Before you can work as a registered securities professional, you must pass a FINRA Qualification Exam. The exam is given by the Financial Industry Regulatory Authority and is designed to give test takers a platform where they can demonstrate their competence in particular functions that deal with securities and finance. If you are contemplating working in securities, you will need to become very familiar with the qualification exam and all of the different tests that you can take based on what you plan to do. Read on and learn more about the types of exams you can take and how to schedule an exam so that you can get qualified.
Why is There More than One Qualification Exam?
The purpose of the qualification exams that are administered by FINRA is to measure an applicants competence within a spectrum of securities before granting them permission to perform specific activities. Since the industry is so highly regulated, there are several different exams that cover a wide range of markets and the industry itself.
As an entry-level professional, it may be overwhelming to see all of the series exams, but over time you will know them like the back of your hand. Here are some of the most popular qualification exams and what activities they test for:
- Series 3: National Commodities Futures
- Series 4: Registered Options
- Series 6: Investment Company and Variable Contracts Rep
- Series 7: General Securities Rep
- Series 9 & 10: Securities Sales Supervisor
- Series 14: Compliance Official
- Series 28: Broker-Dealer Financial Operations
- Series 32: Limited Futures
- Series 62: Corporate Securities Rep
- Series 72: Government Securities Rep
These are just some of the many qualification exams. It is possible to take multiple exams so that you can perform several different duties.
How to Test for the Qualifications
Every series exam has its own unique content. The tests can range from just 45 question to 300 and from 35 minutes in length to 175 minutes. To schedule and exam, you need to make an appointment with a testing center and pay the applicable fee. You will receive an unofficial score report after you have completed your exam. The official score report will be available to you and the regulating authority within three business days of your exam.
What You Should Know About Test Day
It is very important that you prep for your qualification exam well in advance so that you are comfortable with the material. On test day, you need to have a valid ID. Be sure to arrive 30 minutes early to sign in and be prepared to give your palm print. If you cannot make your test time, call the center as soon as possible to reschedule.
It is a federal law that all securities professionals be registered to show that they are competent and that they are able to comply with regulations. If you have always wanted to work in securities, get training to learn the codes and laws. Only after you really know the content should you consider testing to get registered. Review the FINRA qualification exam options and the materials available online and study hard.
