Series 87 — Research Analyst Qualification Examination (Part II) Study Plan
A practical 7-day, 14-day, 30-day, and 60/90-day study plan for the FINRA Series 87 Research Analyst Qualification Examination.
Who this study plan is for
This Study Plan is for candidates preparing for the FINRA Series 87 — Research Analyst Qualification Examination (Part II), exam code Series 87.
Series 87 preparation is different from calculation-heavy finance exams. Your score depends heavily on applying regulatory rules, recognizing conflicts of interest, understanding research report requirements, and choosing the most compliant action in realistic scenarios. The plan below emphasizes:
- Research report rules and required disclosures
- Research analyst conflicts and restrictions
- Communications with the public
- Interactions with investment banking, sales, trading, subject companies, and clients
- Supervisory, approval, and recordkeeping concepts
- Scenario judgment under FINRA and securities industry rules
- Repeated missed-question review, not passive rereading
Use the path that matches your remaining time, then follow the daily rhythm consistently.
Which plan should you use?
| Time until exam | Best for | Daily time target | Main goal | Mock exam use |
|---|---|---|---|---|
| 7 days | Final review or urgent retake | 2.5-4 hours | Identify weak rules, drill scenarios, stabilize timing | 1-2 timed mocks |
| 14 days | Focused preparation with some prior exposure | 1.5-3 hours | Cover high-value rule areas, build recall, practice applied questions | 2 timed mocks |
| 30 days | Balanced plan for working professionals | 60-120 minutes weekdays; 2-4 hours weekend | Learn, drill, review, and test without cramming | 3-4 timed mocks |
| 60/90 days | First-time candidate or slow, steady preparation | 45-90 minutes most days | Build durable rule knowledge and exam judgment | Periodic diagnostics, then full mocks near the end |
If you have not yet read the current FINRA Series 87 content outline, do that first. Use it as the checklist for what can appear on the exam. This page gives you the schedule and review system.
What to study for Series 87
Build your plan around applied regulatory understanding rather than memorizing isolated statements. Organize your materials into these working buckets.
| Study bucket | What to be able to do | Practice style |
|---|---|---|
| Research reports | Identify when a communication is a research report, what disclosures matter, and what approvals or restrictions may apply | Scenario questions and disclosure checklists |
| Research analyst conflicts | Recognize conflicts involving compensation, ownership, business relationships, investment banking, subject companies, and personal trading | “What is permitted?” and “what must be disclosed?” drills |
| Communications with the public | Distinguish balanced, fair, and not misleading communication from problematic statements | Rewrite flawed statements; answer judgment questions |
| Investment banking and analyst interaction | Identify prohibited, restricted, or supervised interactions | Timeline and role-based scenarios |
| Sales, trading, and client interaction | Know when communication creates a compliance issue or requires controls | Short vignettes with role identification |
| Supervision and approvals | Know who must review, approve, supervise, or maintain records | Approval-chain drills |
| Public appearances | Apply disclosure and conduct standards in interviews, calls, media, and events | Rapid scenario drills |
| Regulatory vocabulary | Understand the exact meaning of terms used in rules and questions | Flashcards plus explanation review |
| Exam judgment | Choose the most compliant answer when two choices seem plausible | Mixed timed sets and missed-question review |
Your daily practice rhythm
Use this rhythm on most study days. It prevents the common Series 87 problem: reading rules repeatedly but missing scenario questions.
| Step | Time | Action |
|---|---|---|
| 1. Recall warm-up | 5-10 minutes | Write or recite key rules from yesterday without notes. |
| 2. Focused review | 25-45 minutes | Study one narrow topic: disclosures, analyst restrictions, public appearances, supervision, or communications. |
| 3. Topic drill | 20-40 minutes | Answer questions only from that topic. Do not mix topics yet. |
| 4. Explanation review | 20-30 minutes | Read explanations for every missed or uncertain question. Capture the rule behind the answer. |
| 5. Mixed set | 15-30 minutes | Do a short mixed set so you practice switching topics. |
| 6. Error log update | 10 minutes | Record misses, traps, and rules to revisit. |
If you have less than an hour, keep the core loop:
- 10 minutes recall
- 25 minutes questions
- 20 minutes explanation review
- 5 minutes error log
Missed-question review method
For Series 87, a missed-question log is more valuable than rereading chapters. Most wrong answers come from confusing a rule condition, missing a disclosure issue, or choosing the answer that is commercially convenient instead of compliant.
