FINRA's New Research Analyst Exam Starts May 15

Series 86: Information and Data Collection; Data Verification and Analysis; and Valuation and Forecasting.

Series 87: Preparation of Research Reports; and Dissemination and Marketing of Information Activities.

FINRA said that it reduced the number of scored questions on the Series 86 exam from 100 multiple-choice questions to 85; the number of scored questions on the Series 87 exam remains the same.

“In reviewing the results of the survey and the changes to the tasks and knowledge required to function as a Research Analyst, FINRA determined an 85-question Series 86 exam can sufficiently sample the requisite knowledge domain,” the broker-dealer self-regulator said.

Further, FINRA states that it adjusted the number of questions assigned to each major job function “to ensure the overall exam better reflects the key tasks a Research Analyst performs.”

FINRA updated the Series 86 and 87 exam program to reflect the laws, rules and regulations most relevant to the functions and associated tasks of a Research Analyst by including FINRA Rule 5280 (Trading Ahead of Research Reports) and removing FINRA Rule 2220 (Options Communications).

Candidates will continue to have four hours and 30 minutes to complete the Series 86 exam, and one hour and 45 minutes to complete the Series 87 exam, FINRA states.