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