FINRA Registration and Examination Requirements

Registered Principal – Persons associated with a member who are actively engaged in the management of the member's investment banking or securities business, including supervision, solicitation, conduct of business, or the training of persons associated with a member for any of these functions are designated as principals. Such persons include sole proprietors, officers, partners, managers of offices of supervisory jurisdiction, and directors of corporations.

 

Categories of Principal Registration and Examination Requirements

 

Registered Options Principal - (Series 4) – 125 multiple choice questions; 3 hours testing time. This examination is required of an individual who will function as a registered options principal, compliance registered options principal, or senior registered options principal. The Series 4 tests the individual's knowledge of options trading, exchange rules, and regulations applicable to the trading of options contracts, as well as the rules of the Options Clearing Corporation.

 

General Securities Sales Supervisor - (Series 9 and 10) – 200 multiple choice questions. The testing time is 1 hour and 30 minutes for the Series 9, which contains 55 options questions. Four (4) hours are allowed for the Series 10, which has 145 questions covering FINRA, New York Stock Exchange, Municipal Securities Rule Board, and Securities and Exchange Commission rules. This registration is appropriate for individuals required to register as principals to supervise sales activities in corporate, municipal, and options securities, investment company products, variable contracts, and direct participation programs. In addition to branch office managers, regional and national sales managers may also register in this capacity.

 

General Securities Principal - Sales Supervisor Module - (Series 23) – 100 multiple choice questions; 2 hours and 30 minutes testing time. The Series 23 is designed to test a candidate’s knowledge of the rules and statutory provisions applicable to the management of a general securities broker/dealer. Series 23 examination program allows persons associated with FINRA members who are registered as General Securities Sales Supervisors and who are seeking to register and qualify as General Securities Principals an alternative to completing the Series 24. The Series 23 examination covers material from the Series 24 examination not otherwise covered under the Series 9/10 examination.

 

General Securities Principal - (Series 24) – 150 multiple choice questions; 3 hours and 45 minutes testing time. This examination qualifies individuals required to register as general securities principals in order to manage or supervise the member's investment banking or securities business for corporate securities, direct participation programs, and investment company products/variable contracts. The Series 24 does not qualify an individual to function as a: 

  • Registered Options Principal
  • General Securities Sales Supervisor for Options and Municipal Securities
  • Municipal Securities Principal
  • Municipal Fund Securities Principal
  • Financial and Operations Principal
  • Introducing Broker/Dealer Financial and Operations Principal

Investment Company Products/Variable Contracts Limited Principal - (Series 26) – 110 multiple choice questions; 2 hours and 45 minutes testing time. This examination qualifies an individual who will function as a principal for the solicitation, purchase, and/or sale of redeemable securities of companies registered pursuant to the Investment Company Act of 1940; securities of closed-end companies registered pursuant to the Investment Company Act of 1940 during the period of original distribution only; and variable contracts and insurance premium funding programs and other contracts issued by an insurance company.

 

Financial and Operations Principal - (Series 27) – 145 multiple choice questions; 3 hours and 30 minutes testing time. The Series 27 is designed to test a candidate's knowledge and understanding of financial responsibility rules and recordkeeping requirements.

 

Introducing Broker/Dealer Financial and Operations Principal - (Series 28) – 95 multiple choice questions; 2 hours testing time. The Series 28 is designed to test a candidate's knowledge and understanding of financial responsibility and recordkeeping requirements of introducing firms that do not carry customer accounts or hold customer funds or securities. A Series 27 may also meet these requirements at an introducing firm.

 

Direct Participation Programs Limited Principal - (Series 39) – 100 multiple choice questions; 2 hours and 15 minutes testing time. This qualifies an individual who will function as a principal for the solicitation, purchase, and/or sale of programs that provide for flow-through tax consequences, such as oil and gas programs, real estate programs, and S corporation offerings.

 

Municipal Fund Securities Principal (Series 51) – 60 multiple choice questions; 1 hour and 30 minutes testing time. This examination is designed to test a candidate’s knowledge of the rules and statutory provisions applicable specifically to municipal fund securities and the supervision of the activities of registered representatives effecting municipal fund securities transactions (e.g. 529 College Savings Plans, Local Government Investment Pools (LGIPs).

