What Is The Series 86 Exam? (FINRA Pass Rates)
The Series 86 is a FINRA exam for people seeking qualification as research analysts. It tests financial analysis and research skills, has 100 questions, allows 4 hours 30 minutes, and lists a 73% passing score. FINRA does not publish an official Series 86 pass rate, so treat figures from prep companies as estimates, not FINRA statistics.
The pass rate may seem like the best way to judge how hard the exam is. But without an official rate, that number can mislead more than it helps. To plan well, focus on what the exam tests, how it fits with Series 87 and the Securities Industry Essentials (SIE) exam, and what FINRA actually publishes.
Series 86 Overview, Eligibility, and the Series 87 Relationship
The Series 86 is one part of FINRA’s qualification process for research analysts. It focuses on research and analysis, while Series 87 covers research-related rules and reporting. Candidates generally need the SIE and both exams, though requirements and possible exemptions depend on the candidate’s situation and FINRA rules.
What is the Series 86 exam?
The Series 86 is the analysis-focused part of the Research Analyst qualification exams. It tests skills used to study companies and industries, assess financial information, and develop research. Passing it does not, by itself, authorize someone to work as a registered research analyst; other exam and firm requirements may apply.
Research analysts assess securities and prepare research that may inform investment decisions. Series 86 checks the knowledge behind that work. Its content includes financial analysis and the development of research reports, as set out in FINRA’s current exam outline.
It is a professional qualification exam, not a college degree, academic credential, or standalone license. The firm and FINRA registration process matter too. Before studying, ask the sponsoring firm which qualification requirements apply to your role.
How Series 86 differs from Series 87
Series 86 and Series 87 are related exams, but they test different areas. Series 86 focuses on analysis; Series 87 focuses on regulatory administration and reporting connected to research. Candidates should prepare for each exam separately and confirm which requirements apply to them.
| Exam | Main focus | Questions | Time allowed | Listed passing score |
|---|---|---|---|---|
| Series 86 | Research analysis | 100 | 4 hours 30 minutes | 73% |
| Series 87 | Research-related regulation and reporting | 50 | 1 hour 45 minutes | 74% |
These are separate tests, not two names for the same exam. A candidate strong in valuation may still need focused preparation for Series 87’s regulatory material. Building on this distinction, make a separate study plan for each exam rather than treating Series 86 preparation as enough for both.
Exam Content, Format, Passing Score, and Qualification Requirements
FINRA publishes the exam’s structure and passing score, which are more reliable planning tools than an unofficial pass-rate claim. The Series 86 has 100 questions and a 4-hour-30-minute time limit. Its listed passing score is 73%; Series 87 has a different format and passing score.
What does Series 86 test?
The Series 86 tests knowledge used in research analysis, including work with financial information, company and industry analysis, and research development. The current FINRA content outline is the best guide to the full scope. Use it to identify topics you know well and areas that need more study.
The outline gives more detail than a broad label like “finance exam.” It helps you connect study tasks to exam topics, such as reviewing financial statements, examining a company’s business, or understanding how analysis supports a research report.
A useful first step is to compare your work or study experience with the outline. If you have not worked with financial statements, for example, plan time to learn the concepts and practice applying them. Do not assume that experience in one area covers the full exam.
What is the Series 86 passing score, and what is the pass rate?
FINRA lists a 73% passing score for Series 86. That figure is the exam’s stated passing threshold, not the percentage of candidates who pass. FINRA’s public exam materials do not provide an official Series 86 pass rate, so commercial pass-rate figures should be treated as estimates.
This difference matters. A passing score describes the result an individual candidate needs. A pass rate describes the share of candidates who pass in a group over a period of time. One cannot be substituted for the other.
| Figure or claim | What it tells you | How to use it |
|---|---|---|
| 73% passing score | FINRA’s listed Series 86 pass threshold | Use it as the official exam benchmark |
| Series 86 pass rate | Share of candidates who pass | FINRA does not publish an official figure in its public exam materials |
| Prep-provider pass-rate claim | A provider’s estimate or reported outcome | Ask how it was calculated; do not treat it as a FINRA statistic |
A prep company may describe a pass rate based on its own students, survey responses, or another method. Those figures can be hard to compare unless the provider explains the sample and calculation. For study planning, prioritize the FINRA outline, exam format, and your practice results over an unsourced headline.
How do SIE, sponsorship, and exemptions fit in?
The Research Analyst qualification generally involves the SIE plus Series 86 and Series 87, subject to FINRA rules and applicable exemptions. Candidates usually work with a FINRA member firm for enrollment in qualification exams. Confirm your exact requirements, eligibility, and any possible exemption with that firm before scheduling.
The SIE is a separate exam from Series 86 and Series 87. Do not assume that passing one exam replaces another. Also, do not rely on general online advice to decide whether an exemption applies; the firm can check your registration situation against current requirements.
Preparation Strategy, Study Milestones, and Exam-Day Readiness
A strong preparation plan starts with the current FINRA outline and your own knowledge gaps. Study the analysis topics for Series 86, prepare separately for Series 87, and use timed practice to build both accuracy and pacing. Coordinate exam enrollment and scheduling with the sponsoring firm.
