This Series 87 exam study guide is for research analysts tackling the regulatory half of the Research Analyst Qualification. The Series 87 is the second of the two-part exam, and where the Series 86 tests analysis and valuation, the Series 87 tests the rules that govern how a research report is prepared, approved, and distributed. It is shorter than its sibling, but it is detail-heavy — the kind of exam where careful rule recall beats cramming.
What is the Series 87 exam?
The Series 87 covers the regulatory side of the research analyst role: preparing research reports, managing conflicts of interest, making required disclosures, and disseminating research properly. Together with the Series 86 and the SIE, it completes the Research Analyst registration. You must be sponsored by a FINRA member firm to sit for it, and the SIE is a co-requisite. Full details are on FINRA's Series 86 and 87 page.
Series 87 exam format at a glance
- Scored questions: 50
- Time limit: 1 hour 45 minutes
- Passing score: 74%
- Sponsorship: required — you must be associated with a FINRA member firm
- Co-requisite: the SIE
These details are accurate as of June 2026. Confirm the current specification on the official exam page before you schedule, since regulators update them from time to time.
What the Series 87 tests
FINRA splits the content into two functions. Preparation of research reports is the dominant block at roughly 72%, covering the standards for building a report, the conflicts of interest an analyst must manage, the disclosures that must appear, and the supervisory approvals and certifications behind a published report. Dissemination and marketing of information makes up the remaining 28% or so — how research is distributed, the communication and quiet-period rules, and how recommendations are presented to clients and the media. Because preparation dominates, conflicts, disclosure, and approval rules deserve most of your study time.
How to study for the Series 87
The Series 87 is a rules exam, so precision matters more than volume. Many questions hinge on a specific disclosure requirement or a particular restriction, and the wrong answers are often plausible-sounding near-misses. Learn each rule in context — why the conflict-of-interest and disclosure regime exists — then drill exam-style questions until you can spot which rule a scenario is testing. Keep a miss log tied to the exact rule behind each right answer; reviewing that list beats re-reading the material from the top.
Common Series 87 mistakes
- Underestimating it because it is short — the detail level is high.
- Confusing general FINRA conduct rules with the specific research-report rules being tested.
- Memorizing rules without understanding the conflict they are meant to prevent.
- Spreading time evenly instead of weighting report preparation, the larger function.
The Exam Bootcamp Series 87 study guide
Our Series 87 study guide and question bank teaches each rule in plain language, drills it with exam-style questions, and explains why every wrong answer is wrong so the distinctions stick. You can compare every exam we cover on the study guides page.
Series 87 and Series 86
The Series 87 does not stand alone. It is paired with the Series 86, the analysis half of the Research Analyst exam, and you need both — plus the SIE — for the registration. Most candidates take them close together. If the foundation is not in place yet, begin with our SIE study guide and come back once that is behind you.
Series 87 exam FAQs
Is the SIE required for the Series 87?
Yes. The SIE is the co-requisite, and you also need the Series 86 to complete the Research Analyst registration.
Does a CFA exemption apply to the Series 87?
No. The CFA Level I and II exemption applies only to the Series 86. Everyone takes the Series 87 to finish the Research Analyst registration.
How hard is the Series 87?
It is shorter and narrower than the Series 86, but the rule detail trips people up. Candidates who drill the disclosure and conflict-of-interest rules until they are automatic tend to pass comfortably.
