Series 86/87 (Research Analyst)
Mandatory regulatory license for publishing sell-side research; CFA exemption pathway makes it routine for CFA-track analysts to clear.
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Visit Official Site →Founded
2004
HQ
Washington, DC, USA
Target Audience
Sell-side equity research analysts at FINRA-member broker-dealers publishing investment research to clients.
Key Features
- Series 86 (Analysis): 100 MCQ, 4 hours, covers financial statements, valuation, modeling, industry/company analysis
- Series 87 (Regulation): 50 MCQ, 100 minutes, covers FINRA Rule 2241, SEC Reg AC, supervision/distribution rules
- FINRA member sponsorship + SIE co-requisite required
- Series 86 exemption available for CFA charterholders (or CFA Level II pass + relevant experience) and CIIA holders
- Pass rates: Series 86 ~70%, Series 87 ~80%
- Mandatory regulatory license for publication of research reports under FINRA Rule 1220
How to Get This Certification
Prerequisites
FINRA member sponsorship; SIE co-requisite. Series 86 exemption with CFA charter or CFA Level II + 36 months relevant experience.
Why Get Certified — ROI
Salary Impact
Sell-side research analyst total comp: $150,000-$250,000 (associate); $400,000-$1M+ (senior analyst). Series 86/87 are licenses, not career-pay-drivers.
Career Benefits
- What makes this stand out
- Mandatory regulatory license for publishing sell-side research; CFA exemption pathway makes it routine for CFA-track analysts to clear.
- Industry recognition
- FINRA — SRO under SEC oversight.
Who Should Get This Certification
Ideal for:
- Sell-side equity research analysts at FINRA-member broker-dealers publishing investment research to clients.
Consider alternatives if:
- Pure regulatory license — does not signal research-skill quality (only CFA/equivalents do)
- Sell-side-research-only relevance; not useful for buy-side or corporate roles
Pricing
Pricing varies.
Weaknesses
- Pure regulatory license — does not signal research-skill quality (only CFA/equivalents do)
- Sell-side-research-only relevance; not useful for buy-side or corporate roles
- Series 86 'analysis' content is largely covered by CFA Level II, leading many to view it as redundant for charterholders
- Sponsorship requirement excludes career-changers without an in-hand research role
Markets Served
US
Disclosure: This page contains affiliate links.
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