Use a simple table.
| Field | What to write |
|---|---|
| Date | When you missed it |
| Topic | Research report, disclosure, public appearance, analyst conflict, supervision, etc. |
| Why I missed it | Did not know rule, misread fact pattern, confused roles, picked too fast, overthought |
| Correct rule | One sentence in your own words |
| Trigger words | Words in the question that should have alerted you |
| Similar trap | How the exam might test it again |
| Recheck date | 2-3 days later, then again in final week |
Example error-log entries
| Miss type | Weak entry | Better entry |
|---|---|---|
| Too vague | “Need to review disclosures.” | “When a research report presents a recommendation, check for required disclosures tied to conflicts, ownership, compensation, and firm relationships.” |
| Too passive | “Got public appearance question wrong.” | “In media or speaking situations, analyst communications still need appropriate disclosure and must not be misleading.” |
| Too broad | “Investment banking issue.” | “Watch for analyst involvement in investment banking communications or pressure related to banking business. Identify independence and conflict controls.” |
The 3-pass review rule
Review every miss at least three times:
| Pass | Timing | Goal |
|---|---|---|
| Pass 1 | Same day | Understand the explanation and write the rule. |
| Pass 2 | 48-72 hours later | Answer a similar question without notes. |
| Pass 3 | Final week | Confirm you can apply the rule under time pressure. |
Diagnostic practice: when and how to use it
Do not wait until the end to answer questions. Use diagnostics early enough to change the plan.
| When | What to do | How to use the result |
|---|---|---|
| Start of 14-, 30-, or 60/90-day plan | Take a short mixed diagnostic or free practice exam if available | Identify your weakest rule buckets |
| After first full content pass | Take a medium mixed set | Check whether you can apply rules, not just recognize terms |
| Final 7-10 days | Use timed mixed practice | Build pacing and reduce careless mistakes |
| Final 48 hours | Use light targeted sets only | Confirm weak areas; do not chase new topics |
When reviewing diagnostic results, do not only look at the score. Sort misses by topic and cause.
| Result pattern | Meaning | Adjustment |
|---|---|---|
| Many misses in one topic | Content gap | Re-study that topic and drill it the same day |
| Misses spread across all topics | Weak recall or rushing | Use shorter sets and deeper explanation review |
| High score untimed, lower score timed | Pacing issue | Add timed mixed sets every other day |
| Narrow misses between two answers | Rule-condition confusion | Build comparison notes: permitted vs prohibited, disclose vs restrict, approve vs supervise |
| Frequent “I knew that” errors | Reading discipline issue | Slow down on role, timing, and relationship facts |
7-day final review plan
Use this if your exam is one week away. This is not the time for broad passive reading. Your job is to close high-probability gaps, practice mixed scenarios, and enter the exam rested.
| Day | Main focus | Study actions |
|---|---|---|
| Day 7 | Baseline and triage | Take a timed mixed set or mock. Review every miss. Build a top-10 weak-rules list. |
| Day 6 | Research reports and disclosures | Drill research report identification, required disclosures, conflicts, and approval concepts. Rewrite missed rules in plain language. |
| Day 5 | Analyst conflicts and restrictions | Focus on personal trading, compensation, investment banking pressure, subject company interactions, and independence issues. |
| Day 4 | Communications and public appearances | Drill fair and balanced communication, media appearances, client discussions, and misleading statement traps. |
| Day 3 | Supervision, approvals, and records | Review who supervises, who approves, what must be documented, and where controls apply. Take a timed mixed set. |
| Day 2 | Full timed mock or heavy mixed practice | Take one full timed mock if you can review it carefully. Spend more time reviewing than testing. |
| Day 1 | Light final review | Review error log, disclosure lists, role-based restrictions, and timing traps. Stop heavy studying early. Sleep. |
| Exam day | Execute | Warm up with 10-15 easy recall cards. Do not take a new mock. |
7-day priorities
| Priority | Do | Avoid |
|---|---|---|
| Content | Review weak rule areas and common conflicts | Starting a new full textbook |
| Practice | Use timed mixed sets and targeted drills | Answering hundreds of questions without reviewing explanations |
| Review | Maintain a concise error log | Highlighting pages you will never revisit |
| Final day | Light recall and rest | Late-night cramming |
When to stop adding new material in the 7-day plan
Stop adding new content by the end of Day 3 unless your diagnostic shows a major gap in a core area. From Day 2 forward, prioritize:
- Error log
- Disclosure rules
- Analyst conflict scenarios
- Communications with the public
- Public appearance rules
- Approval and supervision concepts
- Timed mixed practice review
14-day focused plan
Use this if you have two weeks and some familiarity with the material, or if you are retaking after a near miss.
