Series 86

Eighty-five scored items. FINRA allocates them across three major job functions: Information and Data Collection (18 items), Analysis, Modeling and Valuation (28 items), and Valuation and Forecasting (39 items). The Series 87, which is Part II, carries a separate 50 items. Budget review time roughly in proportion to those item counts.

They are two halves of one registration. The Series 86 is Part I, covering Information and Data Collection, Analysis, Modeling and Valuation, and Valuation and Forecasting, with 85 items. The Series 87 is Part II, covering Preparation of Research Reports (36 items) and Dissemination of Information (14 items), for 50 items total. You need both, plus the SIE, to register as a research analyst.

Only if you are associated with, and sponsored by, a FINRA member firm or another applicable self-regulatory organization member firm. FINRA does not open these representative-level qualification exams to unsupported candidates. If you are not yet sponsored, resolve that with the firm that intends to employ you before you schedule a sitting.

Yes, in two cases. A candidate may request an exemption from Part I after passing both Level I and Level II of the Chartered Financial Analyst (CFA) exam, or both Level I and Level II of the Chartered Market Technician (CMT) Certification Exam. The exemption covers the Series 86 only; you would still need the Series 87 and the SIE.

Currently 30 days after a first or second unsuccessful attempt and 180 days after a third. Effective January 19, 2027, FINRA reduces those periods to 15 days after the first and second unsuccessful attempts and 60 days after the third. The new periods apply automatically to new enrollments and to open enrollments without an appointment.

FINRA's Series 86/87 page does not publish a time limit or a passing score, so treat any specific number you see quoted elsewhere with caution. Confirm the operational details that apply to your sitting on your exam appointment confirmation and in FINRA's Qualification Exam FAQ.

FINRA describes the SIE as a co-requisite: candidates must pass the SIE and both the Series 86 and Series 87 to obtain the Research Analyst registration. Because the SIE supplies the foundational material the analyst exams assume, many candidates choose to clear it first, but the requirement is to hold all three.

The knowledge needed to perform the critical functions of a research analyst, including preparing written or electronic communications that analyze equity securities and/or companies and industry sectors. FINRA notes the requirements do not distinguish between sell-side and buy-side analysts: anyone preparing such communications with enough information to base an investment decision must register.

Start with Analysis, Modeling and Valuation and with Valuation and Forecasting; together they account for 67 of the 85 items, and the forecasting block alone is 39. Treat Information and Data Collection (18 items) as the smaller supporting block, but do not skip it - data sourcing and integrity items are quick points once you know the conventions.

A research principal. Under the requirements FINRA describes, that principal must pass the General Securities Principal exam (Series 24) and must also pass either the SIE exam plus the Research Analyst exams (Series 86 and Series 87), or the Supervisory Analyst exam (Series 16).