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.
The Complete List of Courses that SEP Offers:
Registered Representative Level
- SIE Exam – Securities Industry Essentials Exam
- Series 3 National Commodity Futures Exam
- Series 7 Top Off Exam – General Securities Registered Representative Exam
- Series 31 Futures Managed Funds
- Series 34 Retail Off-Exchange Forex Exam
- Series 50 Municipal Advisor Representative
- Series 57 Top Off Exam – Securities Trader Qualification Examination
- Series 63 Uniform Securities Agent Laws
- Series 65 Uniform Registered Investment Advisor Exam
- Series 66 Uniform Combined Registered Investment Advisor – State Laws
- Series 99 Operations Professional Exam
Registered Principal Level
- Series 4 Registered Options Principal Exam
- Series 9 and 10 General Securities Sales Supervisor Exam
- Series 24 General Securities Principal Exam
- Series 26 Investment Company and Variable Contracts Products Registered Principal
- Series 27 Financial and Operations Principal Exam
- Series 30 Branch Office Manager Futures Exam
- Series 51 Municipal Fund Securities Limited Principal.
- Series 53 Municipal Securities Principal Exam
*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)