Study Programs FINRA – NASAA – and Futures Industry Exams

What Exams Are There?

Most FINRA 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  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 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.

(NOTE: SEP does not offer exam prep materials for ALL tests)

Registered Representative Level

(NOTE: SEP does not offer exam prep materials for ALL tests)

Registered Principal Level

*There is no “sponsor requirement” for this exam; you can submit a form Form 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.

(NOTE: SEP does not offer exam prep materials for ALL tests)