FINRA EXAMS and STUDY MATERIALS GUIDE

Series 3 National Commodity Futures Exam

The Commodity Futures Trading Commission requires this exam for anyone who is going to act as an Associated Person, Commodity Trading Advisor, Commodity Pool Operator, Introducing Broker, or Futures Commission Merchant.   As a sidenote, the CFTC requires those who trade ForEx (foreign exchange) to pass the Series 34 exam and the Series 3 exam.

Series 30 Branch Office Manager Futures

Branch Office Managers for a commodity futures firm must pass the Series 30 exam.   Individuals with a Broker-Dealer however, may, in lieu of the Series 30 exam, provide proof they are qualified as a branch office manager or supervisor under rules of the New York Stock Exchange or FINRA. The Series 3 exam is a co-requisite.

Series 34 Exam Retail Off-Exchange Forex Examination

Those who work with retail customers in off-exchange forex must pass the Series 34. The registrants, or “APs” (Associated Persons), will be referred to as “Forex Individuals” or “Forex APs”.   The Series 3 exam is a co-requisite.  When doing forex the sequence of taking the 3 and 34 exams makes no difference, but for registration, the 34 is not valid until the 3 has been passed.

The Series 63 Exam Uniform Securities Agent State Laws

Most states require this test as a condition of registration as a registered representative. The Series 63 exam covers the Uniform Securities Act of 1956, with amendments adopted by NASAA. The Series 63 exam is to provide a basis for State Security Administrators to determine an applicant’s understanding of state laws. There is no prerequisite but there is an $135 test fee (test application Form U-10 or Form U-4 is required).  60 questions and a 75 minute time limit.  72% to pass.

The Series 65 Exam Registered Investment Adviser

The Series 65 test is required by states for individuals who wish to act as Investment Advisers, or Investment Adviser Representatives.  Some states’ Securities Administrator will waive the 65 exam requrement. Generally, if the applicant has the CERTIFIED FINANCIAL PLANNER™ Professional, the Chartered Financial Consultant, Accredited Personal Financial Specialist, Chartered Financial Analyst, the Chartered Investment Counselor, or other designations or items as ruled by the state administrator, the exam requirement may be waived.    130 questions and 3 hour time limit.  72% to pass.

Registered Principal Exams consist of:

The Series 24,  Series 4, Series 23, Series 26, Series 27, Series 28, Series 51, Series 53 exams.

Relating to the Series 24, any person who wants a registration for managing or supervising representatives in investment banking, securities business, training, solicitation, as well as the general conduct of business operations is required by FINRA to pass the Series 24 test General Securities Principal.   It’s 3 1/2 hours long and has 150 questions. 70% of the total is passing. The prerequisite for the Series 24 test is having passed either the Series 7 (General Securities Registered Representative) exam or the Series #62 (Corporate Securities Limited Representative) exam.

The Series 7 exam is a New York Stock Exchange test

Accepted by FINRA, for anyone employed by a Broker / Dealer who will trade all types of securities.   This is the most comprehensive of the registered representative exams. The Series 7 exam essentially covers the Series 6, 22, 42, 52, and the 62 topics.  Therefore, if you pass the Series 7 exam, you do not need to sit for the Series 6 to have a license to sell mutual funds.  Likewise, you don’t need the Series 22 to sell limited partnerships, etc.  The Series 7 exam consists of two three-hour sessions of 125 questions each with a 6 hour time limit.  For more information, click the button below.