Series 87 study plan
Series 87 · Give each week a clear focus.
8 weeks · About 8 hours per week
Research Report Content, Preparation, and Standards
Outline the required content elements of a research report (rating, price target, valuation method, risks, disclosures) from memory without notes
Distinguish the permitted rating-system structures and identify what makes a rating definition clear, consistent, and not misleading
Explain the reasonable-basis and diligence standards analysts must satisfy before publishing a recommendation
Summarize the anti-fraud prohibitions that apply to research report content and identify three fact patterns that would violate them
Your checkpoint
A 3-page annotated outline of required report elements plus a scored 30-question Domain 1 practice set at 75% or better
Research Report Content, Preparation, and Standards & Research Analyst Conflicts of Interest and Prohibited Conduct
Analyze how forecast models, price targets, and valuation assumptions must be documented and supported
Classify each type of analyst conflict (compensation, ownership, investment banking relationship, personal trading) by whether it requires disclosure, elimination, or prohibition
Draft disclosure language for three sample conflict scenarios
Compare the treatment of conflicts in research reports versus in public appearances
Your checkpoint
A conflict-disclosure matrix covering 12 scenarios, each labeled disclose/eliminate/prohibit with a one-line justification
Research Analyst Conflicts of Interest and Prohibited Conduct
Differentiate prohibited practices such as front-running, trading ahead of research, scalping, and leaking unpublished recommendations
Apply restricted-period and quiet-period timelines to dated fact patterns
Evaluate personal trading and pre-clearance obligations for research analysts
Construct a timeline showing when an analyst may and may not trade around a rating change
Your checkpoint
A one-page restricted/quiet period timeline plus a 25-question scenario quiz at 80% or better
Communications with the Public and Public Appearances
Distinguish retail communications, institutional communications, and correspondence using their definitions
Apply fair-and-balanced and no-misleading-statement principles to rewrite deficient promotional text
Identify which communications require principal pre-approval and which are exempt
Detect prohibited claims, exaggerated performance, and unbalanced risk presentation in sample materials
Your checkpoint
Five rewritten communications converted from non-compliant to compliant, each with a margin note citing the rule principle applied
Communications with the Public and Public Appearances & Supervision, Recordkeeping, and Regulatory Obligations
Apply public appearance rules to scripts, interviews, seminars, and social media posts
Determine how testimonials, endorsements, and third-party rankings may be used
Outline the recordkeeping obligations that attach to each communication category
Map who must review, approve, and retain each type of public communication
Your checkpoint
A two-column reference sheet pairing each communication type with its approval requirement and retention obligation
Supervision, Recordkeeping, and Regulatory Obligations
Build a table of retention periods for research reports, correspondence, communications, complaints, and supervisory records
Describe the elements a firm's written supervisory procedures must contain for research
Explain the annual compliance meeting and branch inspection requirements
Identify the consequences of recordkeeping failures and the persons responsible
Your checkpoint
A retention-period reference table for 15 record types, each with citation basis and responsible party
Supervision, Recordkeeping, and Regulatory Obligations & Research Report Content, Preparation, and Standards
Apply supervisory-review obligations to a fact pattern involving an unreviewed research report
Design a supervisory checklist an analyst's manager would use before publication
Re-test weak Domain 1 topics flagged in the earlier error log
Integrate conflict, communication, and recordkeeping rules into a single fact-pattern analysis
Your checkpoint
A 40-question mixed-domain quiz at 80% or better plus a written 10-step pre-publication supervisory checklist
Research Report Content, Preparation, and Standards & Research Analyst Conflicts of Interest and Prohibited Conduct & Communications with the Public and Public Appearances & Supervision, Recordkeeping, and Regulatory Obligations
Complete two full-length timed practice exams under test conditions
Categorize every missed question by domain and root cause in an error log
Re-drill every topic that produced two or more misses until each is answered correctly twice consecutively
Consolidate all prior deliverables into a single master review sheet
Your checkpoint
Final full-length practice exam scored at 85% or better with a closed error log showing no unresolved items
Milestones
Week 2: Can state from memory the required research report disclosures and correctly classify 10 of 12 conflict scenarios without notes
Week 4: Score 75% or better on a 50-question mixed Domain 1-3 exam; no domain below 65%
Week 6: Recite retention periods for the five most-tested record types unaided and score 80% or better on a Domain 4 practice set
Week 8: Two consecutive full-length practice exams at 85% or better with every domain at or above 80%