Series 11 - Assistant Representative - Order Processing Exam (AR)

Exam Restructuring

The Series 11 exam—the Assistant Representative - Order Processing Examination (AR)—assesses the competency of an entry-level registered assistant representative to perform his or her job as an order-processing assistant representative.

The exam measures the degree to which each candidate possesses the knowledge to perform the critical functions of an assistant representative, which include providing current securities quotations and accepting unsolicited customer orders for execution by the firm.

The exam consists of 50 scored questions. Candidates have one hour to complete the exam. The passing score is 70%.

Please see NASD Rule 1041 Registration Requirements for Assistant Representatives for more information.

Content Outline


The Series 11 - Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required. It includes sample questions to acquaint a candidate with the types of multiple-choice questions on the exam.

The outline consists of four sections:

  • Section 1—Types of Securities
  • Section 2—Customer Accounts and Orders
  • Section 3—Securities Markets
  • Section 4—Securities Industry Regulations

Download: Series 11 - Content Outline

Eligibility


The Series 11 does not have a prerequisite exam.

Please see Register a New Candidate for more information on the registration process.

Permitted Activities


A candidate who passes the Series 11 exam is qualified to accept unsolicited securities orders (all securities except municipal securities and direct participation programs) from the broker-dealer’s customers for execution and provide current securities quotations.

In addition, assistant representative-order processing registrants are prohibited from the following activities.

  • Dually registering as a representative or principal
  • Rendering investment advice or opinion
  • Making recommendations
  • Making transactions in securities markets on behalf of the firm
  • Accepting or opening new accounts
  • Prequalifying potential customers

Taking the Exam


The table below lists the allocation of exam questions for four subjects covered in the exam.

Section and Title Number of Questions
Subject 1 Types of securities 10
Subject 2 – Customer accounts and orders 24
Subject 3 – Securities markets 5
Subject 4 – Securities industry regulations 11
TOTAL 50

See On the Day of Your Exam to learn more about exam protocols and logistics.

Key Questions


1. I am currently registered with the Series 6. May I also become registered as an assistant representative-order processing?

The assistant representative-order processing is a stand-alone registration category. An individual cannot maintain another valid registration concurrently with the Series 11. Your firm would, therefore, have to terminate your Series 6 registration before requesting the Series 11 for you.

NASD Membership and Registration Rule 1042 - Registration of Assistant Representatives - Order Processing-Restrictions

2. Must telephone operators at a member firm who accept unsolicited orders from customers register as assistant representatives-order processing?

Yes. If the operator accepts unsolicited customer orders from the firm's customers for execution by the member firm, the operator must be registered.

NASD Membership and Registration Rule 1041(b) - Definition of Assistant Representative - Order Processing

3. Must telephone operators at a member firm who accept unsolicited customer orders for transfers within a family of funds be registered with FINRA?

No. This function is considered clerical and does not require registration.

Using Reference Materials


The test administrator will provide whiteboard/dry erase marker and basic electronic calculators to the candidates, which must be returned to the test center administrator at the end of the testing session. Some test questions involve calculations. Only the provided calculators may be used during the examination.

The examination may contain questions that require the use of exhibits (e.g., charts, graphs, tables). If so, the questions will indicate when to refer to an exhibit.

Candidates are not permitted to bring any reference materials to testing sessions. Severe penalties are imposed on candidates who cheat or attempt to cheat on FINRA administered examinations.

To learn more about logistics and protocols for your exam day, please see On The Day of Your Exam.