DEFINITION of 'Series 72'

An exam administered by the Financial Industry Regulatory Authority (FINRA) for individuals seeking to become government securities limited representatives for registered broker/dealers. Series 72 license holders can sell government bonds and certain agency bonds such as GNMA securities and Federal Home Loan Mortgage (Freddie Mac) securities.

The test consists of 100 questions. A score of 70% or better is required for passing.


The Series 72 does not permit the sale of any type of derivatives on government securities. Overall, the license is limited in scope and should only be taken by people who know in advance that they will not need a more expansive registered representative license such as the Series 62 or Series 7.

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