Description of FINRA Examination Objectives |
| Series #6 - Investment Company Products/Variable Contracts Limited Representative: 50 multiple choice questions; 1 hour and 30 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: 125 multiple choice questions; 3 hours and 45 minutes of testing time. 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:
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Registered Options Principal
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General Securities Sales Supervisor for Options and Municipal Securities
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Municipal Securities Principal
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Municipal Fund Securities Principal
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Financial and Operations Principal
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Introducing Broker/Dealer Financial and Operations Principal
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| 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. |
| The Securities Industry Essentials (SIE) Introductory-Level Exam:
75 Question multiple choice exam; 105 minutes testing time; Passing score is 70%.
This exam assesses a candidate’s knowledge of basic securities industry information including concepts fundamental to working in the industry, such as types of products and their risks; the structure of the securities industry markets, regulatory agencies and their functions; and prohibited practices.
The Essentials exam is open to anyone aged 18 or older, including students and prospective candidates interested in demonstrating basic industry knowledge to potential employers.
Association with a firm is not required, and individuals are permitted to take the exam before or after associating with a firm.
Essentials exam results are valid for four years |
