Which test should I take?

Registered Options Principal – (Series 4)

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.

General Securities Sales Supervisor – (Series 9 and 10)

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.

General Securities Principal – (Series 24)

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

Investment Company Products/Variable Contracts Limited Principal – (Series 26)

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.

Financial and Operations Principal – (Series 27)

The Series 27 is designed to test a candidate’s knowledge and understanding of financial responsibility rules and recordkeeping requirements.

Municipal Fund Securities Principal (Series 51)

This examination is designed to test a candidate’s knowledge of the rules and statutory provisions applicable specifically to municipal fund securities and the supervision of the activities of registered representatives effecting municipal fund securities transactions (e.g. 529 College Savings Plans, Local Government Investment Pools (LGIPs).

Municipal Securities Principal – (Series 53)

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 activities (i.e., selling 529 College Savings Plan or Local Government Investment Pools (LGIPs)).

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.

 Categories of Representative Registration and Examination Requirements

Investment Company Products/Variable Contracts Limited Representative – (Series 6)

This examination qualifies an individual 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.

General Securities Representative – (Series 7)

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.

Direct Participation Programs Limited Representative – (Series 22)

The Series 22 qualifies an individual 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.

Municipal Securities Representative – (Series 52)

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.

Equity Trader Limited Representative – (Series 55)

Registered representatives in this category may trade equity and convertible debt securities on a principal or agency basis. The Series 7 (including the foreign modules) or the Series 62 is the prerequisite to the Series 55.

Corporate Securities Limited Representative – (Series 62)

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; corporate financing; and, ETFs.

Limited Representative – Investment Banking (Series 79)

This examination qualifies an individual to advise on or facilitate debt or equity offerings through a private placement or public offering or to advise or facilitate mergers or acquisitions, tender offers, financial restructurings, asset sales, divestitures or other corporate reorganizations or business combination transactions.

Research Analyst – (Series 86 and 87)

There are 100 multiple choice questions on the Series 86 and the testing time is 4 hours, which test fundamental analysis and valuation of equity securities.  The testing time for the Series 87 is 1 hour and 30 minutes with 50 questions that cover FINRA and New York Stock Exchange rules, the Securities Act of 1933 and the Securities Exchange Act of 1934. This exam is appropriate for individuals who produce written or electronic communications that analyze equity securities or individual companies/industry sectors, and provide reasonably sufficient information upon which to base investment decisions.

Operations Professional – (Series 99)

This examination is required of individuals who fall under the covered functions enumerated in FINRA Rule 1230(b)(6).

Other Examinations Administered by FINRA

National Commodity Futures Examination – (Series 3)

This examination is required for registration by the National Futures Association.

Futures Managed Funds Examination – (Series 31)

This examination is required by the National Futures Association.

 Uniform Securities Agent State Law Examination – (Series 63) (NASAA)

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.

Uniform Investment Adviser Law Examination – (Series 65) (NASAA)

The Series 65 is designed to qualify candidates as investment adviser representatives.

Uniform Combined State Law Examination – (Series 66) (NASAA)

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.