The Financial Industry
Regulatory Authority (FINRA) in conjunction with other
self-regulatory organizations administer the "Series" license
examinations.
After test preparation, the license
candidate must submit either a U-4 or U-10 form to FINRA and
schedule to sit for the license exam with either
Pearson or
Prometric.
Registered
Representative - Persons
associated with a member, including assistant officers other than
principals, who are engaged in the investment banking or securities
business for the member including the functions of supervision,
solicitation, or conduct of business in securities or who are
engaged in the training of persons associated with a member for any
of these functions, are designated as representatives. Registered
representative licenses are Series 3, 6, 7, 11, 22, 30, 31, 52, 63,
65, 66, 82.
Registered Principal - Persons associated with a member who are
actively engaged in the management of the member's investment
banking or securities business, including supervision, solicitation,
conduct of business, or the training of persons associated with a
member for any of these functions are designated as principals. Such
persons include
sole proprietors, officers, partners,
managers of offices of supervisory jurisdiction, and directors of
corporations.
Registered principal licenses are Series 4, 9,
10, 24, 26, 27, 28, 39, 53.
| Series 3 |
Series 24 |
Series 53 |
|
| Series 4 |
Series 26 |
Series 62 |
|
| Series 6 |
Series 27 |
Series 63 |
|
| Series 7 |
Series 28 |
Series 65 |
|
| Series 9 |
Series 30 |
Series 66 |
|
| Series 10 |
Series 31 |
Series 82 |
|
| Series 11 |
Series 39 |
|
|
| Series 22 |
Series 52 |
|
|
Series 3 - Commodity Futures Merchant
The National Futures Association administers the Series 3 exam. The
National Commodity Futures Examination contains 120 true/false and
multiple choice questions. Two and one-half hours is allotted for
completion of the examination. A minimum score of 70% on each of the
two sections of the examination is required for passing.
Series 4 - Registered Options Principal
125 multiple choice questions; 3 hours testing time. This
examination is required of an individual who will function as a
registered options principal, compliance registered options
principal, or senior registered options principal. The Series 4
tests the individual's knowledge of options trading, exchange rules,
and regulations applicable to the trading of options contracts, as
well as the rules of the Options Clearing Corporation.
Series 6 - Investment Company Products
100 multiple choice questions; 2 hours and 15 minutes testing time.
This examination qualifies an individual who will function as a
limited representative for the solicitation, purchase, and/or sale
of redeemable securities of companies registered pursuant to the
Investment Company Act of 1940; securities of closed-end companies
registered pursuant to the Investment Company Act of 1940 during the
period of original distribution only; and variable contracts and
insurance premium funding programs and other contracts issued by an
insurance company.
Series 7 - Registered Representative
250 multiple choice questions - administered in two parts of 125
questions each; 3 hours testing time for each part. This
registration qualifies a candidate for the solicitation, purchase,
and/or sale of all securities products, including corporate
securities, municipal securities, municipal fund securities,
options, direct participation programs, investment company products,
and variable contracts.
General Securities Sales Supervisor - Series 9
& 10
200 multiple choice questions. The testing time is 1 hour and
30 minutes for the Series 9, which contains 55 options questions.
Four (4) hours are allowed for the Series 10, which has 145
questions covering FINRA, New York Stock Exchange, Municipal
Securities Rule Board, and Securities and Exchange Commission rules.
This registration is appropriate for individuals required to
register as principals to supervise sales activities in corporate,
municipal, and options securities, investment company products,
variable contracts, and direct participation programs. In addition
to branch office managers, regional and national sales managers may
also register in this capacity.
Series 11 - Order Processing
50 multiple choice questions; 60 minutes testing time. This
examination is designed for persons associated with a member who
accept unsolicited customer orders for submission
for execution by a member. They cannot accept orders for municipal
securities or direct participation programs.
Series 22 - Direct Participation Investments
100 multiple choice questions; 2 hours and 15 minutes testing time.
See the description of the products covered by this registration
under the Series 39 description.
Series 24 - General Securities Principal
150 multiple choice questions; 3 hours and 30 minutes testing time.
