Frequently Asked Question

February 26 2009  |  Filed Under » , , , ,

What is the difference between Series 9/10 and Series 24 qualification exams?

Both Series 9/10 and 24 are the exams that must be completed by a principal before he or she can supervise certain sales activities.

According to the Financial Industry Regulatory Authority (previously the National Association of Securities Dealers), a principal who has completed the Series 24 examination is qualified to supervise the following sales activities:
Corporate securities; rights; warrants; closed-end funds; money market funds; REITS; asset-backed securities; (corporate) mortgage-backed securities; mutual funds; variable annuities and variable life insurance; direct participation programs; securities traders; venture capital; mergers and acquisitions; and corporate financing.
Completion of the Series 9/10 examination qualifies a principal to supervise sales in all of the above (excluding securities traders; venture capital; mergers and acquisitions and corporate financing) as well as the following: equity options; options on (corporate) mortgage-backed securities; government securities; repos and certificates of accrual on government securities; municipal securities and municipal fund securities.

FINRA indicates that a principal who has completed the Series 24 exam is also qualified to supervise, in addition to sales, the overall investment banking and securities business of a member firm.

For more information on the supervisory responsibilities of principals, click here.
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by

Shauna Carther

Shauna Carther
Shauna Carther is the vice president of content at Investopedia.com. In 2007, she appeared as a guest on Moneytrack, a Public Broadcasting Service program devoted to helping consumers learn to invest and take control of their finances.
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