| Day | Focus | Practice requirement |
|---|---|---|
| 1 | Short diagnostic and content outline mapping | Mixed diagnostic; categorize misses |
| 2 | Research report definition and structure | Topic drill plus explanation review |
| 3 | Research report disclosures | Disclosure checklist drill |
| 4 | Analyst conflicts: compensation, ownership, business relationships | Scenario questions |
| 5 | Investment banking interaction and analyst independence | Role-based questions |
| 6 | Public appearances and communications | Timed topic set |
| 7 | Review day 1-6 misses | Mixed set from weak areas |
| 8 | Supervision, approvals, and procedures | Approval-chain drills |
| 9 | Sales, trading, and client communication issues | Applied scenarios |
| 10 | Personal trading and restrictions | Rule-condition drills |
| 11 | Timed mock exam | Full review of all misses and guesses |
| 12 | Weak area repair | Drill the lowest two topics from mock |
| 13 | Second timed mock or long mixed set | Review explanations; update final error log |
| 14 | Final review | Light recall, disclosure lists, conflicts, public appearance traps |
14-day study blocks
| Block | Length | Best use |
|---|---|---|
| Weekday short block | 45-60 minutes | Topic review plus 15-25 questions |
| Weekday long block | 90-120 minutes | Topic review, drill, and error log |
| Weekend block | 2-4 hours | Timed mock or long mixed practice with deep review |
14-day stop point for new material
Stop adding new material after Day 11. Days 12-14 should be focused on:
- Repairing weak topics from mocks
- Reworking missed and guessed questions
- Reviewing short rule summaries
- Practicing timed mixed questions
- Resting enough to avoid careless mistakes
30-day balanced plan
Use this if you want a realistic plan while working full time. The goal is to complete one structured pass, then use practice results to drive the final two weeks.
30-day overview
| Phase | Days | Goal | Output |
|---|---|---|---|
| Phase 1 | 1-7 | Build the rule framework | Topic notes and first diagnostic |
| Phase 2 | 8-15 | Cover core research report and conflict rules | Topic scores and error log |
| Phase 3 | 16-22 | Apply rules in mixed scenarios | First timed mock and weak-topic repair |
| Phase 4 | 23-30 | Exam readiness | Final mocks, final review, rest |
Days 1-7: framework and diagnostic
| Day | Focus | Actions |
|---|---|---|
| 1 | Exam map | Read the current FINRA content outline. Create topic buckets. Take a short diagnostic if available. |
| 2 | Research report basics | Define research report, recommendation, communication type, and required review concepts. |
| 3 | Required disclosures | Build a disclosure checklist. Practice identifying missing disclosures. |
| 4 | Analyst conflicts | Study ownership, compensation, business relationships, and firm conflicts. |
| 5 | Public communication standards | Practice fair, balanced, and not misleading communication scenarios. |
| 6 | Mixed drill | 40-75 mixed questions depending on time. Review all misses. |
| 7 | Weekly review | Update error log. Re-study the two weakest topics. |
Days 8-15: core rule coverage
| Day | Focus | Actions |
|---|---|---|
| 8 | Investment banking interactions | Study independence, pressure, participation, and separation issues. |
| 9 | Subject company interactions | Practice scenarios involving review, communication, and relationship facts. |
| 10 | Public appearances | Drill media, speaking, and client-facing disclosure scenarios. |
| 11 | Personal trading | Study restrictions and conflict logic. |
| 12 | Supervision and approval | Map who reviews, approves, supervises, and documents. |
| 13 | Records and procedures | Review documentation and supervisory control concepts. |
| 14 | Timed mixed set | Take a timed medium-length set. Review explanations carefully. |
| 15 | Repair day | Re-study weakest topics from Days 8-14. |
Days 16-22: mixed application and first mock
| Day | Focus | Actions |
|---|---|---|
| 16 | Mixed practice | Use mixed sets only. Record uncertain questions, not just wrong ones. |
| 17 | Disclosure and conflict repair | Redo missed disclosure/conflict questions. |
