 The Series 87 Research Analyst exam is the Regulatory portion consisting of material from the Securities Act of 1933, Securities Exchange Act of 1934, NASD and NYSE Rules.Prior to the update to the FINRA licensing exams in 2018, the Series 7 examination/license was a pre-requisite for the Research Analyst exams.Now, candidates must pass the Securities Industry Essentials  exam before taking the Series 86 and 87.