Series 23 – General Securities Principal Exam – Sales Supervisor Module
The Series 23 exam — the General Securities Principal Qualification Exam – Sales Supervisor Module (GP) — assesses the competency of an entry-level principal to perform their job as a general securities principal The Series 23 exam is an alternative to taking the General Securities Principal Exam (Series 24) and is appropriate for a candidate who is registered as a General Securities Sales Supervisor (SU) and wants to register as a General Securities Principal.
The Series 23 exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a general securities principal, including the rules and statutory provisions applicable to the supervisory management of a general securities broker-dealer.
In addition to the Series 23 exam, candidates must have obtained the General Securities Sales Supervisor registration to hold the General Securities Principal registration.
The Series 23 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 five major job functions. The table below lists the allocation of exam items for each major job function.
|Major Job Functions||Number of
|(F1) Supervision of Investment Banking, Underwriting Activities and Research||6|
|(F2) Supervision of Trading and Market Making Activities||26|
|(F3) Supervision of Brokerage Office Operations||12|
|(F4) Sales Supervision and General Supervision of Employees||28|
|(F5) Compliance with Financial Responsibility Rules||28|
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 eligibility requirements, refer to FINRA Rule 1210.
For more information on the registration process, see Register a New Candidate.
A general securities principal’s supervisory responsibilities are governed by the limitations of their representative-level registrations. Covered supervisory activities include regulatory compliance over:
- Market making