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. An individual 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 an individual acquires a minimum level of understanding and expertise.
The Exams
The Duration column below is the amount of time permitted to complete each exam. Exam appointment times include an additional 30 minutes for taking the tutorial and completing the post-exam survey.
Some exams have additional unscored (pretest) questions. Refer to each exam content outline for more information.
Securities Industry Essentials Exam (SIE)
| Duration | Questions | Cost | |
|---|---|---|---|
| Securities Industry Essentials (SIE) | 1 hour and 45 minutes | 75 | $80 |
FINRA Representative-level Exams
| Duration | Questions | Cost | |
|---|---|---|---|
| Series 6 – Investment Company and Variable Contracts Products Representative Exam | 1 hour and 30 minutes | 50 | $75 |
| Series 7 – General Securities Representative Exam | 3 hours and 45 minutes | 125 | $300 |
| Series 22 – Direct Participation Programs Limited Representative Exam | 1 hour and 30 minutes | 50 | $60 |
| Series 57 - Securities Trader Representative Exam | 1 hour and 45 minutes | 50 | $80 |
| Series 79 - Investment Banking Representative Exam | 2 hours and 30 minutes | 75 | $300 |
| Series 82 - Private Securities Offerings Representative Exam | 1 hour and 30 minutes | 50 | $60 |
| Series 86/87 – Research Analyst Exam | S86: 4 hours and 30 minutes S87: 1 hour and 45 minutes | S86: 85 S87: 50 | S86: $225 S87: $150 |
| Series 99 - Operations Professional Exam | 1 hour and 30 minutes | 50 | $60 |
FINRA Principal-level Exams
| Duration | Questions | Cost | |
|---|---|---|---|
| Series 4 – Registered Options Principal Exam | 3 hours and 15 minutes | 125 | $155 |
| Series 9/10 – General Securities Sales Supervisor Exam | S9: 1 hour and 30 minutes S10: 4 hours | S9: 55 S10: 145 | S9: $130 S10: $175 |
| Series 14 – Compliance Officer Exam | 3 hours | 110 | $350 |
| Series 16 – Supervisory Analyst Exam | Part 1: 1 hour and 30 minutes Part 2: 2 hours | Part 1: 50 Part 2: 50 | $245 |
| Series 23 – General Securities Principal – Sales Supervisor Module Exam | 2 hours and 30 minutes | 100 | $105 |
| Series 24 – General Securities Principal Exam | 3 hours and 45 minutes | 150 | $175 |
| Series 26 – Investment Company Products and Variable Contracts Limited Principal Exam | 2 hours and 45 minutes | 110 | $150 |
| Series 27 – Financial and Operations Principal Exam | 3 hours and 45 minutes | 145 | $175 |
| Series 28 – Introducing Broker/Dealer Financial and Operations Principal Exam | 2 hours | 95 | $150 |
| Series 39 – Direct Participation Programs Limited Principal Exam | 2 hours and 15 minutes | 100 | $100 |
Municipal Securities Rulemaking Board (MSRB) Exams
| Duration | Questions | Cost | |
|---|---|---|---|
| Series 50 – Municipal Advisor Representative Exam | 3 hours | 100 | $265 |
| Series 51 – Municipal Fund Securities Limited Principal Exam | 1 hour and 45 minutes | 60 | $255 |
| Series 52 – Municipal Securities Representative Exam | 2 hours and 30 minutes | 75 | $260 |
| Series 53 – Municipal Securities Principal Exam | 3 hours and 15 minutes | 100 | $265 |
| Series 54 – Municipal Advisor Principal Exam | 3 hours | 100 | $265 |
National Futures Association (NFA) Exams
| Duration | Questions | Cost | |
|---|---|---|---|
| Series 3 – National Commodities Futures Exam | 2 hours and 30 minutes | 120 | $140 |
| Series 30 – NFA Branch Manager Exam (formerly, Branch Managers Exam – Futures) | 50 minutes | 50 | $90 |
| Series 31 – Futures Managed Funds Exam | 1 hour | 45 | $90 |
| Series 32 – Limited Futures Exam – Regulations | 45 minutes | 35 | $90 |
| Series 34 – Retail Off-Exchange Forex Exam | 1 hour | 40 | $90 |
North American Securities Administrators Association (NASAA) Exams
| Duration | Questions | Cost | |
|---|---|---|---|
