The Registered Research Analyst, or Series
86/87, qualifies an individual to be
a research analyst at NYSE and NASD member-firms.
To qualify for the Series 86/87 license,
the Series 7 Registered Representative
or the Limited Registered Representative
(Series 17) exam must be completed as well.
The exam consists of an analysis part (Series
86) and a regulatory part (Series 87).
The Series 86 is a 4-hour, 100 multiple-choice
question exam that tests fundamental analysis
and valuation of equity securities and is
broken down as follows:
| Category |
Questions
|
%
of Exam
|
PART I—Series 86
Analyses
|
|
|
- Information and Data Collection
|
10
|
7%
|
- Analyses, Modeling and Valuation
|
90
|
60%
|
The Series 87 is the "Regulations" portion
of the Series 86/87 exam. This exam is appropriate
for those who produce written electronic
communications analyzing equity securities
or individual companies/sectors and provide
reasonable sufficient information upon which
to make investment decisions.
The Series 87 is a 1/2 hour, 50 multiple-choice
question exam that covers NASD and NYSE rules,
the Securities Act of 1933 and the Securities
Exchange Act of 1934.
Since multiple forms of the exam will
be administered, the passing score for
the 86 and 87 will fluctuate (moderately)
from exam to exam. Candidates will be given
a breakdown of their performance on each
of the sections, along with overall scores
and grade at the end of the session.
