NAKAZONO SECURITIES TRAINING
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Description of FINRA Examination Objectives


Go to http://www.finra.org/Industry/Compliance/Registration/QualificationsExams/RegisteredReps/Qualifications/p011051 for more information.

 

Series #4 - Registered Options Principal: 125 multiple choice questions; 3 hours testing time. 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.


Series #6 - Investment Company Products/Variable Contracts Limited Representative: 100 multiple choice questions; 2 hours and 15 minutes testing time. 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.


Series #7 - General Securities Representative: 250 multiple choice questions - administered in two parts of 125 questions each; 3 hours testing time for each part. 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.


Series #9 and #10 - General Securities Sales Supervisor : 200 multiple choice questions. 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.


Series #24 - General Securities Principal: 150 multiple choice questions; 3 hours and 30 minutes testing time. 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

Series #63 - Uniform Securities Agent State Law Examination - (NASAA): 60 multiple choice questions; 1 hour and 15 minutes testing time. 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.


Series #65 - The Uniform Investment Adviser Law Examination - (NASAA): The examination, called the Series 65 exam, is designed to qualify candidates as investment adviser representatives. The exam covers topics that have been determined to be necessary to understand in order to provide investment advice to clients. The examination consists of 130 questions plus 10 pretest questions. Applicants are allowed 180 minutes to complete the examination. At least 94 (72%) of the questions must be answered correctly for an individual to pass the Series 65 exam.


Series #66 - Uniform Combined State Law Examination - (NASAA): 100 multiple choice questions; 2 hours and 30 minutes testing time. 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.



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