Series 86/87 Practice Test 2026 — Free Series 86/87 Exam Prep Questions
Equity research analysts must pass two FINRA exams, the analysis-focused Series 86 and the regulation-focused Series 87, plus the SIE, to register as Research Analysts. This practice set covers both parts of FINRA's combined content outline: economic and industry data, financial statement analysis, valuation and forecasting, and the FINRA and SEC rules governing research reports and how they are distributed.
Before Trevane Labs files a registration statement for its IPO, Zoller Securities, which expects to be lead underwriter, publishes a glowing report on Trevane’s market and prospects. Trevane is not an emerging growth company. Which statement BEST describes the report?
Series 86/87 format, scoring & key facts
Computer-based at Prometric test centers; online delivery only with an approved accommodation. The test center provides a four-function calculator and erasable note boards; no reference materials are allowed.
| Series 86 | 95 items (85 scored + 10 pretest), 4 hours 30 minutes, passing score 73 |
|---|---|
| Series 87 | 55 items (50 scored + 5 pretest), 1 hour 45 minutes, passing score 74 |
| Question format | Multiple choice, four answer choices, no penalty for guessing |
| Cost | Series 86 $295; Series 87 $195 |
| Series 86 functions | Information and Data Collection 18; Data Verification and Analysis 28; Valuation and Forecasting 39 |
| Series 87 functions | Preparation of Research Reports 36; Dissemination and Marketing of Information 14 |
| Eligibility | Firm sponsorship required; SIE is a corequisite |
| Series 86 exemption | CFA Levels I and II, or CMT Levels I and II for technical-only analysts |
| Tools | Four-function calculator and note boards provided; no reference materials |
| Testing | Prometric test center (online only with an approved accommodation) |
Facts last verified Oct 26, 2026. Source: www.finra.org/registration-exams-ce/qualification-exams/series86-87. Always confirm details with FINRA before your exam.
When can you take the Series 86/87?
Each exam is offered year-round at Prometric test centers, within the 120-day enrollment window opened by your sponsoring firm.
Plan backwards from your exam date
What the Series 86/87 covers
Every PrepBanq Series 86/87 test mirrors the official domain weights.
Domain distribution
% of the exam| Content domain | Weight | ≈ Questions on exam | Our practice questions |
|---|---|---|---|
Information and Data CollectionSeries 86 Function 1: 18 of 85 scored items (21%). Gather macroeconomic and industry-sector data. | 13% | ~18 | 20 questions → |
Data Verification and AnalysisSeries 86 Function 2: 28 of 85 scored items (33%). Analyze companies' financial statements, accounting and key drivers. | 21% | ~28 | 31 questions → |
Valuation and ForecastingSeries 86 Function 3: 39 of 85 scored items (46%). Financial projections, valuation metrics and catalysts. | 29% | ~39 | 43 questions → |
Preparation of Research ReportsSeries 87 Function 4: 36 of 50 scored items (72%). Regulatory requirements and the content of research reports. | 27% | ~36 | 41 questions → |
Dissemination and Marketing of InformationSeries 87 Function 5: 14 of 50 scored items (28%). Presenting and distributing research. | 10% | ~14 | 15 questions → |
How to register for the Series 86/87
Eligibility
You must be associated with and sponsored by a FINRA member firm (or another applicable SRO member firm). To register as a Research Analyst you must pass the Series 86, the Series 87 and the SIE, which is a corequisite.
Retake policy
You wait 30 days after a first or second failed attempt, and 180 days after failing three times in succession within two years. From January 19, 2027 these drop to 15 days and 60 days (FINRA Regulatory Notice 26-18).
Score release
Your pass/fail result appears on screen when you finish, with a printed report. A failing report shows your score and performance by section.
Credential renewal
The qualification lapses if you are not registered with a firm for 2 years (FINRA Rule 1210.08).
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Series 86/87 FAQ
How many questions are on the Series 86/87?
The Series 86/87 has 150 questions (135 of them scored) and you have 6 hours 15 minutes to finish. Question types: Two separate exams, all multiple choice with four answer choices. Series 86 (Part I): 85 scored plus 10 unscored pretest items. Series 87 (Part II): 50 scored plus 5 unscored pretest items. Pretest items are unidentified and placed randomly. There is no penalty for guessing..
How long is the Series 86/87 exam?
Testing time for the Series 86/87 is 6 hours 15 minutes.
What is the passing score for the Series 86/87?
Series 86/87 passing standard: Series 86: 73; Series 87: 74. Score range: Scores are equated to a common scale; 73 passes the Series 86 and 74 passes the Series 87.
How much does the Series 86/87 cost?
The Series 86/87 registration fee is Series 86 $295; Series 87 $195. Check the official site for current fees before you register.
What is on the Series 86/87?
The Series 86/87 covers Information and Data Collection (about 13%), Data Verification and Analysis (about 21%), Valuation and Forecasting (about 29%), Preparation of Research Reports (about 27%), Dissemination and Marketing of Information (about 10%).
Who administers the Series 86/87?
The FINRA Series 86 and 87 — Research Analyst Exams is administered by FINRA. Delivery: Computer-based at Prometric test centers; online delivery only with an approved accommodation. The test center provides a four-function calculator and erasable note boards; no reference materials are allowed..
Can you retake the Series 86/87?
You wait 30 days after a first or second failed attempt, and 180 days after failing three times in succession within two years. From January 19, 2027 these drop to 15 days and 60 days (FINRA Regulatory Notice 26-18).
Is there a free Series 86/87 practice test?
Yes. PrepBanq has 15 free Series 86/87 practice tests with 150 exam-style questions in the real Series 86/87 formats, and every answer is explained. No credit card is needed.
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