FINRA Certification Exams
| Exam | Title | Files |
|---|---|---|
Exam Series 6 |
Title Investment Company and Variable Contracts Products Representative Qualification Examination (IR) |
Files 2 |
Exam Series 63 |
Title Uniform Securities State Law Examination |
Files 2 |
Exam Series 7 |
Title General Securities Representative Qualification Examination (GS) |
Files 1 |
The files are group by the exam number. You can also see the full list of files.
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The Financial Industry Regulatory Authority (FINRA) is a non-governmental organization that regulates member brokerage firms and exchange markets in the United States. It plays a critical role in maintaining market integrity and protecting investors by enforcing rules and standards for securities firms and their registered representatives. For individuals aiming to pursue a career in finance, particularly in brokerage, investment advising, or securities trading, obtaining FINRA certifications and passing the associated Series exams is a pivotal step. These exams validate the knowledge, ethical standards, and professional capabilities required to operate effectively and compliantly within the financial industry.
FINRA certifications and Series exams serve as a gateway for professionals to enter and advance in various finance sectors, including investment banking, wealth management, mutual funds, securities trading, and regulatory compliance. Understanding these certifications, their codes, and their role in career development is essential for any aspiring finance professional.
FINRA administers a variety of exams, often called Series exams, each designed to assess different aspects of knowledge relevant to specific roles within the financial services industry. These exams test candidates on subjects ranging from securities products and market operations to ethical standards and regulatory requirements. Passing these exams is mandatory to register as a licensed representative or principal in specific finance functions.
The Series exams are numerically coded, for example, Series 7, Series 63, Series 65, and Series 79. Each exam targets a particular niche within the financial sector. For instance, Series 7 is broad and covers general securities representatives, while Series 79 focuses on investment banking professionals.
Certification pathways typically require candidates to pass multiple exams to fulfill the qualification requirements for a particular designation or role. These pathways often include prerequisite exams and continuing education requirements.
The Series 7 exam is one of the most widely recognized and comprehensive FINRA exams. It qualifies candidates to sell a broad range of securities, including stocks, bonds, options, and mutual funds. Passing Series 7 enables representatives to engage in general securities business, making it a cornerstone certification for many brokerage and investment professionals.
The exam consists of 125 multiple-choice questions and covers topics such as:
Equity and debt securities
Mutual funds and variable annuities
Options trading strategies
Customer accounts and compliance rules
Securities market regulations
Candidates typically spend several months preparing for the Series 7 due to its breadth and complexity. It requires sponsorship by a FINRA-member firm.
The Series 63 exam focuses on state securities regulations and laws, often referred to as "Blue Sky Laws." Passing Series 63 is required to conduct securities business within individual states. This exam complements Series 7 and is generally taken shortly after or in conjunction with it.
Series 63 contains 60 questions and emphasizes:
State securities acts and related rules
Ethical business practices
Jurisdictional issues
Registration requirements for agents and broker-dealers
Becoming a registered representative (also called a stockbroker) often involves completing the Series 7 and Series 63 exams. This combination permits a candidate to sell securities and provide investment advice legally across states.
The typical certification path includes:
Obtaining sponsorship from a FINRA-member brokerage firm.
Preparing for and passing the Series 7 exam.
Passing the Series 63 exam to comply with state regulations.
Registering with FINRA and state securities regulators.
Complying with ongoing continuing education requirements.
Once registered, individuals can engage with clients, recommend and sell securities, and manage customer accounts under regulatory compliance.
While Series 7 and Series 63 are essential for entry-level roles, finance professionals often pursue additional certifications to specialize or advance their careers. For example:
This exam qualifies candidates to act as investment advisers and provide financial planning services for a fee. Unlike Series 7, which is broker-focused, Series 65 is designed for those who give investment advice independently and manage client portfolios.
The exam covers:
Economic factors and business information
Investment vehicle characteristics
Client recommendations and strategies
Ethics and fiduciary duties
Passing Series 65 is a requirement for professionals who want to register as Investment Adviser Representatives (IARs) under the Investment Advisers Act of 1940.
