  • Research Report Components and Evidence-Based Writing
    Study Series 87 research report components, including company overview, business model, competitive position, financial condition, management quality, industry outlook, thesis, valuation, key risks, source support, and plain-language writing.
• Dissemination and Marketing of Information
  Study how Series 87 tests public appearances, audience-specific controls, dissemination channels, and market-abuse risks.
  • Present and Discuss Research With Audiences
    Study Series 87 audience-specific research discussions, including retail and institutional clients, sales, trading, issuer management, media, buy-side audiences, public appearances, MNPI requests, and timing controls.
  • Dissemination Channels and Controls
    Study Series 87 research dissemination channels and controls, including phone, voicemail, IM, text, email, websites, external platforms, social media, research blasts, timing, archival, corrections, and dissemination logs.
  • Offerings, Rumors, Manipulation Risk, and Recordkeeping
    Study Series 87 offering-context communication restrictions, Securities Act and Regulation M concepts, Rules 137-139, rumor controls, anti-fraud and manipulation risks, distribution disclosures, Regulation S, options materials, safe-harbor notices, and research records.
• Series 87 Study Plan — A Practical Reading and Review Schedule
  A practical Series 87 study plan with a clear reading order, weekly milestones, review rhythm, and a final review strategy.
• Series 87 Cheat Sheet — Research Reports, Disclosures, Conflicts & Dissemination
  Comprehensive FINRA Series 87 reference: required research report disclosures, conflicts and approvals, Regulation AC/FD/G concepts, research report structure and report types, public appearances and communications, dissemination channels, rumor/manipulation traps, recordkeeping, and trading-ahead/distribution restriction themes.
• Series 87 FAQ — Common Questions About Eligibility, Scope, and Study Strategy
  Common questions about the FINRA Series 87 exam, including sponsorship, the SIE and Series 86 relationship, exam scope, and practical study strategy.
• Series 87 Resources — Official FINRA Links & Content Outline
  Official resources for the FINRA Series 87 exam, including the combined Research Analyst exam page, content outline, and the rule set most relevant to Series 87.