Frequently Asked Questions Regarding Qualification Exam Waiting Periods
This FAQ explains changes to qualification exam retake waiting periods. FINRA has amended its retake waiting periods for FINRA qualification exams.
FINRA Qualification Exams
1. What are the new FINRA qualification exam waiting periods?
Effective January 19, 2027, the waiting period after the first and second unsuccessful attempts on a FINRA qualification exam will be reduced from 30 days to 15 days. The waiting period after the third and each subsequent unsuccessful attempt within a two-year period will be reduced from 180 days to 60 days. The revised waiting periods apply to all FINRA qualification exams. Please see Regulatory Notice 26-18 for more detail: https://www.finra.org/rules-guidance/notices/26-18.
Candidates who have enrolled to take an MSRB, NASAA, or NFA exam should visit the respective organization’s website to learn more about its waiting periods.
2. I am currently subject to a waiting period that will change and would like to test earlier. Can I contact FINRA before January 19, 2027, and adjust my enrollment window?
The new FINRA waiting periods will take effect on January 19, 2027. This is the first date FINRA is able to change a candidate’s waiting period, so impacted individuals will not see the reduced waiting period reflected before that date. Waiting period changes do not impact candidates taking an exam for the first time. FINRA is unable to honor requests to reduce the waiting period prior to this date.
3. Will open enrollment windows automatically be updated to the earlier start date when the change becomes effective?
Yes, FINRA will update any open enrollment windows without an appointment on January 19, 2027. Once the change is implemented, candidates will be able to schedule an appointment. FINRA is not able to change the enrollment window if an appointment is scheduled. Candidates should consider not scheduling an appointment for impacted windows until after the update and/or should consider whether canceling an existing appointment prior to January 19, and rescheduling for an earlier date, after the January 19 update, is beneficial to them. FINRA cannot guarantee that appointments will be available sooner than a candidate’s current appointment date.
4. What should candidates do if they already have an appointment scheduled after January 19, 2027?
Candidates with a scheduled retake appointment after January 19, 2027, should consider whether canceling and rescheduling for an earlier date is beneficial to them, given rescheduling fees and test center availability. FINRA recommends that candidates review test center availability prior to cancelling or rescheduling any existing appointments.
Scenario 1 – A candidate has an appointment on January 30, 2027, the first day of their new enrollment window, but with the revised waiting periods, they should be able to test on January 19, 2027. What are the candidate’s options?
FINRA cannot change the enrollment window until January 19, 2027. While it is possible there will be an appointment available between January 19 and January 29, FINRA cannot guarantee availability. If a candidate cancels, it is possible that the next available appointment may be later than the prior appointment date. FINRA recommends that candidates review test center availability prior to cancelling or rescheduling any existing appointments.
Scenario 2 – A candidate has an appointment on April 6, 2027, the first day of the enrollment window, but with the revised waiting periods, they should be able to test on January 19, 2027. What are the candidate’s options?
If the candidate selected April 6 for a specific reason, they do not need to do anything as the appointment and window will remain untouched. If the candidate would like to test sooner, they should cancel their appointment before January 19, 2027. In this situation, FINRA will automatically update the window start date on January 19, and the candidate will be able to schedule for an earlier date.
5. Who should candidates and firms contact with questions?
Questions related to FINRA’s waiting period changes may be directed to [email protected].
For information about NASAA exams, candidates and firms should visit NASAA’s website.
For information about NFA exams, candidates and firms should visit NFA’s website .