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General Securities Sales Supervisor (General Module)

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.

Prerequisite:: Series 7
Estimated Study Time: 30-35 hours

Questions: 145 multiple choice
Time Allowed: 4 hours
Passing Score: 70%
General Securities Representative

The Series 7 license allows you to sell all securities for a registered broker-dealer. Topics included in the Series 7 study material are: Stocks, bonds, mutual funds, options, municipal bonds, investment companies, direct participation programs, solicitation, purchase and sale of securities, investment banking, securities analysis, margin and self-regulatory organizations.

ESTIMATED STUDY TIME: 80-100 hours

QUESTIONS: 250 multiple choice
TIME ALLOWED: 6 hours (administered in two 3 hour parts of 125 questions each)
PASSING SCORE: 72%
Limited Representative - Investment Banking

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.

Estimated Study Time: 40-50 hours

Questions: 175
Time Allowed: 5 hours
Passing Score: 73%
General Securities Sales Supervisor (Options Module)

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.

Prerequisite:: Series 7
Estimated Study Time: 15-20 hours

Questions: 55 multiple choice
Time Allowed: 1 hour 30 minutes
Passing Score: 70%
Municipal Advisor Representative

The municipal advisor representative is a person associated with a municipal advisor who engages in municipal advisory activities on the municipal advisor’s behalf. In order to register for the Series 50 examination, a candidate must be associated with a municipal advisor firm that is registered with both the SEC and the MSRB.

The Municipal Advisor Representative Qualification Exam (Series 50) will be administered as a pilot exam January 15, 2016 – February 15, 2016. The exam registration window will be available beginning on September 21, 2015 and closing on January 14, 2016. During the enrollment window, municipal advisors can use the Financial Industry Regulatory Authority’s (FINRA) Form U10 to enroll their municipal advisor professionals.

Cost $265
Number of Questions 120
Test Time 240 minutes (with an additional 30 minutes for a tutorial on how to complete the computerized exam)
Test Results Test results will be mailed to the candidates 8-12 weeks following the pilot.
Passing score will be determined from those tests completed during the pilot.


A study guide to assist with preparation for the regulatory element S101, S106 and S901.
Investment Company & Variable Contracts Representative

The Series 6 license allows you to transact business in investment company products (mutual funds, primary offerings of closed end investment companies) and variable contracts. Topics included in the Series 6 textbook are securities markets, investment risks and policies, investment companies, Securities industry and tax regulations, opening and servicing customer accounts, variable contracts and retirement plans.

ESTIMATED STUDY TIME: 40 hours

QUESTIONS: 100 multiple choice
TIME ALLOWED: 2 hours 15 minutes
PASSING SCORE: 70%
General Securities Principal

The Series 24 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 (Series 4)
General Securities Sales Supervisor for Options & Municipal Securities (Series 9 – Series 10)
Municipal Securities Principal (Series 53)
Municipal Fund Securities Principal (Series 51)
Financial & Operations Principal (Series 27)
Introducing Broker/Dealer Financial & Operations Principal (Series 28)


Prerequisite: Series 7 or 62
Estimated Study Time: 80 hours

Questions: 150 multiple choice
Time Allowed: 3 hours & 45 minutes
Passing Score: 70%
UNIFORM SECURITIES AGENT STATE LAW EXAM

This license is required by the states to sell securities and covers the Uniform Securities Act. Topics include: registration requirements for broker-dealers, agents and investment advisors, fraudulent practices and regulatory oversight.

Estimated Study Time: 24-30 hours

Questions: 60 multiple choice
Time Allowed: 1 hour 15 minutes
Passing Score: 72%
Uniform Investment Adviser Law Exam

The Series 65 test is required for individuals who must satisfy state investment adviser requirements. Topics include: Federal Securities acts, the Uniform Securities Act, investment analysis, securities markets, investment vehicles and unethical practices of investment advisers.

Estimated Study Time: 80-90 hours

Questions: 130 multiple choice
Time Allowed: 3 hours
Passing Score: 72%
Uniform Combined State Law Exam

The Series 66 license combines the Series 63 and Series 65 exams. The test 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.

Corequisite: Series 7
Estimated Study Time: 70-80 hours

Number of questions: 100
Time allowed: 2 ½ hours
Passing score: 75%
National Commodity Futures

This license allows you to trade commodity and financial futures as well as options on futures. Topics covered include: rules and regulations, orders hedging, margin, stock index futures and options on commodity futures. This examination is required for registration by the National Futures Association.

ESTIMATED STUDY TIME: 35 HOURS

QUESTIONS: 120
TIME ALLOWED: 2.5 hours
PASSING SCORE: 70%
Registered Options Principal

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.

Prerequisite:: Series 7 or 62 with S42, S17, S37 or S38
Estimated Study Time: 40 hours

Questions: 125 multiple choice
Time Allowed: 3 hours
Passing Score: 70%
Direct Participation Programs Representatives
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.

Estimated Study Time: 40 hours

Questions: 100 multiple choice
Time Allowed: 2 hours 30 minutes
Passing Score: 70%
Investment Company Products/Variable Contracts Principal

This license 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.

PREREQUISITE: Series 6 or Series 7
ESTIMATED STUDY TIME: 35 hours

QUESTIONS: 110
TIME ALLOWED: 2 hours & 45 minutes
PASSING SCORE: 70%
Financial and Operations Principal

This license is required for those who supervise the financial and operations activities of a FINRA member firm. Topics include: net capital requirements, customer protection, rules and record-keeping requirements, MSRB regulations, and broker-dealer financial reporting.

Estimated Study Time: 40 hours

Questions: 145 multiple choice
Time Allowed: 3 hours 30 minutes
Passing Score: 70%
Futures Managed Funds

This license is required for registered representatives employed by a securities broker-dealer whose only involvement in the futures industry will be to solicit interest in commodity pools.

Estimated Study Time: 15 hours

Questions: 45 multiple choice
Time Allowed: 1 hour
Passing Score: 70%
Municipal Fund Securities Limited Principal

This license is required for individuals who manage, direct, or supervise specific activities only as they relate to transactions in municipal fund securities. The course covers municipal fund securities such as 529 Plans, and the applicable rules and regulations important to these products.

Prerequisite:: Series 24 or 26
Estimated Study Time: 20 hours

Questions: 60 multiple choice
Time Allowed: 1 hour 30 minutes
Passing Score: 70%
Municipal Fund Securities Representative
The Series 52 license allows one to sell municipal bonds, U. S. government securities and agencies. Topics include: municipal securities, municipal markets, U. S. Government and agency securities, other financial instruments, federal legal considerations and the behavior of interest rates.

Estimated Study Time: 40 hours

Questions: 115 multiple choice
Time Allowed: 3 hours 30 minutes
Passing Score: 70%
Munipal Fund Securities Principal

The Series 53 license is required for those supervising selling activity and underwriting of municipal Bonds. Topics include: general supervision, sales supervision, origination and syndication, operations and trading.

Prerequisite:: Series 7(if passed prior to 11/17/11) or Series 52
Estimated Study Time: 25 hours

Questions: 100 multiple choice
Time Allowed: 3 hours
Passing Score: 70%
Corporate Securities Limited Representative

This license is required for those selling only stocks and corporate bonds. Topics include: characteristics of corporate securities, registration, margin, fraudulent and other prohibited practices, and licensing of broker-dealers, agents and investment advisers.

Estimated Study Time: 50 hours

Questions: 115 multiple choice
Time Allowed: 2 hours 30 minutes
Passing Score: 70%
Research Analyst- Part 1 Analysis Mode

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.

Prerequisite:: Series 7, S17, S37 or S38
Estimated Study Time: 40-45 hours

Questions: 100 multiple choice
Time Allowed: 4 hours
Passing Score: 73%
Research Analyst-Part II Regulations Module

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.

Prerequisite:: Series 7, S17, S37 or S38
Estimated Study Time: 15-20 hours

Questions: 50 multiple choice
Time Allowed: 1 hour 30 minutes
Passing Score: 74%
Operations Professional

This examination qualifies an individual to function as an Operations Professional. The purpose of the Operations Professional exam is to help certain operations personnel ("covered persons" as defined by FINRA Rule 1230), to understand te functioning of various departments within a broker-dealer as well as their individual professional responsibilities. The examiniation requires candidates to posess an understanding of both Federal and SRO securities regulation as well as basic product knowledge. Operations Professionals will also be assessed on their ability to both identify and properly escalate various regulatory red flag scenarios.

ESTIMATED STUDY TIME: 50 hours
TIME ALLOWED: 2.5 hours
QUESTIONS: 100
PASSING SCORE: 68%
Life, Accident & Health Insurance
Missouri in inventory. Other states available by request.