01
Breaking into securities
Start with the SIE.
Build foundational securities knowledge before choosing a role-specific qualification. Use the guide to compare eligibility, preparation, and next steps.
Securities exam field guide
Know the exam.
Understand the career.
Every exam on FINRA's current qualification page, explained from a candidate's point of view: who needs it, when to consider it, who enrolls you, what it costs, and what passing actually unlocks.
Securities exam guides
32 exams. One clearer career map.
Choose the card closest to the work—not the credential that sounds most impressive.
32 of 32 exams
Essentials
1 examRepresentative
8 examsBroad brokerage
Series 7
General Securities Representative
$395
Firm sponsor
Investment banking
Series 79
Investment Banking Representative
$395
Firm sponsor
Broker-dealer operations
Series 99
Operations Professional
$100
Firm sponsor
Packaged investment products
Series 6
Investment Company and Variable Contracts Products Representative
$100
Firm sponsor
Direct participation programs
Series 22
Direct Participation Programs Representative
$100
Firm sponsor
Equity trading
Series 57
Securities Trader Representative
$105
Firm sponsor
Private placements
Series 82
Private Securities Offerings Representative
$100
Firm sponsor
Equity research
Series 86/87
Research Analyst
$295 + $195
Firm sponsor
Principal
10 examsSupervision
Series 24
General Securities Principal
$235
Firm sponsor
Options supervision
Series 4
Registered Options Principal
$200
Firm sponsor
Sales supervision
Series 9/10
General Securities Sales Supervisor
$175 + $235
Firm sponsor
Broker-dealer compliance
Series 14
Compliance Officer
$450
Firm sponsor
Research approval
Series 16
Supervisory Analysts
$325
Firm sponsor
Principal upgrade
Series 23
General Securities Principal—Sales Supervisor Module
$135
Firm sponsor
Packaged-products supervision
Series 26
Investment Company and Variable Contracts Products Principal
$200
Firm sponsor
Financial responsibility
Series 27
Financial and Operations Principal
$235
Firm sponsor
Introducing-firm finance
Series 28
Introducing Broker-Dealer Financial and Operations Principal
$195
Firm sponsor
DPP supervision
Series 39
Direct Participation Programs Principal
$200
Firm sponsor
Municipal
5 examsMunicipal advisory
Series 50
Municipal Advisor Representative
$265
Organization route
529 and municipal-fund supervision
Series 51
Municipal Fund Securities Limited Principal
$255
Organization route
Municipal securities
Series 52
Municipal Securities Representative
$260
Organization route
Municipal supervision
Series 53
Municipal Securities Principal
$265
Organization route
Municipal-advisor supervision
Series 54
Municipal Advisor Principal
$265
Organization route
Futures
5 examsFutures and derivatives
Series 3
National Commodities Futures
$140
Check NFA route
Futures branch supervision
Series 30
NFA Branch Managers
$90
Check NFA route
Managed futures funds
Series 31
Futures Managed Funds
$90
Check NFA route
Foreign-regulated futures
Series 32
Limited Futures
$90
Check NFA route
Retail forex
Series 34
Retail Off-Exchange Forex
$90
Check NFA route
State law
3 examsChoose by destination
Your likely route, in plain English.
These are useful starting points—not registration determinations. A firm or state regulator must map your actual duties.
02
Client advice and brokerage
Separate advice from sales.
Broad brokerage commonly points toward Series 7 plus a state-law exam; advisory-only roles often point toward Series 65.
03
Investment banking
Match the deal work.
Series 79 covers specified banking activity. Selling and principal responsibilities can create additional requirements.
04
Operations and supervision
Responsibility drives registration.
Covered operations work may require Series 99; delegated broker-dealer supervision may require Series 24.
05
Municipal finance
Separate advice, dealing, and supervision.
MSRB exams map to municipal advisory, municipal securities, fund products, and principal duties.
06
Futures and forex
Start with the NFA category.
