What is a 'Series 11'

The Series 11 is a securities license that allows holders to provide current securities quotations and accept unsolicited customer orders for execution. Also known as the Assistant Representative - Order Processing Examination (AR), the Series 11 is administered by the Financial Industry Regulatory Authority (FINRA). It applies to brokerage sales assistants who take and enter unsolicited client orders from broker-dealer customers for execution. It does not permit them to accept orders for municipal securities or direct participation programs, however. There is no prerequisite for taking the exam, though a candidate must first be registered with FINRA.

Breaking Down 'Series 11'

The Series 11 covers persons associated with a FINRA member firm who accept telephone or other communications from the public for the purposes of providing current securities quotations and accepting unsolicited customer securities orders (with the notable exception of the aforementioned municipal securities and direct participation programs) for submission to the normal order execution operations of the member. According to FINRA, an Assistant Representative - Order Processing registrant "may conduct the above-mentioned tasks only on the premises of the member, must be under the direct supervision of an appropriately registered principal, and may not receive extra direct or indirect compensation for the number or size of transactions effected."

Series 11 Prohibited Activities

Assistant representative-order processing registrants are prohibited from conducting the following activities:

  • Dually registering as a representative or principal
  • Rendering investment advice or opinion
  • Making recommendations
  • Making transactions in securities markets on behalf of the firm
  • Accepting or opening new accounts
  • Prequalifying potential customers
  • Effecting transactions in municipal securities
  • Effecting transactions in direct participation programs

Series 11 Structure and Content

The Series 11 Exam consists of 50 scored multiple-choice questions. Candidates are allocated 60 minutes to complete the exam, which costs $80. A passing score is 70%. There is no penalty for guessing so exam takers should endeavor to answer every question. The test is organized into the following sections:

  • Section 1: Types of Securities (10 questions)
  • Section 2: Customer Accounts and Orders (24 questions)
  • Section 3: Securities Markets (5 questions)
  • Section 4: Securities Industry Regulations (11 questions)

After the exam is completed, candidates will receive a section by section informational breakdown of their performance, as well as their overall score. Candidates are not allowed to use any reference material during the exam, as it is a closed-book test. The exam's questions may change based on new regulations or amendments to existing regulations, so candidates should keep abreast of potential developments. For more, visit FINRA's Series 11 Exam Content Outline.

  1. Series 27

    The Series 27 is a securities license entitling the holder to ...
  2. Series 42

    The Series 42 is an exam and license for financial professionals ...
  3. Series 23

    The Series 23 is an exam offered by the Financial Industry Regulatory ...
  4. Series 62

    The Series 62 certification provides registered representatives ...
  5. Series 28

    The Series 28 is an exam for professionals seeking become licensed ...
  6. Series 39

    The Series 39 exam tests a person's knowledge of how to perform ...
Related Articles
  1. Personal Finance

    The Series 79 Exam: What It Is And When You Need It

    If you're getting into the field of investment banking, you'll need to know all about the Series 79.
  2. Financial Advisor

    Tips For Passing The Series 6 Exam

    Find out what you can do during the test to make sure you get a passing score.
  3. Financial Advisor

    Series 63, Series 65 Or Series 66?

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

    Breaking Down Financial Securities Licenses

    Find out which exam you need to begin your career as an investment professional.
  5. Personal Finance

    CFA Vs. Series 7: Which is Easier

    Find out which is exam is easier: The Chartered Financial Analyst (CFA) exam, or the Series 7 securities exam for registered representatives.
  6. Insights

    FINRA: How It Protects Investors

    Find out the history of FINRA, and how it's organized to monitor the markets and protect investors.
  7. Financial Advisor

    Succeeding At The Series 63 Exam

    Your career as a securities agent begins with this test. We'll show you how to score high.
  8. 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.
  9. Personal Finance

    What To Expect On The CFA Level III Exam

    The Level III exam is one of the toughest exams for the CFA. Read this to give yourself a little insight.
  10. Personal Finance

    How to Ace the CFA Level I Exam

    Prepare to ace the CFA Level 1 exam by studying systematically.
  1. What major is required to take the Series 7 examination?

    Find out what educational requirements are needed for the Series 7 exam. Learn about the new Securities Industry Essentials ... Read Answer >>
  2. Do financial advisors have to be licensed?

    Understand why all financial advisors have to be licensed, and identify the specific licenses you must obtain to carry out ... Read Answer >>
Hot Definitions
  1. Intrinsic Value

    Intrinsic value is the perceived or calculated value of a company, including tangible and intangible factors, and may differ ...
  2. Current Assets

    Current assets is a balance sheet account that represents the value of all assets that can reasonably expected to be converted ...
  3. Volatility

    Volatility measures how much the price of a security, derivative, or index fluctuates.
  4. Money Market

    The money market is a segment of the financial market in which financial instruments with high liquidity and very short maturities ...
  5. Cost of Debt

    Cost of debt is the effective rate that a company pays on its current debt as part of its capital structure.
  6. Depreciation

    Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life and is used to account ...
Trading Center