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)

 DurationQuestionsCost
Securities Industry Essentials (SIE)1 hour and 45 minutes75 $80

 

FINRA Representative-level Exams

 DurationQuestionsCost
Series 6 – Investment Company and Variable Contracts Products Representative Exam1 hour and 30 minutes50$75
Series 7 – General Securities Representative Exam3 hours and 45 minutes125$300
Series 22 – Direct Participation Programs Limited Representative Exam1 hour and 30 minutes50$60
Series 57 - Securities Trader Representative Exam1 hour and 45 minutes50$80
Series 79 - Investment Banking Representative Exam2 hours and 30 minutes75 $300
Series 82 - Private Securities Offerings Representative Exam1 hour and 30 minutes50$60
Series 86/87 – Research Analyst ExamS86: 4 hours and 30 minutes

S87: 1 hour and 45 minutes		S86: 85

S87: 50		S86: $225

S87: $150
Series 99 - Operations Professional Exam1 hour and 30 minutes50$60

 

FINRA Principal-level Exams

 DurationQuestionsCost
Series 4 – Registered Options Principal Exam3 hours and 15 minutes125$155
Series 9/10 – General Securities Sales Supervisor ExamS9: 1 hour and 30 minutes

S10: 4 hours		S9: 55

S10: 145		S9: $130

S10: $175
Series 14 – Compliance Officer Exam3 hours110$350
Series 16 – Supervisory Analyst ExamPart 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 Exam2 hours and 30 minutes100$105
Series 24 – General Securities Principal Exam3 hours and 45 minutes150$175
Series 26 – Investment Company Products and Variable Contracts Limited Principal Exam2 hours and 45 minutes110$150
Series 27 – Financial and Operations Principal Exam3 hours and 45 minutes145 $175
Series 28 – Introducing Broker/Dealer Financial and Operations Principal Exam2 hours95$150
Series 39 – Direct Participation Programs Limited Principal Exam2 hours and 15 minutes100$100

 

Municipal Securities Rulemaking Board (MSRB) Exams

 DurationQuestionsCost
Series 50 – Municipal Advisor Representative Exam3 hours100$265
Series 51 – Municipal Fund Securities Limited Principal Exam1 hour and 45 minutes60$255
Series 52 – Municipal Securities Representative Exam2 hours and 30 minutes75$260
Series 53 – Municipal Securities Principal Exam3 hours and 15 minutes100$265
Series 54 – Municipal Advisor Principal Exam3 hours100$265

 

National Futures Association (NFA) Exams

 DurationQuestionsCost
Series 3 – National Commodities Futures Exam2 hours and 30 minutes120$140
Series 30 – NFA Branch Manager Exam (formerly, Branch Managers Exam – Futures)50 minutes50$90
Series 31 – Futures Managed Funds Exam1 hour45$90
Series 32 – Limited Futures Exam – Regulations45 minutes35$90
Series 34 – Retail Off-Exchange Forex Exam1 hour40$90

 

North American Securities Administrators Association (NASAA) Exams

 DurationQuestionsCost
Series 63 – Uniform Securities Agent State Law Exam1 hour and 15 minutes60$147
Series 65 – Uniform Investment Adviser Law Exam3 hours130$187
Series 66 – Uniform Combined State Law Exam2 hours and 30 minutes100$177

 

