Qualification Exams

To become registered, securities professionals must pass qualifying exams administered by FINRA to demonstrate their competence in the particular securities activities in which they will work. You must pass the exams prior to engaging in those areas of the business. 

These exams cover a broad range of subjects on the markets, and the securities industry and its regulatory structure. This includes knowledge of FINRA rules and also the rules of other self-regulatory organizations (SROs).  The purpose of the exams is to ensure that you acquire a minimum level of understanding and expertise.

Title Duration (minutes) Questions Cost
Series 3 - National Commodities Futures Exam 150 120 $125
Series 4 - Registered Options Principal (OP) 180 125 $105
Series 6 - Investment Company and Variable Contracts Products Representative (IR) 135 100 $100
Series 7 - General Securities Representative Examination (GS) 360 250 $305
Series 9 and 10 - General Securities Sales Supervisor S9: 90
S10: 240
S9: 55
S10:145
S9: $80
S10: $125
Series 11 - Assistant Representative - Order Processing Exam (AR) 60 50 $80
Series 14 - Compliance Official Exam (CO) 180 110 $350
Series 16 - Supervisory Analysts Exam (SA) Part 1: 90
Part 2: 120
Part 1: 50
Part 2: 50
$240
Series 17 - United Kingdom Securities Representative (IE) 150 100 $80
Series 22 - Direct Participation Representative (DR) 150 100 $100
Series 23 - General Securities Principal Exam - Sales Supervisor Module (GP) 150 100 $100
Series 24 - General Securities Principal (GP) 225 150 $120
Series 26 - Investment Company and Variable Contracts Products Principal (IP) 165 110 $100
Series 27 - Financial and Operations Principal Exam (FN) 225 145 $120
Series 28 - Introducing Broker-Dealer Financial and Operations Principal Exam (FI) 120 95 $100
Series 30 - NFA Branch Managers Exam 60 50 $80
Series 31 - Futures Managed Funds Exam 60 45 $80
Series 32 - Limited Futures Exam - Regulations 45 35 $80
Series 34 - Retail Off-Exchange Forex Exam 60 40 $80
Series 37 - Canada Securities Representative Exam (CD) 150 90 $185
Series 38 - Canada Securities Representative Exam (CN) 75 45 $185
Series 39 - Direct Participation Programs Principal Exam (DP) 135 100 $95
Series 42 - Registered Options Representative (OP) Exam 90 50 $75
Series 51 - Municipal Fund Securities Limited Principal Exam (FP) 90 60 $255
Series 52 - Municipal Securities Representative Exam (MR) 210 115 $280
Series 53 - Municipal Securities Principal Exam (MP) 210 100 $265
Series 55 - Equity Trader Exam (ET) 180 100 $110
Series 56 - Proprietary Trader Examination 150 100 $195
Series 62 - Corporate Securities Representative Exam (CS) 150 115 $95
Series 63 - Uniform Securities State Law Examination 75 60 $115
Series 65 - NASAA Investment Advisors Law Examination 180 130 $155
Series 66 - NASAA Uniform Combined State Law Examination 150 100 $145
Series 72 - Government Securities Representative Exam (RG) 180 100 $110
Series 79 - Investment Banking Representative Exam (IB) 300 175 $305
Series 82 - Private Securities Offerings Representative Exam (PR) 150 100 $95
Series 86 and 87 - Research Analyst Exam (RS) S86: 270
S87: 105
S86: 100
S87: 50
S86: $185
S87: $130
Series 91 - FDIC Safety and Soundness Technical Evaluation 240 100 $200
Series 92 - FDIC Compliance Technical Evaluation 240 100 $200
Series 93 - FDIC Division of Resolutions and Receiverships Technical Evaluation 240 100 $200