 

Municipal Securities Principal - (Series 53) – 100 multiple choice questions; 3 hours testing time. This examination is designed to test a candidate's knowledge of the rules and statutory provisions applicable to a municipal securities broker or dealer and to the supervision of the activities of municipal securities representatives.  This exam also enables the principal to supervise municipal fund securities activities (i.e., selling 529 College Savings Plan or Local Government Investment Pools (LGIPs)).

 

Government Securities Principal – Persons associated with a member who supervise the solicitation, purchase, and/or sale of government securities must be registered with FINRA. There is no qualification requirement for Government Securities Principals.

 



Registered Representative – Persons associated with a member, including assistant officers other than principals, who are engaged in the investment banking or securities business for the member including the functions of supervision, solicitation, or conduct of business in securities or who are engaged in the training of persons associated with a member for any of these functions, are designated as representatives.

 

Categories of Representative Registration and Examination Requirements

 

Investment Company Products/Variable Contracts Limited Representative - (Series 6) – 100 multiple choice questions; 2 hours and 15 minutes testing time. See description of products covered by this registration under the Series 26 description.

 

General Securities Representative - (Series 7) – 250 multiple choice questions - administered in two parts of 125 questions each; 3 hours testing time for each part. This registration qualifies a candidate for the solicitation, purchase, and/or sale of all securities products, including corporate securities, municipal securities, municipal fund securities, options, direct participation programs, investment company products, and variable contracts.


Associated persons registered and in good standing with the Financial Conduct Authority (FCA) in the United Kingdom, or one of the Canadian securities regulatory organizations, would be eligible to take an abbreviated form of the Series 7 examination. The following examinations would be acceptable:

 

Limited Registered Representative - (Series 17) – 100 multiple choice questions; 2.5 hours testing time.

 

Canada Module of the Series 7 - (Series 37 contains options questions) – 90 multiple choice questions; 2 hours and 30 minutes testing time.

 

Canada Module of the Series 7 - (Series 38 has no options questions) – 45 multiple choice questions; 1 hour and 15 minutes testing time.

 

The following individuals are qualified to be registered as General Securities Representatives:

 

Any person who was registered as a Representative prior to September 1, 1974.

 

Any person who applied for registration as a Representative prior to September 1, 1974 and became registered as a Representative prior to April 1, 1975 by passing the Series 1 (Qualification Exam for Representatives).


A person who was registered as a Registered Representative after September 1, 1974, by passing the Series 7 (General Securities Representative Examination).


Note: A person who applied for registration as a Representative on or after September 1, 1974, or who was registered as a Representative on or after April 1, 1975 by passing the Series 1 ( Qualification Examination for Representatives),  was qualified to be registered only as a Series 6 - (Investment Company and Variable Contracts Products and as a (Series 22) – Direct Participation Programs Representative.

 

Assistant Representative - Order Processing - (Series 11) – 50 multiple choice questions; 60 minutes testing time. This examination is designed for persons associated with a member who accept unsolicited customer orders for submission for execution by a member. They cannot accept orders for municipal securities or direct participation programs.

 

Direct Participation Programs Limited Representative - (Series 22) – 100 multiple choice questions; 2 hours and 30 minutes testing time. See the description of the products covered by this registration under the Series 39 description.

 

Registered Options Representative - (Series 42) – 50 multiple choice questions; 1 hour and 30 minutes testing time. Questions on handling option accounts, equity, debt, foreign currency, and index options are on each test. This registration requires a concurrent registration as a Corporate Securities Limited Representative (Series 62). The Series 62 co-requisite is necessary to demonstrate functional understanding of the securities products underlying the option contract.

 

Municipal Securities Representative - (Series 52) – 115 multiple choice questions; 3-1/2 hours testing time. In addition to municipal securities, municipal fund securities (e.g., 529 College Savings Plans, Local Government Investment Pools (LGIPs)) and municipal markets, this examination covers U.S. government, federal agency, and other financial instruments, economic activity, government policy, the behavior of interest rates, and applicable federal securities laws and regulations.

 

Equity Trader Limited Representative - (Series 55) – 100 multiple choice questions; 3 hours testing time. Registered representatives in this category may trade equity and convertible debt securities on a principal or agency basis. The Series 7 (including the foreign modules) or the Series 62 is the prerequisite to the Series 55.

