Meanwhile, other topics include options communications and personnel management. Like the Series 9 exam, to take this test applicants must first pass the Series 7 test.
But the Series 10 test is broader than the Series 9 test. It consists of multiple-choice questions, nearly three times as many as the Series 9. Applicants get four hours to answer the Series 10 exam questions. Series 10 exam questions cover some of the same topics as Series 9.
However, it adds topics such as hiring, qualifications and required continuing education for securities salespeople. Finra Exams. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data.
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Compare Accounts. It is administered by the Financial Industry Regulatory Authority FINRA , and test-takers must have a basic understanding of the different products available and risks within the industry. If you are a recent college graduate, the SIE certification can help you get a job in the industry.
Once you have acquired the SIE certification, you have a strong selection of pathways to choose from. If you would like to become a stockbroker, your next step would be to take the Series 7 exam. Here are some of the most popular security licenses available today and explanations around how they fit into particular career goals.
This license qualifies you to sell mutual funds, variable life insurance, and annuities, as well as unit investment trusts. The Series 6 license is good for a professional pursuing a career as a financial planner or as an insurance agent. This certification is great for anyone who may have strong leadership skills and is eyeing a supervisory position. Professionals who pass the Series 7 exam are known as General Securities Representatives. They can buy and sell securities such as stocks, bonds, and mutual funds.
They also work with the sales of corporate securities, municipal securities, investment company securities, variable annuities, direct participation programs, options, and government securities. The Series 7 is one of the more challenging exams within the financial industry as it covers so many different areas of securities. The exam lasts for minutes while many other financial exams typically clock in at minutes or under. Those carrying this license are most typically then referred to as stockbrokers and will have a healthy selection of companies and industries to choose from.
In addition to the Series 7 license, stockbrokers or anyone who is looking to sell securities typically must also obtain a Series 63 license. This Uniform Securities Agent State Law Exam is focused on the ethical obligations and fiduciary responsibilities of a professional that buys and sells securities. Not all states do require attaining a Series 63 license and there is no sponsorship requirement.
A Series Uniform Investment Adviser Law Exam license is necessary for professionals who give investment advice and analysis for a fee. In some states, professionals who hold this license are known as Investment Advisor Representatives. A Series 65 license can help you advance in the financial services industry. Similar to the Series 63 exam, there is no sponsorship requirement.
If you are planning to move up from a sales position to a supervisory role within general securities, you will need to take both the Series 9 and 10 exams. Having Series 9 and 10 licenses allow you to supervise sales activity around equity options, mortgage-backed securities, and municipal securities. While you can take one exam at a time, you must pass both the Series 9 and 10 exams within two years to register as a General Securities Sales Supervisor.
If you aspire to become a brokerage branch manager, passing the Series 9 and 10 exams is a must. If you are interested in managing the activities of a broker-dealer office, the Series 24 license is the certification to pursue. While much of the same supervisory skills tested in this exam are the same as you would find in the Series 9 and 10 exams, the Series 24 license allows you to supervise sales activity of corporate securities, venture capital, mergers and acquisitions, among others.
This exam also can be stacked with the Series 9 and Having Series 9 and 10 licenses expand the list of supervisory options to include additional financial products such as equity options, mortgage-backed securities, and municipal securities. If you are looking to expand your product line, having a Series 3 license allows you to sell commodity futures contracts or options on commodity futures contracts.
This is an added bonus of this license. Professionals who take this exam may hold positions such as a futures commission merchant, commodity trading advisor, or an introducing broker. Series 3 representatives tend to specialize in selling these financial products as they are riskier than other investments.
If you are looking to become an investment professional who offers alternative investments in futures and commodities, the Series 3 is a good option. The Series Investment Banking Representative Exam is designed for a registered agent to become an investment banker. This license qualifies you to engage in mergers and acquisitions, asset sales, financial restructurings, and debt and equity offerings involving private placements or public offerings.
While you can engage in selling or marketing an offering to investors under a Series 7 license, a Series 79 license allows you to participate in preparing or advising on a marketing plan.
Typical activities that a Series 79 allows you to do include underwriting, preparing a marketing plan, pricing of securities, and syndication. If you are interested in pursuing debt and equity transactions, a Series 79 may be a good fit for you.
If you are looking to register as an operations professional, you will need a Series Operations Professional license. A candidate must be associated with and sponsored by a FINRA member firm or a self-regulatory organization. The SIE exam is a corequisite to the Series 99 exam, so in order to be registered as an operations professional, candidates must pass the Series 99 and the SIE exams.
The Series 4 exam assesses the competency of a candidate to perform their job as a registered options principal. It covers topics such as options strategies and trading, foreign exchange options, best practices and regulatory requirements, and taxation. Before taking the Series 4 exam, a candidate must have a Series 7 license, and must also be associated with and sponsored by a FINRA member company or a self-regulatory organization.
The Series 9 exam is a required test for professionals who want to work as a general securities sales supervisor. It evaluates their competency in performing tasks that includes supervising sales and trade activities. It covers topics on options sales and trading, regulation, and administration. Series 9 and 10 are corequisite exams.
Candidates must be registered with a FINRA member firm or a self-regulatory organization to take this test. They must also have passed the SIE and Series 7 exams. The Series 10 exam is a test that evaluates the competency of professionals who want to work as a general securities sales supervisor.
It assesses their knowledge in approving customer accounts, training of sales and sales supervisory personnel, and the maintenance of records. Series 9 and 10 are corequisite exams and should be taken and passed within 2 years of each other. The exam is a qualification exam that assesses the knowledge of a candidate in performing the critical functions of a compliance officer, including tasks that involve compliance processes and reporting requirements. Topics in the exam include industry regulatory agencies, operation of primary and secondary trading markets, supervision of sales and customer accounts, and financial responsibilities for FINRA and NYSE-member firms.
The Series 14 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. This exam has two parts both of which assesses the ability of a candidate to perform the critical functions of a supervisory analyst, including tasks that involve rules and statutory provisions applicable to the preparation and approval of research reports.
The Series 16 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. The Series 23 exam is for financial professionals who seek to become a general securities principal or sales supervisor. The exam consists of questions on the investment banking process, trading and market-making activities, current FINRA regulations, and managing office staff.
The Series 24 exam is for financial professionals who seek to become a general securities principal. The exam consists of questions on regulatory guidelines, corporate securities, trading, real estate investment trusts, and customer accounts. The candidate must also be associated with and sponsored by a FINRA member company or a self-regulatory organization. The Series 26 exam assesses the competency of a financial professional to perform the functions of an investment company and variable products principal.
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