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Series 87 Exam Overview — Format, Weights & Eligibility

Understand FINRA Series 87 (Research Analyst Qualification Exam Part II) at a glance: structure, timing, passing score, function weights, eligibility, and how it fits with Series 86.

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Series 87 at a glance (FINRA)

  • Scored items: 50
  • Unscored pretest items: 5 (55 total)
  • Time: 1 hour 45 minutes (105 minutes)
  • Format: Multiple choice
  • Passing score: 74
  • Cost: $150
  • Corequisite: SIE

Note: FINRA includes unscored pretest items for question development. You won’t know which items are unscored, so treat every item as scored.

What Series 87 tests (job functions)

Series 87 is organized by two major functions:

  • F4 — Preparation of Research Reports — 72% (36 items)
  • F5 — Dissemination and Marketing of Information — 28% (14 items)

Eligibility (important)

Series 87 requires firm sponsorship. You must be associated with a FINRA member firm (or other applicable SRO member firm) to enroll and test.

The SIE is a corequisite. To obtain the Research Analyst registration, candidates generally must pass SIE + Series 86 + Series 87.

✅ Next: work through the Series 87 syllabus » and then drill compliance/report questions in Practice ».

Syllabus