Series 72 - Government Securities Representative Exam

The Series 72 exam—the Government Securities Representative Qualification Examination (RG)—assesses the competency of an entry-level registered representative to perform his or her job as a government securities representative. The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a government securities representative, including transacting a firm’s business in Treasury, government agency and mortgage-backed securities.

The exam consists of 100 scored questions. Candidates have three hours to complete the exam. The passing score is 70 percent.

Please see NASD Rule 1032(g) Government Securities Representative for more information.

Content Outline

The Series 72 - 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 six sections:

  • Section 1 - Government Securities
  • Section 2 - Mortgage-backed Securities
  • Section 3 - Related Securities and Financial Instruments
  • Section 4 - Economic Activity, Government Policy and the Behavior of Interest Rates
  • Section 5 - Securities Industry Regulations and Legal Considerations
  • Section 6 - Customer Considerations

Download: Series 72 - Content Outline


The Series 72 does not have a prerequisite exam.

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

Permitted Activities

The covered activities and products of a government securities representative include the solicitation and sale of the following.

  • Government securities
  • Government agency securities
  • Mortgage-backed securities

Taking the Exam

The table below lists the allocation of exam questions for each topical section in the Series 72.

Section Number of Questions
Section 1 - Government Securities 22
Section 2 - Mortgaged-Backed Securities 25
Section 3 - Related Securities and Financial Instruments 9
Section 4 - Economic Activity, Government Policy, and the Behavior of Interest Rates 13
Section 5 - Securities Industry Regulations and Legal Considerations 15
Section 6 - Customer Considerations 16

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.