For those interested in investment banking, the Series 79 exam focuses on the specifics of investment banking activities such as mergers and acquisitions, underwriting, and financial restructuring. It is a niche certification aimed at professionals facilitating capital raising and advisory services.
The exam tests knowledge on:
Corporate finance principles
Mergers and acquisitions advisory
Public offerings and private placements
Regulatory requirements and due diligence
As finance professionals progress in their careers, they often seek specialized certifications that demonstrate expertise in niche areas within the financial services industry. These advanced FINRA exams open doors to roles in management, research, compliance, and other specialized sectors. Understanding the requirements and content of these exams is essential for those who want to build a long-term career in finance.
The Series 24 exam is designed for individuals who seek to become principals, or supervisors, within a brokerage firm. Passing this exam qualifies candidates to oversee and manage branch activities and personnel involved in the buying and selling of securities. It covers a broad range of topics including regulatory compliance, supervision, and firm policies.
The exam content includes supervision of:
Sales activities
Trading and market-making
Investment banking
Compliance with FINRA and SEC rules
This exam is often required for branch managers and compliance officers to ensure they understand the rules and procedures necessary to maintain firm integrity and protect investors.
This exam is tailored for individuals who supervise representatives selling mutual funds, variable annuities, and other investment company products. The Series 26 focuses on regulation, supervision, and sales practices specific to these products.
It covers:
Product features and risks
Sales practices and suitability requirements
Regulatory requirements for mutual funds and annuities
Supervisory procedures
Candidates pursuing this exam often work in firms specializing in mutual funds or variable contracts and need to ensure their teams operate within regulatory frameworks.
The Series 27 exam is for those who want to become financial and operations principals. These professionals are responsible for managing a firm’s financial and operational activities, including record keeping, financial reporting, and ensuring compliance with capital requirements.
Key areas tested include:
Financial statements analysis
Net capital calculations
Customer reserve formula
Internal controls and compliance
Passing Series 27 demonstrates proficiency in managing the back-office functions that are critical to a firm’s financial health and regulatory compliance.
Similar to Series 27, the Series 28 exam targets individuals who oversee financial and operational functions but within introducing broker-dealer firms. These firms introduce client business to clearing firms and need to comply with specific financial regulations.
The exam tests knowledge on:
Financial reporting specific to introducing firms
Clearing and settlement processes
Regulatory capital requirements
Operational risk management
This certification allows professionals to ensure the smooth financial functioning of introducing firms while meeting all regulatory standards.
For professionals working in municipal securities, the Series 53 exam qualifies individuals to supervise activities related to municipal bond trading, underwriting, and advisory services. Municipal securities represent a significant segment of the public finance market, and this exam ensures principals understand the unique regulations and compliance obligations in this sector.
The exam content includes:
Municipal market structure
Underwriting and trading practices
Disclosure and compliance requirements
Supervisory responsibilities
Passing Series 53 is essential for managers overseeing municipal securities operations within broker-dealers or investment banks.
The Series 99 exam is designed for individuals in operational roles who support securities business functions such as trade settlement, account maintenance, and regulatory reporting. While not a sales or supervisory license, Series 99 validates knowledge of operational processes critical to maintaining firm compliance and efficiency.
The exam focuses on:
Trade processing
Customer account maintenance
Compliance and regulatory reporting
Industry rules and regulations
Operations professionals with this certification play a vital role in the overall functioning of brokerage firms, ensuring seamless transactions and accurate recordkeeping.
The progression from representative-level exams like Series 7 to principal-level exams such as Series 24 or Series 53 reflects a career development path toward leadership and specialization. These certifications require candidates to have significant industry experience, often several years working in relevant roles, before taking the exam.
Candidates usually prepare for principal exams by gaining practical experience in their specific areas, such as sales supervision, municipal securities, or financial operations. Successfully passing these exams enables professionals to take on greater responsibilities, including managing teams, developing compliance programs, and interacting with regulatory bodies.
In addition to FINRA exams, investment advisory roles often require passing the Series 65 or Series 66 exams. These certifications focus on individuals providing financial advice rather than executing securities transactions.
