The Financial Industry Regulatory Authority has revised its Research Analyst exam program — Series 86 and 87 exams — to include fewer questions and revised content.
The changes will appear in Series 86 and 87 exams administered on or after May 15, FINRA states.
The revised Series 86 and 87 exams encompass the five major job functions a Research Analyst performs.
FINRA Rule 1220(b)(6), Research Analyst, requires an associated person whose primary job is to provide investment research and who is primarily responsible for preparing the substance of an equity research report, or whose name appears on an equity research report, to be registered and qualified as a Research Analyst.
In its regulatory notice, FINRA states that it "conducted a job analysis study of Research Analysts, which included a survey, to develop each function and associated tasks and update the required knowledge set forth in the revised content outline."
These functions and associated tasks reflect the day-to-day activities of a Research Analyst.
The five major job functions on the revised exams are:
