WHAT EXAMS ARE THERE?
(Note: SEP does not offer exam prep materials for ALL tests.)
Most FINRA(NASD) exams are divided into Registered
Representative and Registered Principal levels. As an example, if you enter into
the securities industry as a General Securities Registered Representative with a
Series 7 exam and later become a Principal of the firm -- you would sit for the
Series 24 exam. In mutual funds you would begin with the
Series 6 exam and then
go on to the Series 26 for the principal registration. Note that the number
assigned to a specific test is for reference only (therefore, a
Series 4 isn't
"ranked higher" than a Series 3). If the FINRA(NASD) member
firm you work with is also a member of the New York Stock Exchange, your firm
would have to adhere to NYSE rules as well. The NYSE requires its members to
have a work experience requirement before they place trades on their exchange --
this is why the NYSE member firms have training programs that their
representatives have to complete (in addition to passing the Series 7 exam)
before they are fully registered. In addition, if you have the Series 7 and
later become a branch manager for an NYSE member firm you would sit for the
NYSE's Series 9 and 10 exams instead of the FINRA
(NASD) Series 24.
For NFA (National Futures Association) and NASAA (North American Securities
Administrators Association) there is only one level. For example, in futures
candidates sit for the Series 3 exam; for registered investment advisers there
is the Series 65 exam.
Registered Representative Level:
-
Series # 3*
National Commodity Futures Exam
-
Series # 5 Interest Rate Options Exam
-
Series # 6 Investment Company and Variable
Contracts (Mutual Funds) Exam
-
Series # 7 General Securities Registered
Representative (Stockbroker) Exam
-
Series #11 Assistant Representative - Order
Processing
-
Series #15 Foreign Currency Options Exam
-
Series #17 Limited Representative (SFA
registration)
-
Series #22 Direct Participation (Limited
partnerships) Exam
-
Series #30* Futures - Branch Office Manager Exam
-
Series #31* Futures - Managed Funds Exam
-
Series #32* Futures Exam - United Kingdom
Representatives
-
Series #37 Canadian Module of the General
Securities Exam
-
Series #38 Canadian Module of the General
Securities Exam
-
Series #42 Registered Options Representative
Exam
-
Series #47 Japanese Module of the General
Securities Exam
-
Series #52 Municipal Securities Representative
Exam
-
Series #55 Equity Trader - Limited
Representative Exam
-
Series #62 Corporate Securities - Limited
Representative Exam
-
Series #63 Uniform Securities Agent State Laws
Exam *
-
Series #65* Uniform Registered Investment
Adviser Law Exam (RIA)
-
Series #66* Uniform Investment Adviser -
Combined State Laws Exam
-
Series #72 Government Securities - Limited
Representative
-
Series #82 Private Securities Offerings -
Limited Representative
-
Series #86 Research Analyst - Securities
Analysis
-
Series #87 Research Analyst - Regulations
Registered Principal Level:
-
Series #4 Registered Options Principal Exam
-
Series # 9 NYSE General Securities Sales
Supervisor Exam - Options
-
Series #10 NYSE General Securities Sales
Supervisor Exam - General Module
-
Series #12 NYSE Branch Manager
-
Series #14 NYSE Compliance Officer
-
Series #16 NYSE Supervisory Analyst
-
Series #23 General Securities Principal Upgrade
from Series 9 and 10
-
Series #24 General Securities Principal Exam
-
Series #26 Investment Company (Mutual Funds)
Principal Exam
-
Series #27 Financial and Operations Principal
Exam
-
Series #28 Financial and Operations Principal
Introducing Broker Exam
-
Series #39 Direct Participation Programs
Principal Exam
-
Series #51 Municipal Fund Securities Limited
Principal
-
Series #53 Municipal Securities Principal Exam
*There is no "sponsor requirement" for this exam; you can
submit a for U-10 with the appropriate fee and take the exam on your own.
Remember, passing the exam is only one step in the process of becoming
registered -- and you can't solicit until you are completely registered.
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