The Series 65 exam is the primary certification for those who want to work as investment advisers or financial planners. It is designed for candidates who provide fee-based advice on securities and manage client portfolios.
This exam tests knowledge on:
Economic and financial market concepts
Investment vehicles and their characteristics
Client investment recommendations
Ethics and fiduciary responsibilities
Passing Series 65 allows individuals to register as investment adviser representatives with state regulators. Unlike many other FINRA exams, it does not require sponsorship by a firm, making it accessible for independent advisers.
The Series 66 exam combines elements of the Series 63 and Series 65 exams. It qualifies individuals to act as both securities agents and investment adviser representatives. This dual qualification is often preferred by professionals working in firms offering both brokerage and advisory services.
The exam covers:
State securities laws and regulations
Investment advisory rules
Ethical standards
Client relationship management
Candidates typically take the Series 66 exam after passing the Series 7, allowing them to serve dual roles and expand their service offerings.
Obtaining a FINRA certification or passing a Series exam is not the final step in a finance professional’s career. Maintaining licenses and staying current with regulatory changes requires ongoing continuing education (CE).
FINRA mandates that registered representatives complete regulatory element training periodically, typically every two to three years, depending on the license type. This training updates candidates on changes in rules, compliance obligations, and industry best practices.
In addition to regulatory element training, firms may require compliance or firm element education tailored to their business practices. Maintaining certifications and licenses is crucial for avoiding disciplinary action and ensuring ongoing eligibility to conduct securities business.
Choosing the right FINRA exams to pursue depends on an individual’s career goals, the sector they wish to work in, and the types of securities products they plan to handle. Entry-level candidates typically start with Series 7 and Series 63, but as career paths develop, selecting advanced exams aligned with specialization areas becomes important.
Careful planning involves:
Understanding job role requirements and associated licenses
Securing firm sponsorship where required
Allocating sufficient time for preparation given the complexity of exams
Committing to ongoing education and compliance standards
Career advisors often recommend candidates map their certification pathways early and seek mentorship from experienced professionals. This strategic approach helps in navigating the complex regulatory environment and maximizing career opportunities.
Preparing for FINRA exams requires disciplined study and familiarity with both conceptual and practical aspects of finance. Candidates should:
Develop a study plan that covers all exam topics systematically. Use practice questions and mock exams to assess knowledge and timing.
Focus on understanding regulations, product features, and ethical standards rather than rote memorization. Application of knowledge to real-world scenarios is often tested.
Use available study materials such as textbooks, online courses, and review sessions offered by firms or third-party providers.
Manage exam-day stress through proper rest, nutrition, and time management techniques.
Candidates who successfully prepare and pass their exams often find their careers advance more rapidly, gaining credibility and trust from employers and clients.
The financial services industry continues to evolve rapidly, influenced by technological innovation, regulatory changes, and shifting investor demands. As a result, FINRA has adapted by introducing or updating certifications that reflect new roles and compliance challenges. Staying informed about emerging certifications is essential for finance professionals who want to remain competitive and relevant.
The Series 99 exam has gained prominence as operational complexity increases with technological advancements such as automated trading, electronic settlement systems, and digital client onboarding. Operations professionals with Series 99 certification are expected to understand these modern processes, ensuring compliance while supporting efficient trading and transaction workflows.
Key trends influencing the role include increased cybersecurity risks, data privacy requirements, and regulatory reporting automation. Operations personnel certified through Series 99 play a vital role in managing these areas to reduce operational risk and maintain market integrity.
Although not directly administered by FINRA, the growing importance of cybersecurity in financial services is impacting FINRA-regulated firms and their personnel. Compliance officers and principals increasingly pursue certifications related to cybersecurity risk management, including courses and exams focused on protecting client data, identifying cyber threats, and responding to incidents.
This focus aligns with FINRA’s heightened regulatory expectations regarding firms’ cybersecurity programs and employee training. Finance professionals with a combination of FINRA licenses and cybersecurity knowledge are highly valued in the industry.
