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FINRA -- NASAA -- and
FUTURES INDUSTRY EXAMS

WHAT EXAMS ARE THERE?

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. Now that the NASD and the NYSE have merged there will probably be a consolidation of some of the exams.

For NFA (National Futures Association) and NASAA (North American Securities Administrators Association) registration there is only one level regardless of whether the candidate is a representative or a principal of the firm. For example, in futures candidates sit for the Series 3 exam and for registered investment Advisors 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 General Securities Representative "Add On" License for U.K. Representatives

• Series #22 Direct Participation (Limited partnerships) Exam

• Series #30* Futures - Branch Office Manager Exam

• Series #31* Futures - Managed Funds Exam

• Series #34* Retail Off-Exchange Forex Examination

• 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 Advisor Law Exam (RIA)

• Series #66* Uniform Investment Advisor - Combined State Laws Exam

• Series #72 Government Securities - Limited Representative

• Series #79 Limited Representative Investment Banking

• 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.