Series 26 – Investment Company and Variable Contracts Products Principal Exam
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.
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
|(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|
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.
For more information on the registration process, see Register a New Candidate.
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.