The rise of blockchain technology and cryptocurrency trading has introduced new regulatory and compliance challenges. FINRA has begun integrating guidance and regulations for firms engaging in cryptocurrency activities. While no specific FINRA exam exists solely for crypto, professionals working with digital assets often pursue additional certifications and training outside of FINRA to understand these markets.
This trend suggests future FINRA certifications may address the unique aspects of crypto securities, trading practices, and investor protections. Professionals in this niche combine traditional securities knowledge with expertise in digital asset ecosystems.
Environmental, social, and governance (ESG) factors have become a significant focus in investment decisions. Although ESG is not yet a standard subject in FINRA exams, many finance professionals seek certifications related to sustainable investing and corporate social responsibility.
Firms are increasingly incorporating ESG considerations into their product offerings and advisory services, requiring registered representatives and advisers to understand these principles. This emerging area presents opportunities for future FINRA curriculum expansion and certification pathways.
Ethical conduct is a cornerstone of the financial services industry, and FINRA places significant emphasis on ethics throughout its exams. All Series exams include sections focused on ethical practices, conflicts of interest, fiduciary duties, and regulatory compliance. Demonstrating a strong ethical foundation is critical not only for passing exams but also for building a successful and trusted finance career.
Ethics training involves understanding how to identify and manage conflicts, ensuring transparent client communications, and adhering to the standards set forth by regulatory bodies. Professionals with strong ethical reputations contribute to investor confidence and long-term firm success.
FINRA certifications serve as career milestones and provide structured paths for professional growth. Passing initial exams like Series 7 and Series 63 often leads to entry-level positions such as financial representative or broker. Additional certifications enable advancement into supervisory, compliance, and advisory roles.
Career development plans often incorporate a sequence of certifications aligned with job responsibilities and aspirations. For example, a financial representative may pursue Series 24 to move into a principal role or Series 79 to specialize in investment banking. Similarly, advisers may progress from Series 65 to more advanced designations in financial planning or portfolio management.
Employers value FINRA certifications as evidence of technical knowledge, regulatory understanding, and commitment to professional standards. As a result, holding multiple certifications can enhance job prospects, salary potential, and career longevity.
Navigating the process of registering for and scheduling FINRA exams can be complex for newcomers. Exams are typically taken at designated testing centers, with some options for remote proctoring introduced in recent years. Candidates must register through FINRA’s Web CRD system, often requiring sponsorship from a member firm depending on the exam.
Preparation should begin well in advance, considering the need to study comprehensive materials and meet firm requirements. Candidates should verify exam prerequisites, such as minimum experience or prior exams, before registering. Early registration is advisable to secure preferred testing dates and locations.
Understanding retake policies is also important. FINRA permits multiple attempts for most exams, but waiting periods between attempts can delay career progress. Candidates should prepare thoroughly before their first attempt to maximize success chances.
Most FINRA exams require candidates to be sponsored by a FINRA-member firm. Sponsorship means the firm endorses the candidate to take the exam and intends to employ or associate them after successful completion. This requirement ensures firms have oversight of individuals entering regulated roles.
Sponsorship involves paperwork submitted through the Web CRD system, which also maintains records of registrations, exam results, and licensing status. Firms typically support candidates with study resources, training programs, and exam fee payments.
However, exams like Series 65 do not require sponsorship, allowing independent advisers or professionals outside broker-dealer firms to obtain licensing. Understanding sponsorship requirements helps candidates navigate their certification pathways efficiently.
FINRA exams are challenging due to the breadth and depth of material covered and the high standards required to pass. Candidates often face difficulties such as managing study time, understanding complex regulations, and mastering practical applications.
Common challenges include balancing exam preparation with job responsibilities, overcoming test anxiety, and navigating changes in exam content or format. Successful candidates employ strategies such as creating detailed study schedules, joining study groups, and using official practice exams.
Access to quality study materials and firm support significantly impacts outcomes. Candidates are encouraged to focus on comprehension rather than memorization and to apply concepts to real-life scenarios. Persistence and disciplined study habits are key to overcoming obstacles.
