Series 26 – Investment Company and Variable Contracts Products Principal Exam
Effective January 19, 2027, the waiting periods for retaking FINRA qualification exams will be reduced as follows:
- 15 days (from 30 days) after the first and second unsuccessful attempts, and
- 60 days (from 180 days) after the third
The new waiting periods will automatically apply to new enrollments and any open enrollments without an appointment. Candidates who have a scheduled exam retake appointment after January 19, 2027, should review whether cancelling and rescheduling for an earlier date is beneficial as rescheduling fees may apply.
January 19, 2027, is the first date FINRA is able to reduce a candidate’s waiting period and requests prior to this date will not be processed.
For additional information, visit FINRA Regulatory Notice 26-18 and the FINRA Qualification Exam FAQ.
For information about NASAA exams, visit https://www.nasaa.org/exams/exam-faqs/.
For questions related to this communication, contact [email protected] for assistance.
The Series 26 exam — the Investment Company and Variable contracts Products Principal Qualification Exam (IP) — assesses the competency of an entry-level principal to perform their job as an investment company and variable products principal.
The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of an investment company and variable products principal, including the rules and statutory provisions applicable to the supervisory management of companies registered under the Investment Company Act of 1940.
In addition to the Series 26 exam, candidates must pass the Securities Industry Essentials (SIE) Exam and the Investment Company and Variable Contracts Products Representative Exam (Series 6) or General Securities Representative Exam (Series 7) to hold the Investment Company and Variable Contracts Products Principal registration.
For more information about the Series 26 exam, refer to FINRA Rule 1210 and FINRA Rule 1220(a)(11).
Content Outline
The Series 26 Content Outline provides a comprehensive guide to the range of subjects covered on the exam, as well as the depth of knowledge required.
The outline is comprised of the three major job functions of an investment company variable products principal. The table below lists the allocation of exam items for each major job function.
| Major Job Functions | Number of Exam Items |
|---|---|
| (F1) Personnel Management Activities and Registration of the Broker-Dealer | 16 |
| (F2) Supervises Associated Persons and Oversees Sales Practices | 49 |
| (F3) Oversees Compliance and Business Processes of the Broker-Dealer and its Offices | 45 |
| TOTAL | 110 |
Download Series 26 Content Outline
Eligibility
Candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm to be eligible to take FINRA principal-level qualification exams. For more information on registration requirements, refer to FINRA Rule 1210.
The Series 26 has corequisite exam requirements. Candidates must pass the SIE and the Series 6 or Series 7 exams to hold the Investment Company and Variable Contracts Products Principal registration.
For more information on the registration process, see Register a New Candidate.
Permitted Activities
Covered supervisory activities and products include regulatory compliance over sales of:
- closed-end funds (initial offering only),
- mutual funds,
- variable annuities and
- variable life insurance.