200+ Free Series 87 Practice Questions
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Key Facts: Series 87 Exam
70-75%
Pass Rate
Industry estimate
70%
Passing Score
35/50 questions
30-50 hrs
Study Time
Recommended
72%
Report Preparation
Largest section
$100
Exam Fee
FINRA
1h 45m
Exam Duration
FINRA
The Series 87 exam has an estimated 70-75% pass rate for prepared candidates. It requires 70% (35/50 questions) to pass in 1 hour 45 minutes. The exam covers two major functions: Research Report Preparation (72%) including disclosures and supervisory approval, and Dissemination of Information (28%) including public appearances. Prerequisites: SIE + Series 86 + firm sponsorship. Plan for 30-50 hours of study focusing on FINRA Rule 2241.
About the Series 87 Exam
The Series 87 is Part II of the Research Analyst qualification, covering regulatory administration and best practices. It focuses on preparation of research reports (72%), required disclosures, supervisory approval, trading restrictions, and dissemination of information (28%).
Questions
50 scored questions
Time Limit
1 hour 45 minutes
Passing Score
70%
Exam Fee
$100 (FINRA)
Series 87 Exam Content Outline
Preparation of Research Reports
Required disclosures, analyst certifications, firm disclosures, conflicts of interest, supervisory analyst review, rating changes, and approval procedures
Dissemination and Marketing of Information
Public appearances, oral disclosures, client meetings, information dissemination, responding to inquiries, and sales force feedback
How to Pass the Series 87 Exam
What You Need to Know
- Passing score: 70%
- Exam length: 50 questions
- Time limit: 1 hour 45 minutes
- Exam fee: $100
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
Series 87 Study Tips from Top Performers
Frequently Asked Questions
What is the Series 87 exam?
The Series 87 is Part II of the Research Analyst Qualification Examination administered by FINRA. It covers regulatory administration and best practices for research analysts, including preparation of research reports (72%), required disclosures, supervisory approval, trading restrictions, and dissemination of information (28%). You must pass Series 86 (Part I) before taking Series 87.
What is the Series 87 pass rate?
The Series 87 exam has an estimated pass rate of 70-75% for prepared test-takers. The exam has 50 scored questions plus 5 unscored pretest questions with a 70% passing score (35 correct answers), taken over 1 hour 45 minutes. Those with strong understanding of FINRA Rule 2241 and research report requirements tend to perform well.
What are the prerequisites for the Series 87?
The Series 87 requires passing the SIE (Securities Industry Essentials) exam and Series 86 (Part I - Analysis), plus firm sponsorship. You must be associated with a FINRA member firm that files a Form U4 on your behalf. Series 87 cannot be taken until Series 86 is passed.
How long should I study for Series 87?
Plan for 30-50 hours of study over 3-5 weeks. Focus on: FINRA Rule 2241 (Research Analysts and Research Reports), required disclosures (analyst certifications, firm disclosures, conflicts), supervisory approval procedures, trading restrictions (quiet periods, post-publication restrictions), and dissemination requirements. Complete at least 200 practice questions and score 80%+ consistently before scheduling.
What are the main topics on the Series 87?
The main topics are: Preparation of Research Reports (72%) including required disclosures (analyst certifications, firm disclosures, conflicts of interest, compensation), supervisory analyst review (Series 16), rating changes, initiation/termination of coverage, and approval procedures; and Dissemination and Marketing of Information (28%) including public appearances, oral disclosures, client meetings, information dissemination methods, and responding to inquiries.
What is FINRA Rule 2241 and why is it important for Series 87?
FINRA Rule 2241 governs Research Analysts and Research Reports. For the Series 87, you must understand: required disclosures in research reports (investment banking relationships, analyst holdings, compensation); supervisory analyst review requirements; quiet periods around IPOs (40 days) and secondary offerings (10 days); trading restrictions for analysts and firms; and public appearance requirements. This is the most heavily tested rule on the exam.
What is the difference between Series 86 and Series 87?
Series 86 (Part I) covers analysis and valuation including financial modeling, data collection, and company analysis. Series 87 (Part II) covers regulatory administration and best practices including research report preparation, disclosures, supervisory approval, and information dissemination. You must pass both exams plus the SIE to be registered as a Research Analyst.