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Series 86 and Series 87 study map for research analysts

How Series 86 and 87 study fits research analyst registration, public reports, modelling, dissemination controls, SIE pairing, and research supervision.

Exam focus

FINRA Research Analyst Exams context for broker-dealer research analyst registration.

Who this helps

  • - Research analyst candidates
  • - Supervisory research reviewers
  • - Equity research teams
  • - Compliance teams checking research registration

Why this matters

  • - FINRA states candidates must pass SIE plus both Series 86 and Series 87 to obtain research analyst registration.
  • - The official page frames Series 86 around data, analysis, modelling, valuation, and forecasting, and Series 87 around research reports and dissemination.
  • - Research analyst registration should be checked against the output and distribution of research, not just the analyst job title.

Study map

Research production

  • - Study data collection, modelling, valuation, forecast assumptions, research report preparation, disclosure, and dissemination controls.
  • - Build a source, model, review, approval, publication, and conflict-disclosure workflow around the study plan.

Registration and supervision

  • - Keep SIE, Series 86, Series 87, sponsorship, research principal supervision, exemption analysis, and Form U4 records aligned.
  • - Separate public research reports from internal analysis, personalised advice, marketing, and sales follow-up.

Licensing tie-in

  • - Series 86/87 supports broker-dealer research analyst registration; it does not settle adviser, publisher, newsletter, or personalised recommendation models.
  • - Research workflows should evidence conflicts, issuer relationships, personal trading, sales interaction, and publication controls.
  • - Research principal and Series 24/Series 16 supervision should be checked before launch.

Booking and sponsorship

  • - Use FINRA's Series 86/87 page for current content, SIE pairing, exemption, and eligibility details.
  • - Confirm firm sponsorship and any Series 86 exemption basis before building the study calendar.
  • - Keep research exam evidence with publication controls and register-review notes.

Verify before studying

  • - Whether the person prepares publicly disseminated research reports.
  • - Whether Series 86 exemption analysis is relevant and whether Series 87 is still needed.
  • - Whether the business has research principal supervision, conflicts procedures, and advice-boundary controls.

Common mistakes

  • - Studying Series 86/87 before confirming a sponsor and research analyst role.
  • - Treating internal analysis, general education, and public research reports as the same.
  • - Ignoring personalised-advice risk when research is distributed through an advisory or trading platform.

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.