The financial services landscape continues to shift with advances in technology, changes in investor behavior, and evolving regulations. FINRA certifications will likely adapt by incorporating new topics such as digital assets, artificial intelligence in trading, and advanced risk management.
Greater integration of online learning and testing platforms is expected to make certification more accessible. Additionally, ongoing updates to continuing education requirements will ensure professionals stay current with industry developments.
As financial careers become more specialized, certifications may become more tailored to niche roles, providing greater recognition for expertise in areas like cybersecurity, ESG investing, and fintech innovations. Staying informed and proactive about emerging certifications will position finance professionals for long-term success.
Successfully passing a FINRA exam requires a clear understanding of its structure and the topics covered. Each Series exam has a unique format that tests candidates on various areas such as securities products, regulations, compliance, ethics, and practical applications. Becoming familiar with the exam layout, question types, and subject weightings helps candidates develop an effective study strategy.
Most FINRA exams consist of multiple-choice questions designed to assess knowledge and application skills. For example, the Series 7 exam has 125 questions, while the Series 63 has 60 questions. Time limits typically range from two to four hours depending on the exam. Some exams include pre-test questions that do not count toward the score but assess future exam content.
Content outlines published by FINRA provide detailed breakdowns of topics and subtopics with assigned percentages. Reviewing these outlines enables candidates to prioritize study efforts according to topic weight and difficulty.
Planning is crucial for success on FINRA exams. Candidates should create a study schedule that balances their available time with the volume of material to cover. An effective plan includes setting daily or weekly study goals, allocating time for review, and incorporating practice questions.
It is important to start preparation well in advance, often three to six months before the exam date, especially for comprehensive exams like Series 7 or Series 24. Breaking down the study material into manageable sections prevents burnout and enhances retention.
Candidates should identify their learning style, whether visual, auditory, or kinesthetic, and choose study materials accordingly. This may include textbooks, video lectures, flashcards, or interactive software.
Regularly assessing progress through quizzes or practice exams helps identify weak areas and adjust the study plan. It also builds confidence in managing exam timing and format.
Selecting quality study materials is critical for effective exam preparation. FINRA itself provides outlines and sample questions, but many candidates supplement these with third-party resources tailored for each Series exam.
Popular options include comprehensive review books, online courses, video tutorials, and mobile apps designed to reinforce key concepts. Some providers offer exam simulators that mimic the actual testing environment, allowing candidates to practice under timed conditions.
Candidates should ensure materials are current and aligned with the latest FINRA exam content. Given that exam questions evolve with regulatory changes, outdated resources may lead to gaps in knowledge.
Engaging with study groups or forums can also enhance understanding through discussion and shared resources.
Many FINRA exams require a deep understanding of complex regulations and compliance requirements. This can be challenging due to legal language and detailed rules.
To master this content, candidates should focus on conceptual comprehension rather than memorizing wording. Summarizing regulations in their own words helps clarify meaning and applicability.
Creating charts or tables to compare similar rules or highlight exceptions can aid recall. For example, contrasting federal securities laws with state regulations helps in exams like Series 63 or Series 66.
Applying regulatory concepts to hypothetical client scenarios reinforces practical understanding. Many exams test the ability to make decisions based on rules in real-world contexts.
Frequent review and repetition are essential to internalize key regulations and their implications.
Answering practice questions is one of the most effective ways to prepare for FINRA exams. It helps familiarize candidates with the question format, pacing, and common traps.
Using official or reputable third-party question banks, candidates can test their knowledge and receive explanations for correct and incorrect answers. This feedback is valuable for identifying areas needing improvement.
Simulated exams provide an opportunity to experience the exam environment, helping to reduce anxiety and improve time management. Repeated simulation builds stamina for the actual exam day.
Candidates should track their performance over time to monitor progress and adjust study focus accordingly.
Exam day can be stressful, especially given the volume and difficulty of FINRA exams. Effective time management and stress control strategies enhance performance.
Candidates should allocate time to each question proportionally and avoid spending too long on any single item. Marking difficult questions for review and returning if time allows is advisable.