  • Regulatory Notice 23-05
    FINRA Revises the Research Analyst (Series 86/87) Exam Program
    03/20/2023
  • Regulatory Notice 20-42
    FINRA Seeks Comment on Lessons From the COVID-19 Pandemic
    12/16/2020
  • Regulatory Notice 20-33
    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 Rules
    09/22/2020
  • Regulatory Notice 18-27
    Restructured Qualification Examinations and Related Examination Fees
    09/06/2018
  • Regulatory Notice 17-30
    SEC Approves Consolidated FINRA Registration Rules, Restructured Representative-Level Qualification Examinations and Changes to Continuing Education Requirements Effective Date: October 1, 2018
    10/05/2017
  • Regulatory Notice 16-02
    FINRA Revises the Series 9/10 Examination Program
    01/11/2016
  • Regulatory Notice 15-45
    FINRA Announces Approval of and Implementation Date for Securities Trader and Securities Trader Principal Registration Categories and Related Qualification Examination, Fee and Continuing Education Requirements
    11/18/2015
  • Information Notice – 11/4/15
    CE Online and S101 Personalization
    11/04/2015
  • Regulatory Notice 15-39
    FINRA Revises the Series 27 and Series 28 Examination Programs
    10/23/2015
  • Regulatory Notice 15-29
    FINRA Revises the Series 4 Examination Program
    08/10/2015
  • Regulatory Notice 15-20
    FINRA Requests Comment on a Concept Proposal to Restructure the Representative-Level Qualification Examination Program
    05/27/2015
  • Regulatory Notice 15-08
    Changes to Qualification Examination Fees
    03/25/2015
  • Regulatory Notice 15-06
    FINRA Requests Comment on a Proposal to Require Registration of Associated Persons Involved in the Design, Development or Significant Modification of Algorithmic Trading Strategies
    03/19/2015
  • Regulatory Notice 14-33
    FINRA Revises the Series 24 and 23 Examination Programs
    08/14/2014
  • Information Notice 7/10/14
    Revised Process for Candidates Whose Primary Language Is Not English to Receive Additional Time to Complete a Qualification Examination or Continuing Education Session
    07/10/2014
  • Regulatory Notice 13-22
    FINRA Revises the Series 55 Examination Program
    06/28/2013
  • Information Notice - 6/5/13
    FINRA Surveys to Update the Series 4, 9 and 10 Qualification Examinations
    06/05/2013
  • Information Notice - 8/1/12
    New Criteria and Process for Candidates Whose Primary Language Is Not English to Receive Additional Time to Complete a Qualification Examination or Continuing Education Session
    08/01/2012
  • Regulatory Notice 11-42
    Operations Professional Qualification Examination, Examination Fee and Initial Rollout Period
    09/16/2011
  • Regulatory Notice 11-36
    Changes to Fees for Cancelling or Rescheduling a Qualification Examination or Regulatory Element Continuing Education Session
    08/03/2011
  • Regulatory Notice 11-33
    SEC Approves Operations Professional Registration Category and Consolidated FINRA Continuing Education Rule
    07/22/2011
  • Information Notice - 6/28/11
    FINRA Surveys to Update the Series 6, 16, 24 and 26 Exams
    06/28/2011
  • Regulatory Notice 10-25
    FINRA Requests Comment on Proposed Registration Category, Qualification Examination and Continuing Education Requirements for Operations Professionals
    05/26/2010
  • Information Notice - 4/20/10
    Change for Scheduling Exam and CE Sessions
    04/20/2010
  • Regulatory Notice 09-41
    SEC Approves Rule Change Creating New Limited Representative – Investment Banker Registration Category and Series 79 Investment Banking Exam
    07/28/2009
  • Regulatory Notice 08-67
    FINRA Announces Electronic Filing Process For Qualification Examination Waiver Requests and Series 16 Experience Acceptability Requests Effective Date: January 16, 2009
    11/07/2008
  • Regulatory Notice 08-61
    Proposed Amendments to Qualification Examination Fees in Section 4(c) of Schedule A to the FINRA By-Laws
    10/23/2008
  • Information Notice - 10/22/08
    FINRA Survey to Update the Series 7 Exam
    10/22/2008
  • Regulatory Notice 08-02
    Acceptability of Series 24 Examination under NYSE Rule 342.13
    01/11/2008
  • Regulatory Notice 07-62
    Revisions to the Series 23, 24, 42, 55, 62, 72 and 82 Examination Programs
    12/12/2007
  • Notice to Members 05-79
    Amendments to Section 4 of Schedule A to the NASD By-Laws Governing Continuing Education Regulatory Element and Qualification Examination Fees
    11/16/2005
  • Notice to Members 05-24
    NASD Announces Exemption from the Research Analyst Qualification Requirements (Series 86 and 87) for Certain Employees of Foreign Affiliates Who Contribute to Member Research Reports
    04/04/2005
  • Notice to Members 05-19
    Revisions to the Series 11 and 55 Examination Programs
    03/11/2005
  • Notice to Members 05-14
    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
  • Notice to Members 05-13
    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
  • Notice to Members 04-81
    SEC Approves New NASD Qualification Requirements for Supervisors of Research Analysts
    11/10/2004
  • Notice to Members 04-73
    Amendments to Section 4 of Schedule A to the NASD By-Laws Governing Qualification Examination Fees
    10/08/2004
  • Notice to Members 04-59
    SEC Announces Immediate Effectiveness of Amendments to the Rule 9600 Series Establishing Waiver Subcommittee of the National Adjudicatory Council
    08/11/2004
  • Notice to Members 03-37
    New Series 23 Examination
    07/01/2003
  • Notice to Members FYI March 2003
    For Your Information
    03/07/2003
  • Notice to Members FYI December 2002
    For Your Information
    12/09/2002
  • Notice to Members 02-27
    Series 22, 27, 28, 39, 55, And 82 Modified
    05/08/2002
  • Notice to Members 01-39
    SEC Approves Proposed Rule Change Establishing A New Limited Registration Category For Private Securities Offerings
    06/11/2001
  • Notice to Members 01-32
    Series 24, 26, And 62 Modified
    05/10/2001
  • Notice to Members FYI March 2001
    For Your Information
    03/11/2001
  • Notice to Members - FYI - August 2000
    For Your Information
    08/10/2000
  • Notice to Members 00-46
    NASD Announces Interpretation Of NASD Rule 1032(f) Regarding Series 55/Equity Trader Registration Requirement
    07/10/2000
  • Notice to Members 00-27
    Deadline Extended For Series 55 Equity Trader Examination To October 1, 2000
    05/01/2000
  • Notice to Members 2000
    For Your Information
    02/10/2000
  • Notice to Members 2000
    For Your Information
    01/10/2000
  • Notice to Members 99-75
    Series 7 Examination Fee Increase Effective September 15, 1999
    08/18/1999
  • Notice to Members FYI September 1998
    For Your Information
    09/01/1998
  • Notice to Members FYI August 1998
    For Your Information
    08/01/1998
  • Notice to Members 98-60
    NASD Extends Filing Period For New Equity Trader Examination And Responds To Questions Regarding New Equity Trader Qualification Rule
    07/01/1998
  • Notice to Members 98-17
    SEC Approves New NASD Qualification Requirements And Examination For Equity Traders (Series 55)
    02/01/1998
  • Notice to Members 98-16
    SEC Approves New Qualification Examination For Government Securities Representatives (Series 72) And New Registration Requirements For Registered Options Representatives (Series 42)
    02/01/1998