The Research Analyst Examination (Series 87 Exam) offered by the Financial Industry Regulatory Authority (FINRA) grants successful test takers as qualified research analysts. Series 87 is a continuation of Series 86 exam. The exam focuses on the regulations and ethics behind research analysis.
The FINRA charges a $105 fee to sit for the exam. Firms must file a U-4 form and individuals must file a U-10 form to be accepted for the exam. After acceptance, a candidate will receive notification telling them how to schedule their exam. The exam is administered at computer-based testing centers of Prometric or Pearson. These testing centers can be found all throughout the US. Once accepted the candidate has a 120 day window to schedule and take the exam.
Only those who have successfully passed the Series 7 exam can sit for the Series 87 test. The Series 87 test is a continuation of the Series 86 exam. Typically both exams are taken at the same time.
The exam consists of 50 total multiple choice questions. Each candidate has 90 minutes to take and complete the exam. To pass the exam, candidates must answer at least 70% of the questions right.
Those taking the exam can prepare by studying the following topics:
* Investment Banking
* Securities Act Regulations
* NYSE Rules and Regulations
* FINRA Rules and Regulations
* CBOE Rules and Regulations
Candidates should fully understand federal guidelines as well as their critical job functions, including the preparation of research documents and dissemination of information. Studying how these two key duties collide with regulations will ensure quality scores on the exam.
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