 

Corporate Securities Limited Representative - (Series 62) – 115 multiple choice questions; 2 hours and 30 minutes testing time. This examination qualifies an individual as a representative for the sale of public offerings and/or private placements of corporate stocks, corporate bonds, rights, warrants, real estate investment trusts, collateralized mortgage obligations, and securities of closed-end companies registered pursuant to the Investment Company Act of 1940, repos and certificates of accrual on corporate securities; securities traders; corporate financing; and, ETFs.

 

Government Securities Limited Representative - (Series 72) – 100 multiple choice questions; 3 hours testing time. Registered representatives in this limited category of registration are permitted to transact a member's business in Treasury securities, government agency securities, and mortgage-backed securities.

 

Limited Representative - Investment Banking (Series 79) – 175 multiple choice questions; 5 hours testing time. This examination qualifies an individual to advise on or facilitate debt or equity offerings through a private placement or public offering or to advise or facilitate mergers or acquisitions, tender offers, financial restructurings, asset sales, divestitures or other corporate reorganizations or business combination transactions.

 

Limited Representative-Private Securities Offerings Representative - (Series 82) – 100 multiple choice questions; 2 hours and 30 minutes testing time. This examination qualifies an individual for the sale of private placement securities as part of a primary offering.

 

Research Analyst - (Series 86 and 87) – There are 100 multiple choice questions on the Series 86 and the testing time is 4 hours, which test fundamental analysis and valuation of equity securities.  The testing time for the Series 87 is 1 hour and 30 minutes with 50 questions that cover FINRA and New York Stock Exchange rules, the Securities Act of 1933 and the Securities Exchange Act of 1934. This exam is appropriate for individuals who produce written or electronic communications that analyze equity securities or individual companies/industry sectors, and provide reasonably sufficient information upon which to base investment decisions.

 

Operations Professional - (Series 99) – 100 multiple choice questions; 150 minutes testing time. This examination is required of individuals who fall under the covered functions enumerated in FINRA Rule 1230(b)(6).

 



Other Examinations Administered by FINRA

 

National Commodity Futures Examination - (Series 3) – 120 multiple choice questions; 2 hours and 30 minutes testing time. This examination is required for registration by the National Futures Association.

 

NFA Branch Manager Examination - (Series 30) – 50 multiple choice questions; 60 minutes testing time. This examination is required by the National Futures Association.

 

Futures Managed Funds Examination - (Series 31) – 45 multiple choice questions; 60 minutes testing time. This examination is required by the National Futures Association.

 

Limited Futures Exam - Regulations - (Series 32) – 35 multiple choice questions; 45 minutes testing time. This examination is required by the National Futures Association.

 

Proprietary Trader Examination - (Series 56) (CBOE) – 100 multiple choice questions; 2 ½ hours testing time. This examination qualifies an individual to conduct business as a proprietary trader with certain exchanges. These exchanges include the Chicago Board Options Exchange (CBOE), C2, The International Stock Exchange (ISE), and the National Stock Exchange (NSX).FINRA does not recognize this exam under its registration rules.

 

Uniform Securities Agent State Law Examination - (Series 63) (NASAA) – 60 multiple choice questions; 1 hour and 15 minutes testing time.  The Series 63 is designed to qualify candidates as securities agents. The examination covers the principles of state securities regulation reflected in the Uniform Securities Act.

 

Uniform Investment Adviser Law Examination - (Series 65) (NASAA) – 130 multiple choice questions; 3 hours testing time.  The Series 65 is designed to qualify candidates as investment adviser representatives.

 

Uniform Combined State Law Examination - (Series 66) (NASAA) – 100 multiple choice questions; 2 hours and 30 minutes testing time.  The Series 66 is designed to qualify candidates as both securities agents and investment adviser representatives.  The Series 7 is a corequisite exam that needs to be successfully completed in addition to the Series 66 exam before a candidate can register with a state.

 

Compliance Officer - (Series 14) – 110 multiple choice questions; 3 hours testing time. This examination is required by the New York Stock Exchange.  The Series 14 Examination is a qualification examination intended to insure that the individuals designated as having day-to-day compliance responsibilities for their respective firms or who supervise ten or more people engaged in compliance activities have the knowledge necessary to carry out their job responsibilities.

 

Last Updated: 6/16/2014