This examination qualifies individuals required to register as
general securities principals in order to manage or supervise the
member's investment banking or securities business for corporate
securities, direct participation programs, and investment company
products/variable contracts. The Series 24 does not
qualify an individual to function as a:
-
Registered Options Principal
-
General Securities Sales Supervisor for
Options and Municipal Securities
-
Municipal Securities Principal
-
Municipal Fund Securities Principal
-
Financial and Operations Principal
-
Introducing Broker/Dealer Financial and
Operations Principal
Series 26 - Investment Company Products
110 multiple choice questions; 2 hours and 30 minutes testing time.
This examination qualifies an individual who will function as a
principal for the solicitation, purchase, and/or sale of redeemable
securities of companies registered pursuant to the Investment
Company Act of 1940; securities of closed-end companies registered
pursuant to the Investment Company Act of 1940 during the period of
original distribution only; and variable contracts and insurance
premium funding programs and other contracts issued by an insurance
company.
Series 27 - Financial Operations
145 multiple choice questions; 3 hours and 30 minutes testing time.
The Series 27 is designed to test a candidate's knowledge and
understanding of financial responsibility rules and recordkeeping
requirements.
Series 28 - Introducing Broker
95 multiple choice questions; 2 hours testing time. This examination
is required for the individual responsible for the recordkeeping
requirements of introducing firms that do not carry customer
accounts or hold customer funds or securities.
Series 30 - Branch Manager
50 multiple choice questions; 60 minutes testing time. This
examination is required by the National Futures Association.
Series 31 - Futures Managed Funds
45 multiple choice questions; 60 minutes testing time. This
examination is required by the National Futures Association.
Series 39 - Direct Participation Programs
100 multiple choice questions; 2 hours and 15 minutes testing time.
This qualifies an individual who will function as a principal for
the solicitation, purchase, and/or sale of programs that provide for
flow-through tax consequences, such as oil and gas programs, real
estate programs, and S corporation offerings.
Series 52 - Municipal Securities
100 multiple choice questions; 3 hours testing time. In addition to
municipal securities, municipal fund securities (e.g., 529 College
Savings Plans, Local Government Investment Pools (LGIPs)) and
municipal markets, this examination covers U.S. government, federal
agency, and other financial instruments, economic activity,
government policy, the behavior of interest rates, and applicable
federal securities laws and regulations.
Series 53 - Municipal Securities Principal
100 multiple choice questions; 3 hours testing time. This
examination is designed to test a candidate's knowledge of the rules
and statutory provisions applicable to a municipal securities broker
or dealer and to the supervision of the activities of municipal
securities representatives. This exam also enables the principal to
supervise municipal fund securities (e.g., 529 College Savings
Plans, Local Government Investment Pools (LGIPs)).
Series 62 - Corporate Securities
115 multiple choice questions; 2 hours and 30 minutes testing time.
This examination qualifies an individual as a representative for the
sale of public offerings and/or private placements of corporate
stocks, corporate bonds, rights, warrants, real estate investment
trusts, collateralized mortgage obligations, and securities of
closed-end companies registered pursuant to the Investment Company
Act of 1940, repos and certificates of accrual on corporate
securities; securities traders; mergers and acquisitions; venture
capital; corporate financing; ETFs, and hedge funds.
Series 63 - Uniform Securities Agent
60 multiple choice questions; 1 hour and 15 minutes testing time.
The Series 63 is designed to qualify candidates as securities
agents. The examination covers the principles of state securities
regulation reflected in the Uniform Securities Act.
Series 65 - Investment Adviser
130 multiple choice questions; 3 hours testing time. The Series 65
is designed to qualify candidates as investment adviser
representatives.
Series 66 - Uniform Combined State Law
100 multiple choice questions; 2 hours and 30 minutes testing time.
The Series 66 is designed to qualify candidates as both securities
agents and investment adviser representatives. The Series 7 is a
corequisite exam that needs to be successfully completed in addition
to the Series 66 exam before a candidate can register with a state.
Series 82 - Private Securities Offerings
100 multiple choice questions; 2 hours and 30 minutes testing time.
This examination qualifies an individual for the sale of private
placement securities as part of a primary offering.