badamson – the career consulting services I sell are something that people on this forum often enlist me for (and are part of my “signature”). However, those services aren’t something that fit your needs or timing right now, then please don’t feel compelled to sign up for something you don’t need.
As for your question, the Series 86 and 87 exams aren’t difficult compared to CFA Level I. However, you shouldn’t really take them at your expense; if you end up getting a research position, the firm will sponsor you. Some people think that taking those exams might help get their foot in the door, but in practice it doesn’t work that way – because you’re right, banks are probably getting resumes by the hundreds at least, if not thousands. What you need to do is to find another way to stand out among the pack – best way to do that is through a personal connection, but another way would be to demonstrate in your resume/cover letter your passion for investing and showing them that you REALLY want to do equity research and understand what you’re getting yourself into.
Too often, people write these generic cover letters where, if I changed every instance of “equity research” to “investment banking” or “consulting,” the cover letter would still make sense. You *don’t* want to do that. Make sure to tailor your documents to the role you’re interviewing for, specifically by aligning your strengths with what the day-to-day responsibilities of the job are and also by knowing how to speak the equity research lingo. Very few people actually do this (either because they don’t think about it or just don’t really know much about the role they’re applying for), but if you can accomplish this, you will probably stand out.
Hope this helps!