FINRA Series 10 FAQs
Answers to the most common questions about the Series 10 exam.
How do you get your Series 9/10 license?
The Series 9 is taken as a co-requisite with the Series 10, which means you must pass both exams to earn your General Securities Sales Supervisor registration. In addition, candidates must have already passed the FINRA Securities Industry Essentials (SIE) and General Securities Representative (Series 7) exams.
To be eligible to sit for the Series 9 and Series 10 exams, candidates must be associated with and sponsored by a FINRA member firm or another applicable self-regulatory organization (SRO) member firm.
What's covered on the Series 10?
The Series 9 and Series 10 exams assess knowledge of laws, regulations, ethics, and supervisory practices necessary for an entry-level principal acting as a general securities sales supervisor.
While the Series 10 covers many of the same core areas as the Series 9, including sales and trade activities, accounts and communications, rules and regulations, and personnel management, it takes a broader approach and places less emphasis on options than the Series 9.
What is the difference between the Series 9/10 and the Series 24?
The General Securities Sales Supervisor Exams (Series 9 and 10) are classified by FINRA as “limited principal” exams. This designation means they qualify you to oversee a broker-dealer's sales activities across a wide range of products, including corporate securities (equity and debt), investment company products, variable contracts, municipal securities, options, government securities, and direct participation programs (DPPs). However, this authority applies only to sales activities. The Series 9 and 10 licenses do not permit supervision of other areas of the securities business, such as underwriting, trading, or compliance.
In contrast, the Series 24 provides broader authority over firm functions, allowing supervision of many operational areas beyond sales. That said, it is more limited in terms of product coverage: you cannot supervise municipal securities or options activities with a Series 24 alone. The Series 24 exam is also generally regarded as more challenging than the Series 9 and 10.
Do I need to take the Series 9 or Series 10 in a particular order?
No, you can decide which exam to take first.
Do I have to take the Series 9 or Series 10 exams on the same day?
No, you're welcome to take them together if you prefer, but it's not required. It's generally recommended to take the exams on separate days to help reduce the strain of studying and test-taking. The Series 10, in particular, is quite long at four hours and can be especially fatiguing.
Keep in mind that you must pass both exams within two years, or you'll need to start over. Be sure to plan ahead and leave yourself enough time to complete and pass the second exam.