| Series 63 – Uniform Securities Agent State Law Exam | 1 hour and 15 minutes | 60 | $147 |
| Series 65 – Uniform Investment Adviser Law Exam | 3 hours | 130 | $187 |
| Series 66 – Uniform Combined State Law Exam | 2 hours and 30 minutes | 100 | $177 |
- FINRA Rules
- FINRA Rules
- FINRA Rules
- FINRA Revises the Research Analyst (Series 86/87) Exam Program03/20/2023
- FINRA Seeks Comment on Lessons From the COVID-19 Pandemic12/16/2020
- FINRA Requests Comment on a Proposed New Expedited Proceeding Rule for Failures to Comply With the FINRA Qualification Examinations Rules of Conduct and Proposed Amendments to the Registration Requirements Rule and the Eligibility Proceedings Rules09/22/2020
- Restructured Qualification Examinations and Related Examination Fees09/06/2018
- SEC Approves Consolidated FINRA Registration Rules, Restructured Representative-Level Qualification Examinations and Changes to Continuing Education Requirements Effective Date: October 1, 201810/05/2017
- FINRA Revises the Series 9/10 Examination Program01/11/2016
- FINRA Announces Approval of and Implementation Date for Securities Trader and Securities Trader Principal Registration Categories and Related Qualification Examination, Fee and Continuing Education Requirements11/18/2015
- CE Online and S101 Personalization11/04/2015
- FINRA Revises the Series 27 and Series 28 Examination Programs10/23/2015
- FINRA Revises the Series 4 Examination Program08/10/2015
- FINRA Requests Comment on a Concept Proposal to Restructure the Representative-Level Qualification Examination Program05/27/2015
- Changes to Qualification Examination Fees03/25/2015
- FINRA Requests Comment on a Proposal to Require Registration of Associated Persons Involved in the Design, Development or Significant Modification of Algorithmic Trading Strategies03/19/2015
- FINRA Revises the Series 24 and 23 Examination Programs08/14/2014
- Revised Process for Candidates Whose Primary Language Is Not English to Receive Additional Time to Complete a Qualification Examination or Continuing Education Session07/10/2014
- FINRA Revises the Series 55 Examination Program06/28/2013
- FINRA Surveys to Update the Series 4, 9 and 10 Qualification Examinations06/05/2013
- New Criteria and Process for Candidates Whose Primary Language Is Not English to Receive Additional Time to Complete a Qualification Examination or Continuing Education Session08/01/2012
- Operations Professional Qualification Examination, Examination Fee and Initial Rollout Period09/16/2011
- Changes to Fees for Cancelling or Rescheduling a Qualification Examination or Regulatory Element Continuing Education Session08/03/2011
- SEC Approves Operations Professional Registration Category and Consolidated FINRA Continuing Education Rule07/22/2011
- FINRA Surveys to Update the Series 6, 16, 24 and 26 Exams06/28/2011
- FINRA Requests Comment on Proposed Registration Category, Qualification Examination and Continuing Education Requirements for Operations Professionals05/26/2010
- Change for Scheduling Exam and CE Sessions04/20/2010
- SEC Approves Rule Change Creating New Limited Representative – Investment Banker Registration Category and Series 79 Investment Banking Exam07/28/2009
- FINRA Announces Electronic Filing Process For Qualification Examination Waiver Requests and Series 16 Experience Acceptability Requests Effective Date: January 16, 200911/07/2008
- Proposed Amendments to Qualification Examination Fees in Section 4(c) of Schedule A to the FINRA By-Laws10/23/2008
- FINRA Survey to Update the Series 7 Exam10/22/2008
- Acceptability of Series 24 Examination under NYSE Rule 342.1301/11/2008
- Revisions to the Series 23, 24, 42, 55, 62, 72 and 82 Examination Programs12/12/2007
- Amendments to Section 4 of Schedule A to the NASD By-Laws Governing Continuing Education Regulatory Element and Qualification Examination Fees11/16/2005