| 18 | Communications repair | Drill public appearances, client communication, and misleading statement issues. |
| 19 | Supervision repair | Drill approval, supervision, and documentation scenarios. |
| 20 | Full timed mock | Take a full timed mock under exam-like conditions if available. |
| 21 | Mock review | Spend at least as long reviewing as you spent taking the mock. |
| 22 | Targeted repair | Re-study the two lowest mock topics. |
Days 23-30: readiness and final review
| Day | Focus | Actions |
|---|---|---|
| 23 | Mixed timed practice | Medium timed set; review misses. |
| 24 | Weak topic drill | Focus only on topics still below target confidence. |
| 25 | Full timed mock | Take another timed mock or long mixed set. |
| 26 | Mock review | Categorize misses by rule, role, timing, and wording trap. |
| 27 | Final content repair | Last day for adding or relearning material. |
| 28 | Final mixed set | Timed mixed practice; no new content. |
| 29 | Light review | Error log, disclosure checklist, conflict map, public appearance notes. |
| 30 | Exam eve | Light recall only. Stop early and rest. |
60/90-day full preparation path
Use this if you are starting early, balancing work obligations, or want stronger long-term retention. The 60-day and 90-day versions use the same phases; the 90-day version simply gives more spacing and review.
60/90-day phase plan
| Phase | 60-day timing | 90-day timing | Goal |
|---|---|---|---|
| Orientation | Days 1-3 | Days 1-5 | Understand the exam outline and set your materials |
| First content pass | Days 4-25 | Days 6-40 | Learn all major rule areas |
| Topic drilling | Days 26-38 | Days 41-60 | Strengthen weak areas with focused questions |
| Mixed application | Days 39-50 | Days 61-75 | Practice switching topics under time pressure |
| Mock and repair | Days 51-57 | Days 76-86 | Use timed mocks to identify final gaps |
| Final review | Days 58-60 | Days 87-90 | Review error log, stop new content, rest |
Phase 1: orientation
| Task | Output |
|---|---|
| Read the current FINRA Series 87 content outline | A topic checklist |
| Choose primary study materials | One main source plus practice questions |
| Create an error log | Spreadsheet, notebook, or digital document |
| Take a short diagnostic | Initial weak-topic list |
| Set weekly study days | A sustainable calendar |
Phase 2: first content pass
Cover each topic once, but do not try to perfect it immediately.
| Topic group | Study actions |
|---|---|
| Research report framework | Learn what triggers research-report treatment and what rules attach. |
| Disclosures | Build a checklist; practice spotting missing or incomplete disclosures. |
| Analyst conflicts | Identify conflicts involving compensation, ownership, firm relationships, banking pressure, and personal trading. |
| Communications | Study fair and balanced standards, misleading statements, and audience-specific issues. |
| Public appearances | Practice disclosure and conduct scenarios. |
| Supervision and approvals | Map review, approval, supervision, escalation, and recordkeeping concepts. |
| Interactions with firm departments | Practice role-based scenarios involving investment banking, sales, trading, and research. |
Suggested weekly structure:
| Day type | Activity |
|---|---|
| 3 weekdays | 45-75 minutes content plus short quiz |
| 1 weekday | Missed-question review only |
| 1 weekend day | Longer topic drill or diagnostic |
| 1 rest day | No study or only light flashcards |
Phase 3: topic drilling
After your first content pass, move from reading to retrieval.
| Drill type | Frequency | Purpose |
|---|---|---|
| Single-topic drills | 3-4 times per week | Fix weak rules |
| Disclosure checklist drills | 2 times per week | Build automatic recognition |
| Role-based scenarios | 2 times per week | Avoid confusing analyst, firm, client, banking, and issuer roles |
| Public communication drills | 1-2 times per week | Strengthen judgment questions |
| Error-log review | 3 times per week | Prevent repeat mistakes |
Phase 4: mixed application
This is where many candidates improve the most. Series 87 questions may combine multiple issues in one fact pattern.
