Series 87 Syllabus — Blueprint & Learning Objectives
FINRA Series 87 syllabus mapped to the official functions with clear learning objectives and quick links to targeted practice.
This syllabus is based on FINRA’s official Series 86/87 Content Outline (Part II — Series 87). Series 87 is about report integrity: proper disclosures, conflict controls, and safe dissemination through supervised channels.
Adhere to regulatory requirements in preparing research reports
Identify required disclosure categories for research reports and public appearances (ratings systems, rating distribution, historical price charts, and material conflicts).
Apply firm rating system definitions consistently and ensure required disclosures reflect how ratings are assigned and used (high level).
Include required disclosures about the distribution of firm ratings across covered universe (high level).
Recognize when historical price charts and required price/performance information must be included with research publications (high level).
Identify and disclose investment banking-related conflicts of interest when the firm has provided, or is seeking to provide, investment banking services (high level).
Identify and disclose analyst (or household member) financial interests in subject company securities and explain why the disclosure matters for objectivity (high level).
Identify and disclose firm ownership positions and whether the firm makes a market in the subject company’s securities (high level).
Identify other material conflicts of interest for the analyst or firm and ensure they are disclosed in research reports and in public appearances (high level).
Recognize when research requires approvals before dissemination and follow required internal review and supervision controls (high level).
Comply with SEC Regulation AC analyst certification requirements and ensure certifications accurately represent the analyst’s views and required attestations (high level).
Apply conflict management and compliance requirements that restrict research issuance and participation in public appearances (high level).
Apply communications restrictions and required disclosures when discussing research externally, including in media interactions (high level).
Recognize compensation restriction themes and related disclosure expectations for research analysts (high level).
Recognize trading restriction themes associated with publishing research and avoid conduct that undermines research integrity (high level).
Follow recordkeeping and document retention procedures for research reports, supporting analysis, approvals, and related communications (high level).
Recognize Regulation FD selective disclosure risks and avoid using or disseminating material nonpublic information (high level).
Recognize non-GAAP disclosure principles under Regulation G when non-GAAP measures are included or referenced in research (high level).
Recognize cross-border/offshore offer and sale considerations (Regulation S) when research is distributed in connection with offerings (high level).
Prepare research reports supported by evidence and analysis
Prepare initiation-of-coverage reports with a clear investment thesis, valuation support, catalysts, and risks (high level).
Prepare reports explaining rating, price target, or projected earnings changes and clearly connect the change to updated evidence and assumptions (high level).
Prepare termination-of-coverage notices and include appropriate context and required disclosures (high level).
Prepare earnings preview reports that frame key questions, expected drivers, and sensitivity points ahead of a release (high level).
Prepare earnings review reports that reconcile results versus expectations and update thesis and valuation implications (high level).
Prepare earnings analysis reports that identify the drivers of performance, sustainability, and forward-looking implications (high level).
Prepare fundamental company reports that support conclusions with data, comparables, and model logic (high level).
Prepare topical/theme reports that explain why a macro/industry/company theme matters and how it can impact valuation and recommendation (high level).
Prepare short notes and summaries of pertinent news that are accurate, appropriately sourced, and consistent with research disclosures (high level).
Prepare industry reports that synthesize sector drivers, competitive dynamics, and outlook (high level).
Structure research reports with clear components such as business model analysis, company overview, competitive position, and financial position (high level).
Evaluate management quality and governance signals (high level) and explain how they affect risk, execution confidence, and valuation multiples.
Provide industry and company outlook/projection sections that translate the driver chain into forecast assumptions (high level).
Discuss dividend outlook where relevant and relate payout sustainability to cash flow and balance sheet strength (high level).
State the investment thesis succinctly and map it to valuation and risk/catalyst framing (high level).
Explain sensitivity of company costs and revenues to key drivers (volume, price, mix, input costs, and rates) and interpret sensitivities as risk controls (high level).
Assess quality and quantity of earnings at a high level and identify when earnings quality issues can weaken a thesis.
Incorporate newly released financial data and relevant news into the report narrative and valuation support (high level).
Provide a rating/recommendation and valuation discussion that is consistent with the evidence and clearly communicates key risks.
F5 — Dissemination and Marketing of Information (28%)
Present and discuss research with individuals and groups
Communicate research to retail and institutional audiences and adjust the level of detail and framing while maintaining fair and balanced communications (high level).
Discuss research with buy-side analysts, portfolio managers, hedge fund managers, mutual fund managers, pension fund managers, and other money managers (high level).
Coordinate research messaging with institutional and retail sales forces within firm controls and applicable restrictions (high level).
Interact with trading departments appropriately while respecting restrictions designed to prevent trading ahead of research publications (high level).
Engage with company management in research discussions while maintaining independence and avoiding undisclosed conflicts (high level).
Interact with press and media in public appearances while meeting required disclosures and approvals (high level).
Coordinate with other research teams to ensure consistency of facts, assumptions, and disclosures (high level).
Recognize FINRA Rule 5280’s trading-ahead themes and avoid conduct that could advantage certain parties before research dissemination (high level).
Distinguish research analyst activity from investment banking solicitation and sales activity and avoid role-confusion behaviors (high level).
Disseminate information via various means
Disseminate research via permitted channels (telephone, voicemail, instant messaging, text, email, website, internal squawk systems, external news sources, social media, video, and podcasts) under firm supervision and controls (high level).
Ensure distributed content is consistent with the underlying research and includes required disclosures when applicable (high level).
Recognize and avoid the circulation of rumors and unverified claims, and escalate concerns under firm procedures (high level).
Recognize market manipulation risks tied to dissemination of information for consideration and avoid improper promotion or paid influence (high level).
Recognize civil liability themes for false or misleading statements in offering-related contexts and ensure accuracy and support for statements (high level).
Recognize the importance of prospectus delivery requirements for new issues at a high level and understand when communications may be deemed a prospectus versus not (high level).
Maintain records for research dissemination and communications consistent with record retention expectations (high level).
Recognize research publication safe-harbor concepts related to distributions (Rules 137–139, high level) and avoid prohibited participation in distributions through research activities.
Recognize underwriter/distribution participation concepts (Rule 144, high level) and understand how distribution status can affect permissible research dissemination.
Recognize Rule 144A institutional resale concepts (QIB context, high level) and how resale restrictions can affect information dissemination practices.
Recognize Regulation M research restrictions for distribution participants and the concept of excepted securities (high level).
Recognize Exchange Act provisions applicable to analyst communications and research dissemination (high level) and follow firm escalation paths when legal/compliance review is required.