The Series 86 and Series 87 exams, also know as the Research Analyst Qualification Examination (RS), is used to assess the competency of an individual to perform his or her job as a research analyst representative. The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical job functions of a research analyst, including preparing and analyzing equity securities or individual companies and industry sector research reports.
The exam consists of two parts:
Part I (Series 86) – Analysis: This part of the test consists of 100 multiple-choice questions primarily addressing fundamental analysis and valuation of equity securities. Questions are focused on:
- Information and Data Collection
- Analysis, Modeling, and Valuation
Part II (Series 87) – Regulatory Administration and Best Practices: This part of the test consists of 50 multiple-choice questions addressing relevant federal and industry rules and regulations, including NYSE Rules, NASD Rules, the Securities Act of 1933, and the Securities Exchange Act of 1934. Questions are focused on:
- Preparation of Research Reports
- Dissemination of Information
Candidates are allotted 270 minutes to complete Part I (Series 86) and 105 minutes to complete Part II (Series 87).
The Series 86/87 has a prerequisite exam requirement. Candidates must have passed one of the following exams to hold the registration.
- Series 7
- Series 17
- Series 37
- Series 38
A candidate who meets one of the following requirements is permitted to request an exemption from the Series 86 exam (Part I).
- Passed both Level I and Level II of the Chartered Financial Analyst (CFA) Examination
- Passed both Level I and Level II of the Chartered Market Technician (CMT) Certification Examination
The Series 86 and 87 exams tests candidates on the following four functions:
|Part 1 – Series 86: Analysis||Number of Questions|
|Information and Data Collection||10|
|Analysis, Modeling, and Valuation||90|
|Part 2 – Series 87: Regulatory Administration and Best Practices||Number of Questions|
|Preparation of Research Reports||32|
|Dissemination of Information||18|
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