To become registered, securities professionals must pass qualifying exams administered by FINRA to demonstrate their competence in the particular securities activities in which they will work. An individual must pass the exams prior to engaging in those areas of the business.
These exams cover a broad range of subjects on the markets and the securities industry and its regulatory structure. This includes knowledge of FINRA rules and also the rules of other self-regulatory organizations (SROs). The purpose of the exams is to ensure that an individual acquires a minimum level of understanding and expertise.
The Exams
The Duration column below is the amount of time permitted to complete each exam. Exam appointment times include an additional 30 minutes for taking the tutorial and completing the post-exam survey.
Some exams have additional unscored (pretest) questions. Refer to each exam content outline for more information.
Securities Industry Essentials Exam (SIE)
| Duration | Questions | Cost | |
|---|---|---|---|
| Securities Industry Essentials (SIE) | 1 hour and 45 minutes | 75 | $60 |
FINRA Representative-level Exams
| Duration | Questions | Cost | |
|---|---|---|---|
| Series 6 – Investment Company and Variable Contracts Products Representative Exam | 1 hour and 30 minutes | 50 | $40 |
| Series 7 – General Securities Representative Exam | 3 hours and 45 minutes | 125 | $245 |
| Series 22 – Direct Participation Programs Limited Representative Exam | 1 hour and 30 minutes | 50 | $40 |
| Series 57 - Securities Trader Representative Exam | 1 hour and 45 minutes | 50 | $60 |
| Series 79 - Investment Banking Representative Exam | 2 hours and 30 minutes | 75 | $245 |
| Series 82 - Private Securities Offerings Representative Exam | 1 hour and 30 minutes | 50 | $40 |
| Series 86/87 – Research Analyst Exam | S86: 4 hours and 30 minutes S87: 1 hour and 45 minutes | S86: 100 S87: 50 | S86: $185 S87: $130 |
| Series 99 - Operations Professional Exam | 1 hour and 30 minutes | 50 | $40 |
FINRA Principal-level Exams
| Duration | Questions | Cost | |
|---|---|---|---|
| Series 4 – Registered Options Principal Examination Exam | 3 hours and 25 minutes | 125 | $105 |
| Series 9/10 – General Securities Sales Supervisor Exam | S9: 1 hour and 30 minutes S10: 4 hours | S9: 55 S10: 145 | S9: $80 S10: $125 |
| Series 14 – Compliance Officer Exam | 3 hours | 110 | $350 |
| Series 16 – Supervisory Analysts Exam | Part 1: 1 hour and 30 minutes Part 2: 2 hours | Part 1: 50 Part 2: 50 | $240 |
| Series 23 – General Securities Principal – Sales Supervisor Module Exam | 2 hours and 30 minutes | 100 | $100 |
| Series 24 – General Securities Principal Exam | 3 hours and 45 minutes | 150 | $120 |
| Series 26 – Investment Company Products/Variable Contracts Limited Principal Exam | 2 hours and 45 minutes | 110 | $100 |
| Series 27 – Financial and Operations Principal Exam | 3 hours and 45 minutes | 145 | $120 |
| Series 28 – Introducing Broker/Dealer Financial and Operations Principal Exam | 2 hours | 95 | $100 |
| Series 39 – Direct Participation Programs Limited Principal Exam | 2 hours and 15 minutes | 100 | $95 |
Municipal Securities Rulemaking Body (MSRB) Exams
| Duration | Questions | Cost | |
|---|---|---|---|
| Series 50 – Municipal Advisor Representative Exam | 3 hours | 100 | $265 |
| Series 51 – Municipal Fund Securities Limited Principal Exam | 1 hour and 30 minutes | 60 | $255 |
| Series 52 – Municipal Securities Representative Exam | 2 hours and 30 minutes | 75 | $260 |
| Series 53 – Municipal Securities Principal Exam | 3 hours | 100 | $265 |
| Series 54 – Municipal Advisor Principal Exam | 3 hours | 100 | $265 |
National Futures Association (NFA) Exams
| Duration | Questions | Cost | |
|---|---|---|---|
| Series 3 – National Commodities Futures Exam | 2 hours and 30 minutes | 120 | $130 |
| Series 30 – NFA Branch Manager Exam (formerly, Branch Managers Exam – Futures) | 50 minutes | 50 | $85 |
| Series 31 – Futures Managed Funds Exam | 1 hour | 45 | $85 |
| Series 32 – Limited Futures Exam – Regulations | 45 minutes | 35 | $85 |
| Series 34 – Retail Off-Exchange Forex Exam | 1 hour | 40 | $85 |
North American Securities Administrators Association (NASAA) Exams
| Duration | Questions | Cost | |
|---|---|---|---|
| Series 63 – Uniform Securities Agent State Law Exam | 1 hour and 15 minutes | 60 | $135 |
| Series 65 – Uniform Investment Adviser Law Exam | 3 hours | 130 | $175 |
| Series 66 – Uniform Combined State Law Exam | 2 hours and 30 minutes | 100 | $165 |
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