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Qualification Exams

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 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.

 

The Exams

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 75 $60
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 (OP) 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 $225
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 $165
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
  • Restructured Qualification Examinations and Related Examination Fees
  • SEC Approves Consolidated FINRA Registration Rules, Restructured Representative-Level Qualification Examinations and Changes to Continuing Education Requirements Effective Date: October 1, 2018
  • FINRA Revises the Series 9/10 Examination Program
  • FINRA Announces Approval of and Implementation Date for Securities Trader and Securities Trader Principal Registration Categories and Related Qualification Examination, Fee and Continuing Education Requirements
  • CE Online and S101 Personalization
  • FINRA Revises the Series 27 and Series 28 Examination Programs
  • FINRA Revises the Series 4 Examination Program
  • FINRA Requests Comment on a Concept Proposal to Restructure the Representative-Level Qualification Examination Program
  • Changes to Qualification Examination Fees
  • FINRA Requests Comment on a Proposal to Require Registration of Associated Persons Involved in the Design, Development or Significant Modification of Algorithmic Trading Strategies
  • Revised Process for Candidates Whose Primary Language Is Not English to Receive Additional Time to Complete a Qualification Examination or Continuing Education Session
  • FINRA Revises the Series 55 Examination Program
  • FINRA Surveys to Update the Series 4, 9 and 10 Qualification Examinations
  • New Criteria and Process for Candidates Whose Primary Language Is Not English to Receive Additional Time to Complete a Qualification Examination or Continuing Education Session
  • Operations Professional Qualification Examination, Examination Fee and Initial Rollout Period
  • Changes to Fees for Cancelling or Rescheduling a Qualification Examination or Regulatory Element Continuing Education Session
  • SEC Approves Operations Professional Registration Category and Consolidated FINRA Continuing Education Rule
  • FINRA Surveys to Update the Series 6, 16, 24 and 26 Exams
  • FINRA Requests Comment on Proposed Registration Category, Qualification Examination and Continuing Education Requirements for Operations Professionals
  • Change for Scheduling Exam and CE Sessions
  • SEC Approves Rule Change Creating New Limited Representative – Investment Banker Registration Category and Series 79 Investment Banking Exam
  • FINRA Announces Electronic Filing Process For Qualification Examination Waiver Requests and Series 16 Experience Acceptability Requests Effective Date: January 16, 2009
  • Proposed Amendments to Qualification Examination Fees in Section 4(c) of Schedule A to the FINRA By-Laws
  • FINRA Survey to Update the Series 7 Exam
  • Acceptability of Series 24 Examination under NYSE Rule 342.13
  • Revisions to the Series 23, 24, 42, 55, 62, 72 and 82 Examination Programs
  • Amendments to Section 4 of Schedule A to the NASD By-Laws Governing Continuing Education Regulatory Element and Qualification Examination Fees
  • NASD Announces Exemption from the Research Analyst Qualification Requirements (Series 86 and 87) for Certain Employees of Foreign Affiliates Who Contribute to Member Research Reports
  • Revisions to the Series 11 and 55 Examination Programs
  • NASD Announces Exemption from the Analysis Portion of the Research Analyst Qualification Examination (Series 86) for Certain Applicants Who Prepare Only "Technical Research Reports"
  • NASD Reminds Firms of April 4, 2005, Expiration Date of Grace Period to Meet NASD Research Analyst Qualification and Examination Requirements (Series 86/87)
  • SEC Approves New NASD Qualification Requirements for Supervisors of Research Analysts
  • Amendments to Section 4 of Schedule A to the NASD By-Laws Governing Qualification Examination Fees
  • SEC Announces Immediate Effectiveness of Amendments to the Rule 9600 Series Establishing Waiver Subcommittee of the National Adjudicatory Council
  • New Series 23 Examination
  • For Your Information
  • For Your Information
  • Series 22, 27, 28, 39, 55, And 82 Modified
  • SEC Approves Proposed Rule Change Establishing A New Limited Registration Category For Private Securities Offerings
  • Series 24, 26, And 62 Modified
  • For Your Information
  • For Your Information
  • NASD Announces Interpretation Of NASD Rule 1032(f) Regarding Series 55/Equity Trader Registration Requirement
  • Deadline Extended For Series 55 Equity Trader Examination To October 1, 2000
  • For Your Information
  • For Your Information
  • Series 7 Examination Fee Increase Effective September 15, 1999
  • For Your Information
  • For Your Information
  • NASD Extends Filing Period For New Equity Trader Examination And Responds To Questions Regarding New Equity Trader Qualification Rule
  • SEC Approves New NASD Qualification Requirements And Examination For Equity Traders (Series 55)
  • SEC Approves New Qualification Examination For Government Securities Representatives (Series 72) And New Registration Requirements For Registered Options Representatives (Series 42)