Definition of Series 87 Exam

The Research Analyst Exam, or Series 87 exam, is meant for those individuals who wish to be qualified as a research analyst at either the NYSE or a FINRA member firm. These individuals are responsible for producing various forms of research reports and their names will appear on each report they complete.

Topics for the Series 87 exam include:

  • Investment Banking/Securities Acts – 25 questions
  • NYSE/FINRA/CBOE Rules – 25 questions

This is a 50 question, multiple-choice exam that must be completed within 90 minutes. To be successful candidates must score a minimum of 70% of their Series 87 exam. The cost for this test is $125.00. Keep in mind this price only reflects the cost of the test its self and does not include any additional registration or testing fees.

Applying "Series 87 Exam" to Securities Exams:

Candidates should note that the Series 87 exam is actually one part of the Series 86/87 exam. In short this is a two part test. The Series 86 exam is a 100 question, 4 hour test that looks at Information and Data Collection as well as Analysis, Modeling and Valuation. Both the Series 86 and the Series 87 will have to successfully completed for a candidate to receive their qualification.

The Series 87 exam can be taken year round at Pearson Vue testing centers. While this test is available year round, it cannot be taken on Sundays. Candidates should be aware of this fact and keep it in mind when they are scheduling their exam and choosing their testing center.

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