Series 87 FAQ — Common Questions & Quick Answers

Policies can change—confirm critical details with FINRA and your firm before scheduling.

Quick facts

• Scored items: 50
• Unscored pretest items: 5
• Time: 1 hour 45 minutes
• Passing score: 74
• Cost: $150
• Corequisite: SIE
• Sponsorship: required

Frequently asked questions

Do I need firm sponsorship for Series 87?

Yes. Series 87 is a representative-level FINRA qualification exam and generally requires association with a FINRA member firm (or other applicable SRO member firm).

Do I need to pass SIE too?

Yes. The SIE is a corequisite for the Research Analyst qualification path.

Do I need Series 86 as well?

Usually, yes. FINRA indicates that candidates must pass Series 86 + Series 87 + SIE to obtain the Research Analyst registration (subject to firm registration processes and applicable exemptions).

Is there an exemption from Series 87?

FINRA describes exemption pathways for Series 86 (Part I) for certain CFA/CMT candidates. Series 87 is still required for the Research Analyst registration path. Confirm details with FINRA and your firm.

What does Series 87 cover?

Series 87 focuses on:

• preparing research reports under disclosure/conflict rules (F4)
• disseminating/marketing research safely through approved channels (F5)

How should I allocate study time?

Use the blueprint weights:

• F4 (72%): required disclosures, conflicts, approvals, report components, and “what must be included” logic
• F5 (28%): dissemination channels, rumor/manipulation traps, and trading-ahead / distribution restrictions concepts

What is the retake policy?

FINRA retake waiting periods can depend on attempt count and exam type. Verify current rules with FINRA at scheduling time.