Series 14 - Compliance Official Exam (CO)

The Series 14 exam—the Compliance Official Qualification Examination (CO) — assesses the competency of an entry-level compliance official candidate to perform his or her job as a compliance officer. The exam measures the degree to which each candidate, who will supervise 10 or more people engaged in compliance activities or are responsible for the overall day-to-day compliance activities of the firm, possesses the knowledge needed to perform the job responsibilities.

The exam consists of 110 scored questions. Candidates are given three hours to complete the exam.

The Series 14 exam was created by NYSE Regulation. Please see NYSE Rule 342 for more information.

Content Outline


The Series 14 Content Outline provides a comprehensive guide to the range of compliance, regulatory and supervision 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 is comprised of the nine main job functions and knowledge areas of a compliance official:

  • Section 1 – Regulatory Agencies

  • Section 2 – Markets and Operations

  • Section 3 – Broker-Dealer Operations

  • Section 4 – Credit Regulation/Capital Requirements

  • Section 5 – General Supervision

  • Section 6 – Investment Banking

  • Section 7 – Registration

  • Section 8 – Sales Practice, Customer/Employee Accounts

  • Section 9 – Sales Practice, Solicitations

Download: Series 14 Content Outline

Eligibility


The Series 14 does not have a prerequisite exam.

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

Permitted Activities


Covered supervisory activities include regulatory compliance over:

  • Day-to-day activities of the firm
  • 10 or more persons engaged in such activities

Taking the Exam


The table below lists the allocation of exam questions for each section of the compliance official exam:

Section Number of Questions
Section 1 – Regulatory Agencies 3
Section 2 – Markets and Operations 20
Section 3 – Broker-Dealer Operations 10
Section 4 – Credit Regulation/Capital Requirements 7
Section 5 – General Supervision 20
Section 6 – Investment Banking 15
Section 7 – Registration 9
Section 8 – Sales Practice-Customer/Employee Accounts 16
Section 9 – Sales-Practice Solicitations 10
TOTAL 110

See On the Day of Your Exam for more information.

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.