Q:

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.

A:

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