A:

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.

RELATED FAQS
  1. Do I need to have my Series 7 license for at least 36 months before I take the Series ...

    To write the Series 9/10 examination, you are required to have a Series 7 license. However, you do not have to hold the license ... Read Answer >>
  2. I completed the Series 6, do I have to complete the entire Series 7?

    After having written the Series 6 examination, there would be significant overlap with the Series 7 in areas such as mutual ... Read Answer >>
  3. If I have passed the Series 7 exam, do I need to write the 6 and 63 exams as well?

    Not always. According to the Financial Industry Regulatory Authority (FINRA), (formerly National Association of Securities ... Read Answer >>
  4. I have passed the Series 63 and FINRA Series 7, but would like to become licensed ...

    Becoming an investment adviser representative requires more examination than just taking the FINRA Series 63 exam. See what ... Read Answer >>
  5. What are the differences between the Series 6 exam and the Series 7 exam?

    Learn about the regulatory exams needed to become a limited or registered representative and the main differences between ... Read Answer >>
  6. What does passing the Series 6 enable me to do?

    Learn more about the Series 6, what the examination and license are and what the license enables an individual to buy, sell ... Read Answer >>
Related Articles
  1. Professionals

    SUPERVISOR QUALIFICATIONS AND PREREQUISITES

    Supervisor Qualifications and Prerequisites People who supervise or train agents generally must register as a principal with FINRA and qualify by training or experience. Prior to taking a principal ...
  2. Professionals

    A. General Supervision: Introduction

    The foundation of a firm’s supervisory system is its written supervisory manual, also known as the firm’s policy and procedures manual. All members are required to have a policy and ...
  3. Professionals

    A. Introduction: General Supervision

    The foundation of a firm’s supervisory system is its written supervisory manual, also known as the firm’s policy and procedures manual. All members are required to have a policy and ...
  4. Professionals

    Issuing Corporate Securities

    Series 62
  5. Professionals

    Issuing Corporate Securities

    Series 55
  6. Professionals

    Trading Securities

    Series 62
  7. Professionals

    Understanding Series 6

    Upon successful completion of the Series 6, an individual will have the qualifications needed to sell open end mutual funds and variable annuities
  8. Professionals

    Government Securities

    Series 62
  9. Professionals

    Equity Securities

    Series 62
  10. Professionals

    D. Compliance and the Patriot Act

    The foundation of a firm’s supervisory system is its written supervisory manual, also known as the firm’s policy and procedures manual. All members are required to have a policy and ...
RELATED TERMS
  1. Series 9/10

    A securities license entitling the holder to supervise branch ...
  2. Series 53

    An exam offered by the Financial Industry Regulatory Authority ...
  3. Series 26

    A securities license entitling the holder to register as a limited ...
  4. Series 23

    An exam offered by the Financial Industry Regulatory Authority ...
  5. Series 24

    A securities license entitling the holder to supervise and manage ...
  6. Series 51

    An exam offered by the Financial Industry Regulatory Authority ...

You May Also Like

Hot Definitions
  1. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  2. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  3. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
  4. Generally Accepted Accounting Principles - GAAP

    The common set of accounting principles, standards and procedures that companies use to compile their financial statements. ...
  5. DuPont Analysis

    A method of performance measurement that was started by the DuPont Corporation in the 1920s. With this method, assets are ...
  6. Call Option

    An agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument ...
Trading Center