Aspire M3910 should I update my bios before upgrading my CPU?

jax

I want to upgrade my CPU from an i3-550 3.20 GHz to an i7-870 2.93 GHz 

Do i need to update my Bios before installing the i7 CPU?

My current bios is P01-A3, 5/17/2010

My first 10 of my serial # PTSDX02086

I am running windows 10 if that matters.

 

Also, my i3-550 has HD graphics but the i7-870 does not.

Do i have to purchase a graphics card for my system to work?

If so which HD graphics card do you recogmend with this system? 

Is there a limit on the amount of memory on any graphics card that I add because

I am also increasing the ram from 6 gigs to 16 gigs (4x4 DDR3 1333 10600) I heard there was a 

ram sharing limits between the Mobo and the graphics. Not sure what to do.

Thank you for any help you can give me!