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.

The Duration column below is the amount of time permitted to complete your exam. Your appointment time includes an additional 30 minutes for taking the tutorial and completing the post-exam survey. 

Duration (minutes) Questions Cost
Securities Industry Essentials (SIE) Exam 105 75 $60
Series 3 - National Commodities Futures Exam 150 120 $130
Series 4 - Registered Options Principal Exam 195 125 $105
Series 6 - Investment Company and Variable Contracts Products Representative Exam 90 50 $40
Series 7 - General Securities Representative Exam 225 125 $245
Series 9 and 10 - General Securities Sales Supervisor Exam S9: 90
S10: 240
S9: 55
S10:145
S9: $80
S10: $125
Series 11 - Assistant Representative - Order Processing Exam 60 50 $80
Series 14 - Compliance Officer Exam 180 110 $350
Series 16 - Supervisory Analysts Exam Part 1: 90
Part 2: 120
Part 1: 50
Part 2: 50
$240
Series 17 - United Kingdom Securities Representative Exam 150 100 $80
Series 22 - Direct Participation Programs Representative Exam 90 50 $40
Series 23 - General Securities Principal Exam - Sales Supervisor 150 100 $100
Series 24 - General Securities Principal Exam 225 150 $120
Series 26 - Investment Company and Variable Contracts Products Principal Exam 165 110 $100
Series 27 - Financial and Operations Principal Exam 225 145 $120
Series 28 - Introducing Broker-Dealer Financial and Operations Principal Exam 120 95 $100
Series 30 - NFA Branch Manager Exam (formerly, Branch Managers Exam – Futures) 60 50 $85
Series 31 - Futures Managed Funds Exam 60 45 $85
Series 32 - Limited Futures Exam - Regulations 45 35 $85
Series 34 - Retail Off-Exchange Forex Exam 60 40 $85
Series 37 - Canada Securities Representative Exam - With Options 150 90 $185
Series 38 - Canada Securities Representative Exam - No Options 75 45 $185
Series 39 - Direct Participation Programs Principal Exam 135 100 $95
Series 50 - Municipal Advisor Representative Exam 180 100 $265
Series 51 - Municipal Fund Securities Limited Principal Exam 90 60 $255
Series 52 - Municipal Securities Representative Exam 150 75 $260
Series 53 - Municipal Securities Principal Exam 180 100 $265
Series 57 - Securities Trader Representative Exam 105 50 $60
Series 62 - Corporate Securities Representative Exam 150 115 $95
Series 63 - Uniform Securities Agent State Law Exam 75 60 $135
Series 65 - Uniform Investment Adviser Law Exam 180 130 $175
Series 66 - Uniform Combined State Law Exam 150 100 $165
Series 72 - Government Securities Representative Exam 180 100 $110
Series 79 - Investment Banking Representative Exam 150 75 $245
Series 82 - Private Securities Offerings Representative Exam 90 50 $40
Series 86 and 87 - Research Analyst Exam S86: 270
S87: 105
S86: 100
S87: 50
S86: $185
S87: $130