How to Pass the Series 86/87 Exam

When you are interested in become a research analyst in the investment and securities industries, you must pass the Registered Research Analyst Exam. This exam is commonly known as the Series 86/87 Exam. The Series 86 portion of the exam covers securities analysis and the 87 portion covers securities regulations.

Instructions

Difficulty: Challenging

Things You’ll Need:

• Series 7 License
• NASD or NYSE investment firm sponsorship
• Series 86/87 study guide and materials

1. Know how the exam is composed. The Series 87 portion of the exam consists of 50 multiple-choice questions and has a 90-minute time limit. The Series 86 portion of the exam is 100 multiple-choice questions done in four hours.
2. Become familiar with the Series 87 exam breakdown. This portion of the exam will test your knowledge regarding regulatory administration and industry best practices. The two sections include the following topics: Proper Preparation of Research Reports and Dissemination of Information.
3. Be aware of the National Association of Securities Dealers and the New York Stock Exchange rules and Regulations. You will be tested on them in the Series 87 portion of this exam.
4. Study the Securities Act of 1933 and the Securities Exchange Act of 1934. The Series 87 portion will have questions regarding these Acts.
5. Learn the Series 86 Exam portion breakdown. This portion of the exam will test you ability of analysis and valuation of equity securities. This portion of the exam includes the following topics: Information collection, Data collection and Analyses, Modeling and Valuation techniques.

Tips & Warnings

• Plan on studying for at least four weeks prior to taking this exam.
• You must have a current and valid Series 7 license in order to take the Series 86/87 Exam.
• You must be sponsored by a NASD or NYSE investment or securities firm in order to take the Series 86/87 Exam.