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 (FINRA), 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.

RELATED FAQS
  1. 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 >>
  2. If I have passed the Series 7 exam, do I need to write the 6 and 63 exams as well?

    Not always. According to FINRA, if your Series 7 is still active, you can temporarily convert your license into a Series ... Read Answer >>
  3. 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 >>
  4. For what reasons are electronics stocks commonly purchased by a value investor?

    Learn about the breakdown of subjects on the Series 6 while reviewing important aspects of the exam, including its content ... Read Answer >>
  5. If I have only a limited amount of time to study for the Series 6, what should I ...

    Learn what to focus on when studying for the Series 6 while reviewing important aspects of the exam, including its content ... Read Answer >>
  6. What certification series does one need to be a bond broker?

    One major requirement before one can become a bond broker is to pass the General Securities Representative Exam, commonly ... Read Answer >>
Related Articles
  1. Financial Advisor

    Series 6 Exam Prep: What Is A Security?

    Before you take the series 6, you need to understand what a security is as defined by the exam.
  2. Financial Advisor

    Series 63, Series 65 Or Series 66?

    When joining the world of investment professionals, you must take the right exams.
  3. Financial Advisor

    What The Series 24 Exam Won't Teach You

    Can you handle being the judge and jury in your firm? Find out what surprising tasks a job as a principal entails.
  4. Financial Advisor

    Understanding Series 63

    Series 63 is a securities license that entitles the holder to sell securities in a particular state.
  5. Financial Advisor

    The Basics of The Series 79 Exam

    Passing the Series 79 exam is usually necessary for anyone who wants to work in investment banking.
  6. Financial Advisor

    Sell-Side Analysts Need Series 86/87 Exams

    Though these tests are not particularly difficult or comprehensive, passing them is mandatory to work as a sell-side analyst.
  7. Financial Advisor

    Series 65 Exam Prep: The Investment Advisor

    Before you take the series 65, you need to understand who is an investment advisor as defined by the exam.
  8. Financial Advisor

    Series 7 Exam Prep: Options

    One of the most challenging topics in the series 7 exam is options. Find out what you need to know before you take the test.
  9. Managing Wealth

    Understanding Mortgage-Backed Securities

    Find out the meaning of this popular asset-backed security and its benefits for banks and investors.
  10. Trading

    Broker or Trader: Which Career is Right For You?

    A day in the life of a broker or Wall Street trader is an exciting and varied one. Find out how to decide between these two financial professions.
RELATED TERMS
  1. Series 23

    An exam offered by the Financial Industry Regulatory Authority ...
  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 7

    A general securities registered representative license administered ...
  5. Series 4

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

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