What are the different exams administered by FINRA and what are they for?

Series #3 National Commodity Futures Exam *

This examination is required for registration by the National Futures Association for those who wish to be registered commodity representatives, commodity trading advisers, commodity pool operators, or set up an introducing broker.

Series #5 Interest Rate Options Exam

This examination is required of all general securities representatives, general securities sales supervisors, and registered options principals if they trade options contracts on U.S. government securities. This is an add-on examination requirement for candidates who qualified as general securities representatives before June 1986. This material is currently covered on the Series 7, Series 42, Series 4, and Series 9.

Series #6 Investment Company - Variable Contracts (Mutual Funds) Exam

The Series 6 exam is required for people who will only offer investment company products such as mutual funds and closed-end funds and for those who will sell variable annuity contracts and variable life insurance.

Series #7 General Securities Registered Representative (Stockbroker) Exam

This registration qualifies a candidate for the solicitation, purchase, and/or sale of all securities products, including corporate securities, municipal securities, municipal fund securities, options, direct participation programs, investment company products, and variable contracts.

Series #11 Assistant Representative - Order Processing

This examination is designed for persons associated with a member who accept unsolicited customer orders for submission for execution by a member. They cannot accept orders for municipal securities or direct participation programs.

Series #15 Foreign Currency Options Exam

The examination is required of individuals (both representatives and principals) who trade options contracts on foreign currencies on the Philadelphia Stock Exchange. This is an add-on examination requirement for candidates who qualified as general securities representatives before June 1986. This material is currently covered on the Series 7, Series 42, Series 4, and Series 9.

Series #17 Limited Representative (SFA registration)

Associated persons registered and in good standing with the Financial Services Authority (FSA) in the United Kingdom, or one of the Canadian securities regulatory organizations, would be eligible to take an abbreviated form of the Series 7 examination.

Series #22 Direct Participation (Limited partnerships) Exam

This qualifies an individual who will function as a registered representative for the solicitation, purchase, and/or sale of programs that provide for flow-through tax consequences, such as oil and gas programs, real estate programs, and S corporation offerings.

Series #30 Futures - Branch Office Manager Exam *

This examination is required by the National Futures Association for those registered commodity representatives who are acting as a branch manager.

Series #31 Futures - Managed Funds Exam *

This examination is required by the National Futures Association for those who wish to sell managed futures products.

Series #32 Futures Exam - United Kingdom Representatives *

This examination is required by the National Futures Association for those U.K. registered representatives who wish to place orders on U.S. commodities exchanges.

Series #33 Financial Instruments Examination *

This examination is required by the National Futures Association for those who wish to be futures representatives in financial instruments only.

Series #37 Canadian Module of the General Securities Exam

Associated persons registered and in good standing with the one of the Canadian securities regulatory organizations, would be eligible to take an abbreviated form of the Series 7 examination.

Series #38 Canadian Module of the General Securities Exam

Associated persons registered and in good standing with one of the Canadian securities regulatory organizations, would be eligible to take an abbreviated form of the Series 7 examination.

Series #42  Registered Options Representative Exam

This registration requires a concurrent registration as a Corporate Securities Limited Representative (Series 62). The Series 62 co-requisite is necessary to demonstrate functional understanding of the securities products underlying the option contract. Questions on handling option accounts, equity, debt, foreign currency, and index options are on each test.

Series #47  Japanese Module of the General Securities Exam

Series #52  Municipal Securities Representative Exam

In addition to municipal securities, municipal fund securities (e.g., 529 College Savings Plans, Local Government Investment Pools (LGIPs)) and municipal markets, this examination covers U.S. government, federal agency, and other financial instruments, economic activity, government policy, the behavior of interest rates, and applicable federal securities laws and regulations.

Series #55  Equity Trader - Limited Representative Exam

Registered representatives in this category may trade equity and convertible debt securities on a principal or agency basis. The Series 7 (including the foreign modules) or the Series 62 is the prerequisite to the Series 55.

Series #62  Corporate Securities - Limited Representative Exam

This examination qualifies an individual as a representative for the sale of public offerings and/or private placements of corporate stocks, corporate bonds, rights, warrants, real estate investment trusts, collateralized mortgage obligations, and securities of closed-end companies registered pursuant to the Investment Company Act of 1940, repos and certificates of accrual on corporate securities; securities traders; mergers and acquisitions; venture capital; corporate financing; ETFs, and hedge funds.

Series #63  Uniform Securities Agent State Laws Exam *

The Series 63 is designed to qualify candidates as securities agents. The examination covers the principles of state securities regulation reflected in the Uniform Securities Act.

Series #65  Uniform Registered Investment Adviser Law Exam (RIA) *

The Series 65 is designed to qualify candidates as investment adviser representatives.

Series #66  Uniform Investment Adviser - Combined State Laws Exam *

The Series 66 is designed to qualify candidates as both securities agents and investment adviser representatives.  The Series 7 is a corequisite exam that needs to be successfully completed in addition to the Series 66 exam before a candidate can register with a state.