- NASD Announces Exemption from the Research Analyst Qualification Requirements (Series 86 and 87) for Certain Employees of Foreign Affiliates Who Contribute to Member Research Reports04/04/2005
- Revisions to the Series 11 and 55 Examination Programs03/11/2005
- NASD Announces Exemption from the Analysis Portion of the Research Analyst Qualification Examination (Series 86) for Certain Applicants Who Prepare Only "Technical Research Reports"02/17/2005
- NASD Reminds Firms of April 4, 2005, Expiration Date of Grace Period to Meet NASD Research Analyst Qualification and Examination Requirements (Series 86/87)02/11/2005
- SEC Approves New NASD Qualification Requirements for Supervisors of Research Analysts11/10/2004
- Amendments to Section 4 of Schedule A to the NASD By-Laws Governing Qualification Examination Fees10/08/2004
- SEC Announces Immediate Effectiveness of Amendments to the Rule 9600 Series Establishing Waiver Subcommittee of the National Adjudicatory Council08/11/2004
- New Series 23 Examination07/01/2003
- For Your Information03/07/2003
- For Your Information12/09/2002
- Series 22, 27, 28, 39, 55, And 82 Modified05/08/2002
- SEC Approves Proposed Rule Change Establishing A New Limited Registration Category For Private Securities Offerings06/11/2001
- Series 24, 26, And 62 Modified05/10/2001
- For Your Information03/11/2001
- For Your Information08/10/2000
- NASD Announces Interpretation Of NASD Rule 1032(f) Regarding Series 55/Equity Trader Registration Requirement07/10/2000
- Deadline Extended For Series 55 Equity Trader Examination To October 1, 200005/01/2000
- For Your Information02/10/2000
- For Your Information01/10/2000
- Series 7 Examination Fee Increase Effective September 15, 199908/18/1999
- For Your Information09/01/1998
- For Your Information08/01/1998
- NASD Extends Filing Period For New Equity Trader Examination And Responds To Questions Regarding New Equity Trader Qualification Rule07/01/1998
- SEC Approves New NASD Qualification Requirements And Examination For Equity Traders (Series 55)02/01/1998
- SEC Approves New Qualification Examination For Government Securities Representatives (Series 72) And New Registration Requirements For Registered Options Representatives (Series 42)02/01/1998
- FAQ
Following are FAQs about the Securities Industry Essentials® (SIE®) Exam and exam restructuring. Click on the links below to view all sections of the FAQs.
August 15, 2018 - Interpretive LetterDirect Participation Programs Representatives are eligible to sell shares of a non-listed business development company that qualifies as a regulated investment company under the Internal Revenue Code at the time of sale.December 01, 2014
- Interpretive LetterRequest for Interpretive Guidance Under NASD Rule 2711February 08, 2013
- Interpretive Letter
NASD Rule 3010(a)(7) - Annual Compliance Meeting
February 05, 2013 - Interpretive Letter
NASD Rule 1020 Series - Registration of Principals
July 29, 2010 - Interpretive Letter
NASD Rule 3010 - Supervision
November 30, 2006 - Interpretive LetterNASD reaffirms its policy of exempting members from the requirement to supervise registered bank personnel under Rules 3010, 3030, 3040 and 3050, so long as such persons continue to be supervised by the bank and do not engage in any securities activity for or on behalf of the member firm of which they are registered.December 12, 2005
- Interpretive LetterJoint NASD and NYSE interpretation that individuals involved in the development of certain quantitative equity research ratings model are not “research analysts” as defined by the SRO research analyst conflict of interest rules.August 20, 2004
- Interpretive Letter
NASD staff declines to extend tolling period to meet qualification requirements related to implementation of Title II of the Gramm-Leach-Bliley Act of 1999.
