Joint NASD and NYSE interpretation that individuals involved in the development of certain quantitative equity research ratings model are not “research analysts” as defined by the SRO research analyst conflict of interest rules. The Series 26 exam assesses the competency of a financial professional to perform the functions of an investment company and variable products principal. Below is a list of policies and procedures for candidates taking the FINRA Series Exams. A four-function calculator is available on screen as part of your exam. Stone, Esq. Prometrics Proproctor is designed to make it easy to test anywhere, anytime from your own office or even from the comfort of your home. Application of registration requirements to persons inquiring about potential clients' present accounts and other firms and current securities trades. Test Center Delivery: Unscheduled breaks are permitted; however, the time on your exam will continue to count down. The multiple choice questions are based on topics that include SEC and MSRB rules, municipal finance, credit analysis, restructuring and pricing debt products, and issuance requirements. Online Test Delivery: Scratch paper/erasable note boards are not permitted. Relief granted to banks to facilitate an orderly and efficient transition of employees from a bank into a broker/dealer to comply with the Financial Modernization Act of 1999. But if you plan to delve into the world of securities and insurances, you must pass the qualifying exams administered by FINRA, which will allow you to engage in those areas of the industry. Did you find the license you need to take that next step in your financial career? Test Center Delivery: Upon completion of your exam, your result file will be electronically encrypted and returned to FINRA. Similar to any other clothing or jewelry, any religious items allowed to be worn in the testing room must remain on at all times. The Series 86 exam is a required test for those who want to work as a research analyst for brokers and dealers. To be eligible to take the exam, candidates must be associated with and sponsored by a FINRA member firm or self-regulatory organization. If you have not received or would like to request approval for an accommodation, please call FINRA's Candidate Services Team at: 800-999-6647 and select Option 2 to request accommodations. The question of whether a particular person is required to obtain a series 63 license is a specific facts and circumstances analysis, and ultimately would be answered by state law or regulations of each individual state involved. Kohn & Company (Series 63 and Commission Overrides). Option 2: Schedule your exam for online delivery. Candidates must be associated and sponsored by a FINRA member firm or a Self-Regulatory Organization (SRO) to be eligible to take FINRA representative-level qualification exams. The Series 34 is an exam that licenses individuals who seek to engage in off-exchange forex transactions with retail customers. Requirements of NASD Rule 2420 to broker/dealer arrangement to pay certain commissions and SEC Rule 12b-1 fees to accounts of various employee benefit plan customers. Direct Participation Programs Representatives are eligible to sell shares of a non-listed business development company that qualifies as a regulated investment company under the Internal Revenue Code at the time of sale. Exam takers must also be associated and sponsored by a FINRA member company or a Self-Regulatory Organization. Due to the coronavirus pandemic (COVID-19), FINRA is providing temporary relief for member firms from rules and requirements in the Frequently Asked Questions below. During the registration process, you will be asked to provide a primary and secondary phone number so that we can contact you in case of an unforeseen problem at the testing center. If you want to schedule exams on different days, you must select each exam individually and complete individual appointment transactions. This exam evaluates a candidate’s knowledge of basic concepts that is fundamental to working in the industry. Important: Testing accommodations are currently only available for appointments delivered at a test center. If you’re in need of test prep for the Securities Industry Essentials (SIE) or Series 7, take a look at our modern, online courses. May 10, 2020 As previously announced, FINRA and NASAA have been working together to deliver an online testing service for candidates seeking to take qualification exams. Untimely cancellation of an exam or failing to show for an appointment is subject to a penalty fee. Once you’re approved for accommodations by FINRA, you must contact Prometric to scheduled your appointment. The Series 27 exam does not have a corequisite exam, but candidates must be associated with a FINRA member firm or a self-regulatory organization to take this test. If testing online, personal items must be left outside of the room you test in. Candidates must also be associated and sponsored by a FINRA member firm or a Self-Regulatory Organization. To be eligible to take the exam, candidates must have passed the SIE and Series 52 exams. No electronic, photocopies or faxes of ID or of name change documentation will be accepted. A registered representative must register as an equity trader and pass the Series 55 qualification exam prior to trading distressed convertible debt securities (other than on a securities exchange). Interpretive Letter to Mr. Edward Balsmann, Morgan Keegan & Company, Inc. Test Center Delivery: If you need a calculator for your testing session, please see the Test Center Personnel. The Series 53 exam measures the competency of a financial professional to become a licensed Municipal Securities Principal. You will not be permitted to access any study materials, make any phone calls, access electronic media or your locker during an unscheduled break. Exam takers must also be associated and sponsored by a FINRA member company or a Self-Regulatory Organization. The purpose of the exams is to ensure that an individual acquires a minimum level of understanding and expertise. Before taking the Series 24 exam, a candidate must have passed the SIE plus one of the following: Series 7, Series 57, Series 79, Series 82, Series 86 and 87, or Series 16. Boston Stock Exchange (BSE) specialists effecting transactions in NYSE securities through ECNs, or Nasdaq securities through the UTP Plan, from terminals located on the floor of the BSE, are effecting transactions on the floor of the BSE for purposes of NASD Rules 1032(f) and 1060. This includes types of products and their risks; prohibited practices; and the structure of the securities industry markets, regulatory agencies, and their functions. The candidate must also be associated with and sponsored by a FINRA member company. Results are valid for four years. NASD reaffirms its policy of exempting members from the requirement to supervise registered bank personnel under Rules 3010, 3030, 3040 and 3050, so long as such persons continue to be supervised by the bank and do not engage in any securities activity for or on behalf of the member firm of which they are registered. Interpretive Letter to Laura Moret, American Express Financial Corporation, Interpretive Letter to Bill T. Singer, Singer Zamansky LLP, Qualification Exam Frequently Asked Questions (FAQs), Frequently Asked Questions Related to Back-to-back Scheduling, FINRA Qualification and Registration Requirements Frequently Asked Questions, FINRA Launches New SIE Exam to Streamline Examination Process for Prospective Candidates Entering the Securities Industry, Candidates with Limited English Proficiency (LEP), Exam Candidates Requiring Special Accommodations, Qualification Exam Waivers and Exemptions, Permitted Activities and Other Facts about Qualification Exams. The following FAQs on FINRA.org pertain to Qualification Exams: FINRA IS A REGISTERED TRADEMARK OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. FINRA Requests Comment on a Proposed New Expedited Proceeding Rule for Failures to Comply With the FINRA Qualification Examinations Rules of Conduct and Proposed Amendments to the Registration Requirements Rule and the Eligibility Proceedings Rules, 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, 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, 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, Series 22, 27, 28, 39, 55, And 82 Modified, SEC Approves Proposed Rule Change Establishing A New Limited Registration Category For Private Securities Offerings, 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, Series 7 Examination Fee Increase Effective September 15, 1999, 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), Chip Jones, FINRA’s Senior Vice President of Member Relations and Education, leads a discussion with John Kalohn, Vice President, Testing & Continuing Education, and Joe McDonald, Senior Director, Qualifications & Exams, about FINRA’s exam restructuring initiative.

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