Navigating FINRA Exams: Guide to All 32 FINRA Licenses

FINRA Principal-Level Exams

FINRA Series 4

Registered Options Principal Exam

The Series 4 exam assesses your ability to oversee options trading and comply with relevant regulations.

Duration: 3 hours and 15 minutes
Questions: 125
Cost: $155
Passing Score: 72%

Requirements:

• Must pass the Series 7 exam

• Must be associated and sponsored by a FINRA member firm or SRO

Topics Covered:

• Options strategies and trading

• Foreign exchange options

• Regulatory requirements and taxation

Permitted Activities:

• Supervise options sales practices for equity, foreign currency, interest rate, and index options

• Oversee options on government and mortgage-backed securities
  
  
  

FINRA Series 9/10

General Securities Sales Supervisor Exam

The Series 9/10 exams are for professionals aiming to supervise sales activities and trading operations within the securities industry.

Duration: 1 hour and 30 minutes; 4 hours
Questions: 55; 145
Cost: $130; $175
Passing Score: 70%

Requirements:

• Must pass the SIE and Series 7 exams

• Must be associated and sponsored by a FINRA member firm or SRO

Topics Covered:

• Supervising sales and trading activities

• Approving customer accounts

• Training sales personnel

Permitted Activities:

• Supervise the sale of corporate securities, rights, and warrants

• Oversee sales of closed-end funds, money market funds, and REITs

• Manage transactions involving asset-backed and mortgage-backed securities

• Supervise equity options and options on corporate-backed securities

• Oversee mutual funds, variable annuities, and variable life insurance sales

• Manage government securities, repos, and certificates of accrual on government securities

• Supervise municipal securities and municipal fund securities transactions

• Oversee direct participation programs
  
  
  

FINRA Series 14

Compliance Officer Exam

The Series 14 exam tests your knowledge of compliance functions and regulatory processes.

Duration: 3 hours
Questions: 110
Cost: $350
Passing Score: 70%

Requirements:

• Must be associated with a FINRA member firm or SRO

Topics Covered:

• Industry regulatory agencies

• Supervision of sales and customer accounts

• Financial responsibilities for FINRA and NYSE-member firms

Permitted Activities:

• Oversee regulatory compliance for daily firm activities

• Manage supervisory functions to align with industry regulations
  
  
  

FINRA Series 16

Supervisory Analyst Exam

The Series 16 exam evaluates your ability to supervise the preparation and approval of research reports.

Duration: Part 1: 1 hour and 30 minutes, Part 2: 2 hours
Questions: Part 1: 50, Part 2: 50
Cost: $245 per part
Passing Score: Part 1: 72%, Part 2: 74%

Requirements:

• Must be associated with a FINRA member firm or SRO

• Exemption on Part 2 for those with certain CFA credentials

Topics Covered:

• FINRA and NYSE rules

• Valuation of securities

• Financial statement analysis and economics

Permitted Activities:

• Review and approve research reports on debt and equity securities

• Approve discussions on broad-based indices and market conditions

• Oversee technical analyses and statistical summaries of financial data

• Approve recommendations for industry-specific holdings adjustments

• Approve ratings or price target changes, and other specialized research under certain conditions
  
  
  

FINRA Series 23

General Securities Principal – Sales Supervisor Module Exam

The Series 23 exam is for professionals seeking to become general securities principals or sales supervisors.

Duration: 2 hours and 30 minutes
Questions: 100
Cost: $105
Passing Score: 70%

Requirements:

• Must pass the SIE, Series 7, and Series 9/10 exams

• Must be associated and sponsored by a FINRA member firm or SRO

Topics Covered:

• Investment banking processes

• Trading and market-making activities

• FINRA regulations and office management

Permitted Activities:

• Oversee regulatory compliance for advertising, market making, trading, and underwriting activities

• Supervise within the limitations of representative-level registrations

FINRA Series 24

General Securities Principal Exam

The Series 24 exam qualifies you as a general securities principal, covering a broad range of supervisory topics.

Duration: 3 hours and 45 minutes
Questions: 150
Cost: $175
Passing Score: 70%

Requirements:

• Must pass the SIE and one of the following: Series 7, 57, 79, 82, 86/87, or 16

• Must be associated and sponsored by a FINRA member firm or SRO

Topics Covered:

• Regulatory guidelines

• Corporate securities and trading

• Customer accounts and record-keeping

Permitted Activities:

• Oversee regulatory compliance for advertising, market making, trading, and underwriting

• Supervise activities within the scope of their representative-level registrations
  
  
  

FINRA Series 26

Investment Company and Variable Contracts Products Principal Exam

The Series 26 exam tests your ability to supervise the sale of investment company products and variable contracts.

Duration: 2 hours and 45 minutes
Questions: 110
Cost: $150
Passing Score: 70%

Requirements:

• Must pass the SIE and either Series 7 or 6

• Must be associated and sponsored by a FINRA member firm or SRO

Topics Covered:

• Personnel management and compliance

• Sales activities and record-keeping

• Maintenance of customer accounts

Permitted Activities:

• Supervise sales of investment company products
  
  
  

FINRA Series 27

Financial and Operations Principal Exam

The Series 27 exam is for professionals aiming to become financial operations managers.

Duration: 3 hours and 45 minutes
Questions: 145
Cost: $175
Passing Score: 69%

Requirements:

• Must be associated and sponsored by a FINRA member firm or SRO

Topics Covered:

• Capital requirements and financial reporting

• Customer protection and record-keeping

• Federal Reserve Board regulations

Permitted Activities:

• Supervise back-office operations

• Oversee preparation and maintenance of a member firm’s books and records

• Manage compliance with financial responsibility rules for self-clearing broker-dealers and market makers
  
  
  

FINRA Series 28

Introducing Broker-Dealer Financial and Operations Principal Exam

The Series 28 exam is for those seeking to become licensed recordkeepers or operations principals for broker-dealers.

Duration: 2 hours
Questions: 95
Cost: $150
Passing Score: 69%

Requirements:

• Must be associated and sponsored by a FINRA member firm or SRO

Topics Covered:

• Record-keeping and financial reporting

• Net capital requirements

• Uniform practice rules and customer protection

Permitted Activities:

• Supervise back-office operations

• Oversee preparation and maintenance of a member firm’s books and records

• Manage compliance with financial responsibility rules for fully disclosed broker-dealers that do not hold customer funds and securities and do not carry customer accounts
  
  
  

FINRA Series 39

Direct Participation Programs Limited Principal Exam

The Series 39 exam evaluates your ability to oversee direct participation programs.

Duration: 2 hours and 15 minutes
Questions: 100
Cost: $100
Passing Score: 70%

Requirements:

• Must pass the SIE and either Series 7 or 22

• Must be associated and sponsored by a FINRA member firm or SRO

Topics Covered:

• Structure and regulation of direct participation programs

• Employee management and compliance

• FINRA regulations

Permitted Activities:

• Supervise regulatory compliance over sales of direct participation program limited partnerships, including real estate, oil and gas, and equipment leasing

• Oversee sales of limited liability companies (LLCs) and S corporations

• Supervise a firm’s investment banking and securities business, including compliance, underwriting, and advertising for activities covered by each supervisory principal’s license
  
  
  

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