August 05, 2004 - Interpretive Letter
Applicability of NASD rules to a member's use of a translator for group retirement plan enrollment presentations.
November 26, 2001 - Interpretive LetterDuring the period a registered representative is inactive for failure to complete the Regulatory Element, a member may pay the registered representative fees or commissions earned by the representative prior to the period of inactivity unless the member has a policy that prohibits it. However, a member may not pay the inactive registered representative commissions on securities sales that occur during the period that the registered representative is inactive.October 02, 2001
- Interpretive LetterA registered representative must register as an equity trader and pass the Series 55 qualification exam prior to trading distressed convertible debt securities (other than on a securities exchange).September 27, 2001
- Interpretive Letter
An individual who processes transactions by communicating orders to the member’s clearing firm, which then calls or electronically communicates with the contra-side of the transaction, is not involved in the execution of transactions for purposes of Rule 1032(f) and thus is not required to be Series 55 registered.
September 25, 2001 - Interpretive Letter
Relief granted to banks to facilitate an orderly and efficient transition of employees from a bank into a broker/dealer to comply with the Financial Modernization Act of 1999.
September 06, 2001 - Interpretive LetterApplication of registration and supervisory requirements to certain activities conducted by a member firm in the U.S. relating to sales outside the U.S. of foreign mutual funds.June 06, 2001
- Interpretive Letter
The limited supervisory functions that can be properly delegated to registered representatives also may be assigned to persons registered as Foreign Associates under NASD Rule 1100. Foreign Associates, however, may not perform the functions that require a principal registration.
June 04, 2001 - Interpretive LetterSeries 7 registered representatives are not required to register under Series 55 as equity traders based solely on the fact that they perform the clerical function of entering customer phone orders into the same routing system that customers could use to enter orders electronically. The Series 7 representatives, under the facts described in the letter, would not provide any advice to the customers, including advice on possible paths or methods of execution.April 19, 2001
- Interpretive LetterBoston Stock Exchange (BSE) specialists effecting transactions in NYSE securities through ECNs, or Nasdaq securities through the UTP Plan, from terminals located on the floor of the BSE, are effecting transactions on the floor of the BSE for purposes of NASD Rules 1032(f) and 1060.February 13, 2001
- Interpretive Letter
A person who processes agency transactions by communicating all orders to another firm, which then calls or electronically communicates with the contra-side of the transaction, is not involved in the execution of transactions for purposes of Rule 1032(f) and thus is not required to be Series 55 registered.
January 29, 2001 - Interpretive LetterOrder entry personnel are not required to register under Series 55 as equity traders based solely on the fact that they enter orders into routing systems, which send the orders to clearing firms for execution. Also, not all persons to whom equity traders report need to be Series 55 registered.January 19, 2001
- Interpretive LetterInside directors of broker/dealers must register as principals if they wish to participate in the day-to-day conduct of members' securities businesses and the implementation of corporate policies related to such businesses.November 01, 2000
- Interpretive LetterOutside directors of broker/dealers must register as principals if they wish to participate in the day-to-day conduct of members' securities businesses and the implementation of corporate policies related to such businesses.October 02, 2000
- Interpretive LetterOutside directors of broker/dealers must register as principals if they wish to participate in the day-to-day conduct of members' securities businesses and the implementation of corporate policies related to such businesses.October 02, 2000
- Interpretive LetterSupervisory activities requiring registration as an Equity Trader.August 14, 2000
- Interpretive LetterActivities requiring registration as an Equity Trader.August 14, 2000
- Interpretive LetterPermissible activities for a Series 6 Representative (Limited Representative - Investment Company andAugust 11, 2000
- Interpretive LetterPermissible activities of a Series 11 Representative (Assistant Representative/Order Processing).July 19, 2000
- Interpretive LetterActivities requiring registration as an Equity Trader.July 19, 2000
- Interpretive LetterRegistration Requirements for Various Teleservicing ActivitiesDecember 23, 1999
- Interpretive LetterCertain activities of unregistered persons would not be permissible under Notice to Members 88-50.November 11, 1999
- Interpretive LetterFactors that may determine whether research personnel are required to be registered include their communications with customers, making of recommendations, accepting or executing orders for the purchase or sale of securities, and method of compensation.January 27, 1999
- Interpretive LetterUnregistered associated persons may not routinely take customer orders during periods of peak telephone call volume.May 27, 1998
- Interpretive LetterA registered representative presently licensed with a member providing telemarketing services, under certain conditions, would not be required to also be registered with a client member.April 22, 1998
- Interpretive Letter
A broker/dealer is not required to register as branch offices under Rule 3010(g) non-public office locations where existing customers can use computer terminals to access their accounts and enter orders.