Series #72  Government Securities - Limited Representative

Registered representatives in this limited category of registration are permitted to transact a member's business in Treasury securities, government agency securities, and mortgage-backed securities.

Series #82  Private Securities Offerings - Limited Representative

This examination qualifies an individual for the sale of private placement securities as part of a primary offering.

Series #86 Research Analyst - Securities Analysis and Series #87 Research Analyst - Regulations

There are 100 multiple choice questions on the Series 86 and the testing time is 4 hours, which test fundamental analysis and valuation of equity securities.  The testing time for the Series 87 is 90 minutes with 50 questions that cover FINRA and New York Stock Exchange rules, the Securities Act of 1933 and the Securities Exchange Act of 1934. This exam is appropriate for individuals who produce written or electronic communications that analyze equity securities or individual companies/industry sectors, and provide reasonably sufficient information upon which to base investment decisions.

Series #4 Registered Options Principal Exam

This examination is required of an individual who will function as a registered options principal, compliance registered options principal, or senior registered options principal. The Series 4 tests the individual's knowledge of options trading, exchange rules, and regulations applicable to the trading of options contracts, as well as the rules of the Options Clearing Corporation.

Series #9 and 10 NYSE General Securities Sales Supervisor Exam – Options and General Module

This registration is appropriate for individuals required to register as principals to supervise sales activities in corporate, municipal, and options securities, investment company products, variable contracts, and direct participation programs. In addition to branch office managers, regional and national sales managers may also register in this capacity.

Series #12 NYSE Securities Manager

This registration is appropriate for individuals required to register as principals to supervise sales activities in corporate securities, investment company products, variable contracts, and direct participation programs. It excludes supervision of options and municipal securities.

Series #14 NYSE Compliance Officer

This examination is required by the New York Stock Exchange.  The Series 14 Examination is a qualification examination intended to insure that the individuals designated as having day-to-day compliance responsibilities for their respective firms or who supervise ten or more people engaged in compliance activities have the knowledge necessary to carry out their job responsibilities.

Series #16 NYSE Supervisory Analyst

This examination is required by the New York Stock Exchange and may be taken in one or two parts depending on NYSE requirements.  The Series 16, a non-principal examination, qualifies a candidate to supervise the preparation and content of research reports that analyze debt and equity securities and/or companies and industry sectors to ensure these reports are accurate and comply with industry rules and regulations.

Series #23 General Securities Principal Upgrade from Series 9 and 10

The Series 23 is designed to test a candidate’s knowledge of the rules and statutory provisions applicable to the management of a general securities broker/dealer. Series 23 examination program allows persons associated with FINRA members who are registered as General Securities Sales Supervisors and who are seeking to register and qualify as General Securities Principals an alternative to completing the Series 24. The Series 23 examination covers material from the Series 24 examination not otherwise covered under the Series 9/10 examination.

Series #24 General Securities Principal Exam

This examination qualifies individuals required to register as general securities principals in order to manage or supervise the member's investment banking or securities business for corporate securities, direct participation programs, and investment company products/variable contracts. The Series 24 does not qualify an individual to function as a: Registered Options Principal, General Securities Sales Supervisor for Options and Municipal Securities, Municipal Securities Principal, Municipal Fund Securities Principal, Financial and Operations Principal, or an Introducing Broker/Dealer Financial and Operations Principal.

Series #26 Investment Company (Mutual Funds) Principal Exam

The Series 26 exam is a limited principal registration for those who will manage or supervise representatives whose activities are limited to the offer, sale, or purchase of mutual funds, closed end funds, or the sale of variable annuity contracts.

Series #27 Financial and Operations Principal Exam

The Series 27 is designed to test a candidate's knowledge and understanding of financial responsibility rules and recordkeeping requirements.

Series #28 Financial and Operations Principal Introducing Broker Exam

This examination is required for the individual responsible for the recordkeeping requirements of introducing firms that do not carry customer accounts or hold customer funds or securities.

Series #39 Direct Participation Programs Principal Exam

This qualifies an individual who will function as a principal for the solicitation, purchase, and/or sale of programs that provide for flow-through tax consequences, such as oil and gas programs, real estate programs, and S corporation offerings.

Series #51 Municipal Fund Securities Limited Principal Exam

This examination is designed to test a candidate’s knowledge of the rules and statutory provisions applicable specifically to municipal fund securities and the supervision of the activities of registered representatives effecting municipal fund securities transactions (e.g. 529 College Savings Plans, Local Government Investment Pools (LGIPs).

Series #53 Municipal Securities Principal Exam

This examination is designed to test a candidate's knowledge of the rules and statutory provisions applicable to a municipal securities broker or dealer and to the supervision of the activities of municipal securities representatives.  This exam also enables the principal to supervise municipal fund securities (e.g., 529 College Savings Plans, Local Government Investment Pools (LGIPs)).