A practical Series 86 study roadmap
A study roadmap turns a large exam outline into steps you can track. Start by confirming your exam requirements, then map each content area to your experience and study materials. Add timed practice and review milestones so you can spot weak areas before exam day.
- Confirm scope. Ask your firm which exams you need, whether any exemption may apply, and how enrollment works. Check that your study materials match the current FINRA outline.
- Assess your starting point. Review each outline topic and mark it as familiar, partly familiar, or new. This gives you a more useful plan than simply counting study hours.
- Build topic knowledge. Work through company and industry analysis, financial information, valuation concepts, and research-report development in line with the outline.
- Practice under time limits. Use practice questions and timed sessions to find gaps and improve pacing. Treat practice results as feedback, not a guarantee of passing.
- Review errors. For each missed question, identify whether the issue was a knowledge gap, a calculation, or a misread question. Revisit the relevant material before taking another practice set.
- Prepare for the other requirements. Study Series 87 separately and confirm your SIE status and registration steps with the firm.
Illustrative candidate scenarios
These examples are hypothetical, not reported candidate outcomes. They show how a study plan can change with a person’s starting point. The point is not to predict a pass result; it is to match preparation to the topics and exam requirements that need attention.
- Candidate A has finance coursework but little research experience. This person may recognize financial terms but still need practice applying them to company and industry analysis. The FINRA outline can help reveal those gaps.
- Candidate B has research experience but limited regulatory knowledge. This person may feel prepared for Series 86 while needing a distinct plan for Series 87’s regulatory and reporting content.
- Candidate C sees a high pass-rate claim in an advertisement. Before relying on it, the candidate asks how the figure was measured and compares the course syllabus with FINRA’s current outline.
How should you prepare for exam day?
Exam-day readiness means knowing your appointment details, understanding the test format, and following the current test-provider instructions. Review the scheduling information from your firm and the testing provider. Use practice sessions to build a steady pace, but do not assume a practice score guarantees the actual result.
If you do not pass, use the official score report to identify areas for review. Then discuss next steps and rescheduling with your firm. Avoid choosing a retake date based only on frustration or an unverified claim that a particular number of study days is enough.
Research Analyst Registration, Career Pathways, and Employment Context
Passing Series 86 is one step in a regulated qualification process, not automatic registration or permission to perform every research-related task. A candidate’s firm helps manage enrollment and registration. Firm-specific supervision and compliance procedures also shape what the person may do in the role.
What happens after passing Series 86?
After Series 86, confirm which remaining requirements apply and how they fit your role. Candidates generally need the SIE and Series 87 as well, subject to applicable rules and exemptions. The firm also handles registration steps and explains its supervision and compliance procedures.
In practice, preparation does not end with exam results. Research work takes place under firm policies, which may address review, reporting, and other compliance processes. Ask the firm what training and approvals are required before you perform regulated research analyst functions.
FINRA qualification is also different from institutional accreditation. Accreditation relates to educational institutions or programs; Series 86 is a securities-industry exam. If you are comparing training courses, check that they prepare you for the exam, but do not confuse a course certificate with FINRA qualification.
What to verify with your sponsoring firm
Before you make a study or scheduling decision, ask your firm to confirm:
- Which exams and registration steps apply to your position.
- Whether you need the SIE and both Series 86 and Series 87.
- Whether any exemption may apply to your circumstances.
- How the firm handles enrollment, scheduling, and retakes.
- What supervision and compliance training you must complete before doing research work.
The firm’s answer is more useful than a general checklist because registration depends on the role and applicable rules. Keep the current FINRA exam outline and your firm’s instructions together as you plan.
Series 86 Exam FAQ
These short answers clarify the questions candidates most often ask about Series 86 format, pass rates, and qualification. Use them as a starting point, then check FINRA’s current exam materials and confirm your own requirements with the sponsoring firm.
What is the Series 86 exam?
It is FINRA’s research-analysis exam for candidates pursuing Research Analyst qualification. It tests knowledge and skills used in securities research.
How many questions are on Series 86?
FINRA lists 100 questions for Series 86. Check the current exam materials when preparing, in case specifications change.
How long is the Series 86 exam?
FINRA lists a time limit of 4 hours and 30 minutes.
What is the Series 86 passing score?
FINRA lists 73% as the passing score. This is a score threshold, not the exam’s pass rate.
What is the Series 86 pass rate?
FINRA does not publish an official Series 86 pass-rate figure in its public exam materials. Third-party figures are estimates, not FINRA statistics.
Do I need Series 87 after passing Series 86?
Candidates generally need both exams for Research Analyst qualification, subject to applicable requirements and exemptions. Confirm your case with your firm.
Do I need the SIE for Research Analyst qualification?
The qualification generally includes the SIE along with Series 86 and Series 87. Your firm can confirm the requirements that apply to you.
Can I take Series 86 without firm sponsorship?
Candidates ordinarily need association with a FINRA member firm for qualification-exam enrollment. Ask the firm how it handles eligibility and scheduling.
Is Series 86 a license?
It is an exam in a qualification process, not a standalone license. Registration and firm requirements also matter.
Where should I check the current exam details?
Use FINRA’s current Research Analyst qualification materials and exam outlines, then confirm enrollment and registration steps with your firm.
(This article was written by one of our staff writers, Nathan Sterling. Visit our Meet the Team page.)