March 16, 1998 - GuidanceThe question of whether a particular person is required to obtain a series 63 license is a specific facts and circumstances analysis, and ultimately would be answered by state law or regulations of each individual state involved.February 04, 1998
- Interpretive LetterThe payment of a salary to a sales assistant by a registered person is not prohibited by NASD rules, nor would it require the registered person to register as a general sales supervisor under Rule 1022(g).January 29, 1998
- Interpretive Letter
Staff interpretation on the use of electronic signatures under NASD Rules 3110(c)(1)(C) and 3010(d).
November 26, 1997 - Interpretive LetterApplication of registration requirements to persons inquiring about potential clients' present accounts and other firms and current securities trades.June 19, 1997
- Interpretive Letter
Application of NASD Rules to the sale of group variable products.
April 11, 1997 - Interpretive LetterRequirements of NASD Rule 2420 to broker/dealer arrangement to pay certain commissions and SEC Rule 12b-1 fees to accounts of various employee benefit plan customers.April 11, 1997
- Interpretive LetterRegistration requirements of a member if a registered principal begins consulting relationship with the member as a compliance officer.February 19, 1997
- Interpretive Letter
Requirements of member firms to establish a schedule for and conduct inspections of Offices of Supervisory Jurisdiction and branch offices.
August 13, 1996 - Interpretive Letter
Minimum requirements under NASD Rule 3010 if a member centralizes its supervisory oversight function over the firm's employees who are both acting as registered representatives and as investment advisers.
August 09, 1996 - Interpretive LetterRegistration requirements of a member for persons responsible for actively supervising the employees of member broker/dealer (under former Schedule C, Part II, now the Rule 1020 Series).November 27, 1995
- FAQ
The FINRA qualification and registration requirements are set forth in FINRA Rules 1210 through 1240.1 These rules, among other things: (1) require the registration of individuals as representatives or principals; (2) allow for the permissive registration of associated persons of firms; (3) establish a waiver program for individuals working for a financial services industry affiliate of a member firm; (4) require firms to designate a Principal Financial Officer and a Principal Operations Officer; and (5) set forth requirements for registered persons who are to function as princip
- FAQBack-to-back scheduling is a feature that allows the scheduling of two appointments for the same day and same test center in one transaction. The following are frequently asked questions related to back-to-back scheduling.
- FAQ
General Ledger
1. A person (GL Clerk) who has limited roles that do not meet the criteria under Rule 1220(b)(3)(A)(i)a. or b., is responsible for making journal entries into the member’s general ledger some of which represent material amounts for the firm. The journal entries serve to record the firm’s transactions on its books and records but do not affect the movement of money or securities or otherwise commit the firm’s capital. The GL Clerk is not permitted to commit the member to any contract or agreement (written or oral).
- FAQ
The following FAQ on FINRA.org pertain to Qualification Exams:
- FAQFollowing are FAQs about FINRA registration and qualification requirements. Click on the links below to view all sections of the FAQs.