Exam focus
FINRA Series 86 and Series 87 plus SIE context for registered research analysts.
Who this helps
- - Equity research analysts
- - Research supervisors
- - Model portfolio and newsletter teams
- - Compliance reviewers checking research registration
Route map
- 1. Start with the research output: public research report, internal research, model portfolio commentary, issuer-paid research, personalised advice, or marketing support.
- 2. FINRA says Series 86 and 87 assess research analyst competency and include preparation of written or electronic communications analysing equity securities, companies, or industry sectors.
- 3. Candidates must pass SIE plus both Series 86 and Series 87 to obtain research analyst registration, subject to sponsorship and official eligibility rules.
- 4. Check whether a research principal, Series 24, Series 16, adviser registration, or broker-dealer sales follow-up analysis also applies.
Licensing context
- - Research can be education, general commentary, broker-dealer research, investment advice, issuer marketing, or a mix depending on facts.
- - Series 86/87 is a broker-dealer research analyst route; it does not solve every newsletter, adviser, or personalised recommendation model.
- - Research supervision should cover conflicts, issuer relationships, compensation, disclosures, publication controls, and sales-team follow-up.
Study focus
- - Study information and data collection, analysis, modelling, valuation, forecasting, research report preparation, and dissemination controls.
- - Build a research-output map: who drafts, who approves, who distributes, who may trade, and how conflicts are disclosed.
- - Learn the boundary between general research and personalised advice, especially when users can act through the same platform or broker.
What to verify before relying on the route
- - Whether the person prepares publicly disseminated research reports or only internal analysis.
- - Whether Series 86 exemption routes, Series 87, SIE, firm sponsorship, and research principal supervision are relevant.
- - Whether the business also needs investment adviser, broker-dealer, marketing, or client-classification analysis.
Application tie-in
- - For a broker-dealer or adviser application, connect research analyst evidence to publication workflow, disclosures, supervision, personal trading, and complaints handling.
- - Research procedures should show review before dissemination and controls over issuer-paid or transaction-linked research.
- - Register checks should confirm public records after the relevant registration route is complete.
Common mistakes
- - Calling a personalised recommendation research without checking adviser rules.
- - Assuming Series 86/87 can be taken without a realistic firm sponsorship route.
- - Forgetting research principal supervision, conflicts, and sales follow-up controls.
Paper and module study maps
- - Series 86 and Series 87 study map for research analysts: FINRA Research Analyst Exams context for broker-dealer research analyst registration.
Disclaimer
Information on LicenseCompare is for general educational purposes only and does not constitute legal, regulatory, financial, tax, investment, or professional advice. Licensing requirements depend on facts and change over time. Always consult official regulator materials and qualified professional advisers.