The Series 3 is foundational; limited, branch, managed-fund, and retail-forex activity can add or change the route.
Quick comparison
The facts before the prep course.
Swipe the table sideways to compare all details.
| Exam | Typical lane | Sponsor to sit? | Scored questions | Time | Fee |
|---|---|---|---|---|---|
| SIE | Start here | No sponsor | 75 | 1 hr 45 min | $100 |
| Series 7 | Broad brokerage | Firm sponsor | 125 | 3 hr 45 min | $395 |
| Series 63 | State brokerage law | No sponsor | 60 | 1 hr 15 min | $147 |
| Series 65 | Investment advice | No sponsor | 130 | 3 hours | $187 |
| Series 66 | Broker + adviser | No sponsor to sit | 100 | 2 hr 30 min | $177 |
| Series 24 | Supervision | Firm sponsor | 150 | 3 hr 45 min | $235 |
| Series 79 | Investment banking | Firm sponsor | 75 | 2 hr 30 min | $395 |
| Series 99 | Broker-dealer operations | Firm sponsor | 50 | 1 hr 30 min | $100 |
| Series 6 | Packaged investment products | Firm sponsor | 50 | 1 hr 30 min | $100 |
| Series 22 | Direct participation programs | Firm sponsor | 50 | 1 hr 30 min | $100 |
| Series 57 | Equity trading | Firm sponsor | 50 | 1 hr 45 min | $105 |
| Series 82 | Private placements | Firm sponsor | 50 | 1 hr 30 min | $100 |
| Series 86/87 | Equity research | Firm sponsor | 85 + 50 | 4 hr 30 min + 1 hr 45 min | $295 + $195 |
| Series 4 | Options supervision | Firm sponsor | 125 | 3 hr 15 min | $200 |
| Series 9/10 | Sales supervision | Firm sponsor | 55 + 145 | 1 hr 30 min + 4 hr | $175 + $235 |
| Series 14 | Broker-dealer compliance | Firm sponsor | 110 | 3 hr | $450 |
| Series 16 | Research approval | Firm sponsor | 50 + 50 | 1 hr 30 min + 2 hr | $325 |
| Series 23 | Principal upgrade | Firm sponsor | 100 | 2 hr 30 min | $135 |
| Series 26 | Packaged-products supervision | Firm sponsor | 110 | 2 hr 45 min | $200 |
| Series 27 | Financial responsibility | Firm sponsor | 145 | 3 hr 45 min | $235 |
| Series 28 | Introducing-firm finance | Firm sponsor | 95 | 2 hr | $195 |
| Series 39 | DPP supervision | Firm sponsor | 100 | 2 hr 15 min | $200 |
| Series 50 | Municipal advisory | Organization route | 100 | 3 hr | $265 |
| Series 51 | 529 and municipal-fund supervision | Organization route | 60 | 1 hr 45 min | $255 |
| Series 52 | Municipal securities | Organization route | 75 | 2 hr 30 min | $260 |
| Series 53 | Municipal supervision | Organization route | 100 | 3 hr 15 min | $265 |
| Series 54 | Municipal-advisor supervision | Organization route | 100 | 3 hr | $265 |
| Series 3 | Futures and derivatives | Check NFA route | 120 | 2 hr 30 min | $140 |
| Series 30 | Futures branch supervision | Check NFA route | 50 | 50 min | $90 |
| Series 31 | Managed futures funds | Check NFA route | 45 | 1 hr | $90 |
| Series 32 | Foreign-regulated futures | Check NFA route | 35 | 45 min | $90 |
| Series 34 | Retail forex | Check NFA route | 40 | 1 hr | $90 |
Exam fees shown are official fees current as of September 2026. Prep courses, travel, fingerprinting, registration, and state fees may be separate.
One rule to remember
Passing an exam is not the same as being licensed.
Registration depends on the job, sponsoring firm, filings, background requirements, state approval, and supervision. Confirm the current path before you pay or represent yourself as registered.
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