Maintaining a calm and focused mindset is important. Techniques such as deep breathing, positive visualization, and brief mental breaks during the exam can alleviate anxiety.
Arriving early at the testing center with all required identification and materials helps avoid last-minute stress.
Earning FINRA certifications significantly enhances a finance professional’s resume and credibility. Licensed individuals gain the ability to legally perform specific securities activities, which expands job opportunities.
Certifications demonstrate technical competence and regulatory knowledge to employers and clients alike. This often translates into higher compensation, promotions, and broader responsibilities.
Holding multiple certifications allows professionals to diversify their skills, making them valuable assets in multi-faceted roles such as compliance, sales, advisory, and management.
Employers often prefer candidates with certifications as they reduce training time and regulatory risk.
Certification pathways often provide opportunities to connect with industry peers, mentors, and professional organizations. Many candidates benefit from joining study groups, attending training seminars, or participating in online communities focused on FINRA exams.
Networking helps candidates gain insights about exam strategies, job openings, and career paths. Mentors can offer guidance on navigating licensing requirements and professional challenges.
Strong professional networks are valuable throughout a career, providing support, knowledge sharing, and collaboration opportunities.
After obtaining FINRA licenses, professionals must comply with continuing education requirements to maintain their registration. This ensures they stay current with evolving regulations, products, and industry best practices.
Regulatory element training is mandatory at regular intervals, typically every two to three years depending on the license. This includes online modules covering regulatory updates and compliance issues.
Firms may also require additional training, known as the firm element, tailored to their business model and risk profile.
Failing to complete continuing education can lead to license suspension or termination, impacting employment and career prospects.
Many finance professionals combine FINRA certifications with other industry credentials to broaden their expertise and marketability. Popular designations include Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), and Chartered Alternative Investment Analyst (CAIA).
Integrating these credentials enhances knowledge in areas such as financial planning, investment analysis, and alternative assets, complementing the regulatory focus of FINRA licenses.
Employers often view combined certifications as indicators of a well-rounded and highly skilled professional.
Strategic career planning involves identifying the sequence of certifications that align with long-term goals. Entry-level exams like Series 7 provide a foundation, while advanced certifications support progression into specialized or supervisory roles.
Professionals should regularly assess their career objectives and emerging industry trends to select relevant certifications.
Ongoing learning and licensing demonstrate adaptability and a commitment to excellence, important traits in a competitive financial services environment.
Navigating a career in the financial services industry requires more than ambition and drive; it demands a strong foundation of knowledge, regulatory understanding, and professional credentials. FINRA certifications and Series exams serve as critical gateways to establishing credibility and securing roles in various areas such as brokerage, investment banking, compliance, and advisory services.
These certifications are not merely tests but represent a structured learning path that prepares professionals to handle complex financial products, adhere to rigorous regulatory standards, and act ethically in the best interests of clients and the markets. The diversity of exams—from entry-level Series 6 and 7 to specialized ones like Series 24, 79, and 99—allows individuals to tailor their certification journey according to their career goals.
Successfully obtaining and maintaining FINRA licenses requires commitment to ongoing education, adaptability to evolving regulations, and a dedication to ethical conduct. The investment of time and effort into these certifications pays dividends by opening doors to career advancement, enhanced job security, and professional respect.
Moreover, the financial industry is continually evolving, driven by technological innovation, new asset classes, and changing investor priorities such as ESG investing and digital currencies. Staying ahead means remaining informed about emerging FINRA certifications and supplementing regulatory knowledge with specialized skills like cybersecurity and fintech proficiency.
Ultimately, a career in finance backed by FINRA certifications represents not only compliance with regulatory mandates but a commitment to excellence and integrity in a highly competitive and dynamic field. For aspiring and current professionals alike, leveraging these certifications strategically can lead to a rewarding and successful career.
If you are considering your next steps, focus on understanding the requirements of the relevant FINRA exams, preparing thoroughly, and embracing lifelong learning. The path may be challenging, but the opportunities it creates make it well worth the effort.
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