Securities Exam Preparation Blog

     The “Series 11 Assistant Representative -Order Processing” category of NASD registration applies to  persons associated with an NASD member firm who accept telephone or other communications from the public for the purposes of providing current securities quotations and accepting unsolicited customer orders for submission to the normal order execution operations of the member.

   A Series 11 Assistant Representative-order processing registrant may conduct the above mentioned tasks only on the premises of the member, must be under the direct supervision of a registered principal, and may not receive extra direct or indirect compensation for the number or size of transactions effected. In addition, an Assistant Representative - Order Processing registrant is prohibited from:

• rendering investment advice or opinion
• making recommendations
• effecting transactions in securities markets on behalf of the member firm
• accepting or opening new accounts
• pre-qualifying potential customers
• effecting transactions in municipal securities or direct participation programs
• dually registering as a representative or principal.

   There is no prerequisite to sit for the exam. The test fee is $60.00 and Form U-4 is used to apply. The test has a 1 hour time limit and 50 questions.

   The Series 11 Assistant Representative - Order Processing exam covers the following topics:

Equity, debt and other types of securities     10 questions 
Customer accounts and orders                    24 questions 
Securities Markets                                       5 questions 
Regulations                                               11 questions