| Practice set | How to run it |
|---|---|
| Short mixed set | 15-25 questions, timed, immediate review |
| Medium mixed set | 40-60 questions, timed, full explanation review |
| Rule comparison set | Build pairs: permitted vs prohibited, disclose vs restrict, supervise vs approve |
| Guess review set | Revisit every question you guessed correctly and explain why the right answer is right |
Phase 5: mock and repair
Use full timed mocks only when they can teach you something. Do not burn them too early.
| Timing | Mock use |
|---|---|
| 60-day plan: around Days 40-45 | First full timed mock or long exam-like set |
| 60-day plan: around Days 51-55 | Second full timed mock |
| 90-day plan: around Days 65-70 | First full timed mock or long exam-like set |
| 90-day plan: around Days 78-84 | Second and possibly third timed mock |
| Final 48 hours | No new full mock unless you have not practiced timing at all |
How to use timed mock exams
Timed mocks are not just score checks. They should change your study plan.
Before the mock
- Use exam-like timing and conditions.
- Put away notes.
- Mark questions you are unsure about.
- Do not pause to look up rules.
- Use the same pacing strategy you plan to use on exam day.
After the mock
Review in this order:
- Questions missed because you did not know the rule
- Questions missed because you misread the facts
- Questions missed because two answers looked similar
- Questions guessed correctly
- Questions answered correctly but slowly
| Mock result | What to do next |
|---|---|
| Strong score, few uncertain answers | Maintain mixed practice and light review |
| Strong score, many guesses | Review guessed questions; do not assume readiness |
| Weak disclosure score | Drill research report and conflict disclosure scenarios |
| Weak communication score | Drill public appearances and misleading statement questions |
| Weak supervision score | Map approval, supervision, and recordkeeping roles |
| Many careless errors | Slow down, underline role/timing facts, use smaller timed sets |
Series 87 scenario-reading checklist
For each practice question, train yourself to identify the issue before looking at the answer choices.
| Question lens | Ask yourself |
|---|---|
| Role | Who is acting: analyst, supervisor, investment banker, sales, trading, issuer, client, or firm? |
| Communication type | Is this a research report, public appearance, client communication, internal communication, or issuer interaction? |
| Conflict | Is there compensation, ownership, banking business, issuer pressure, personal trading, or firm interest? |
| Disclosure | If the activity is allowed, what must be disclosed? |
| Restriction | Is the activity prohibited, restricted, supervised, or merely disclosed? |
| Approval | Who must review or approve the communication or activity? |
| Timing | Does the fact pattern include a timing issue that changes the rule analysis? |
| Best answer | Which option is most compliant, not merely most convenient? |
Final-week rules
During the final week, your goal is exam execution.
| Rule | Why it matters |
|---|---|
| Stop broad reading | It creates familiarity without improving recall. |
| Review all missed and guessed questions | Guesses hide weak knowledge. |
| Drill weak topics in small sets | Focused repetition fixes rule confusion. |
| Keep a one-page final checklist | Use it for disclosures, conflicts, public appearances, and approvals. |
| Practice timing | You need to answer accurately without overanalyzing every fact pattern. |
| Stop new material 48 hours before the exam | New material can crowd out rules you already know. |
| Sleep before the exam | Fatigue increases misreading and second-guessing. |
Exam-readiness checks
You are likely ready when most of these are true.
| Readiness check | Yes/No |
|---|---|
| I can explain the main Series 87 topic buckets without looking at notes. | |
| I can identify research report disclosure issues in a short scenario. | |
| I can distinguish disclosure, restriction, supervision, and approval requirements. | |
| I can handle analyst conflict questions without relying on memorized answer patterns. | |
| I can apply public appearance and communication standards to realistic examples. | |
| I have reviewed every missed mock question and every guessed mock question. | |
| My recent timed mixed practice is stable, not swinging wildly by topic. | |
| I know my two weakest topics and have drilled them in the last 72 hours. | |
| I can finish timed sets without rushing the final questions. | |
| I have stopped adding new material and am reviewing high-yield notes only. |
If you answer “no” to several items, do not simply take another mock. Repair the specific topic first, then retest with a smaller timed set.
What to do next
Choose the schedule that matches your exam date, block the study sessions on your calendar, and start with a diagnostic or mixed practice set. After that, let your missed-question log drive the plan: review the rule, drill the topic, then prove improvement under timed conditions.