Series 23

AAA

DEFINITION of 'Series 23'

An exam offered by the Financial Industry Regulatory Authority (FINRA) for financial professionals seeking to become general securities principals or sales supervisors. The Series 23 can only be taken once the Series 9/10 exams have been passed. The exam consists of 100 multiple-choice questions on the investment banking process (primary and secondary markets), market-making and trading activities at the firm level, managing office staff, and current FINRA regulations.

A score of 70% or better is required for passing.

INVESTOPEDIA EXPLAINS 'Series 23'

The Series 23 can be bypassed by taking the Series 24 exam, which is more comprehensive and includes information presented on the 9/10 exams.

A general securities principal has the authority to manage mutual funds, variable annuities and other pooled asset vehicles within FINRA and SEC-authorized firms. Sales supervisors can manage sales and brokerage staff, or work as general partners for a firm. Professionals taking this exam have typically been working in the industry for several years, and are looking to become mutual fund managers or office managers.

RELATED TERMS
  1. Investment Banker

    An individual who works in a financial institution that is in ...
  2. Mutual Fund

    An investment vehicle that is made up of a pool of funds collected ...
  3. Series 7

    A general securities registered representative license administered ...
  4. Series 9/10

    A securities license entitling the holder to supervise branch ...
  5. Financial Industry Regulatory Authority ...

    A regulatory body created after the merger of the National Association ...
  6. Historic Pricing

    A method for calculating the value of an asset using the last ...
Related Articles
  1. How does FINRA differ from the SEC?
    Investing

    How does FINRA differ from the SEC?

  2. Broker Or Trader: Which Career Is Right ...
    Options & Futures

    Broker Or Trader: Which Career Is Right ...

  3. Should You Add A Securities License ...
    Professionals

    Should You Add A Securities License ...

  4. Investigating The Securities Police
    Professionals

    Investigating The Securities Police

Hot Definitions
  1. Conduit Issuer

    An organization, usually a government agency, that issues municipal securities to raise capital for revenue-generating projects ...
  2. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  3. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  4. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  5. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  6. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
Trading Center