FINRA shortens exam retake waiting periods starting January 19, 2027
The Financial Industry Regulatory Authority (FINRA) has adopted a rule change that shortens how long candidates must wait to retake a failed securities licensing exam, cutting the wait from 30 to 15 days after a first or second failure and from 180 to 60 days after a third. FINRA, which administers major securities exams such as the Securities Industry Essentials (SIE) and Series 7, filed the change with the U.S. Securities and Exchange Commission (SEC) on June 29, 2026, and announced in Regulatory Notice 26-18 that it takes effect on January 19, 2027. January 18, 2027, is the last day the old waiting periods apply.
FINRA's new exam retake policy
Passing securities exams allows access to jobs, continued employment, and advancement for finance professionals. FINRA qualification exams, in particular, are designed to be difficult, and FINRA doesn’t publish pass rates for most of them. While failing an employment- or promotion-related test can be frustrating, FINRA allows candidates to retake their exams an unlimited number of times, subject to certain parameters.
Until January 18, 2027, FINRA’s policy requires exam candidates to wait either about a month or roughly six months to retake their tests, depending on the number of attempts. Under the amended Rule 1210 (Registration Requirements), candidates who fail their exam once or twice wait 15 days before retaking it, instead of 30 days. After a third or later failure within a two-year period, they wait 60 days instead of 180. Failed attempts more than two years old don't count toward that total.
In summary, this is how the waiting periods change:
| Wait before retaking | Through January 18, 2027 | From January 19, 2027 |
|---|---|---|
| After a first failure | 30 days | 15 days |
| After a second failure | 30 days | 15 days |
| After a third or later failure within two years | 180 days | 60 days |
These changes cut the waiting period by half or more, allowing candidates to advance in the licensing process more quickly and potentially reducing the risk of losing employment or a promotion.
What it means for exam candidates
From January 19, 2027, under the amended Rule 1210, candidates no longer have to wait nearly a month to retake their exams after failing the first, or even the second, time. Similarly, candidates who fail after three attempts are no longer barred from retaking their tests for nearly six months, which can help ease the time pressure of licensing. The SIE, for example, is a corequisite of more advanced exams like the Series 6 and Series 7: failing the SIE delays your registration for exams that depend on firm sponsorship and employment with a FINRA-member firm.
Some firms have strict timetables for when securities representatives, entry-level advisors, or other professionals must prepare for, take, and pass their licensing exams. With some firms limiting how many attempts candidates get before their employment or advancement is called into question, being able to rebound more quickly after a failed attempt can make a major difference, especially for early-career professionals.
Of course, this also means candidates will have less time to study for their retakes than before, making targeted preparation even more important. Traditional methods or passive preparation are unlikely to turn candidates’ scores around in the time needed: candidates in need of a retake should focus on nailing areas of difficulty, completing related practice questions, and using mock tests to be fully ready for exam day.
When do the new waiting periods take effect?
FINRA filed the rule change with the SEC on June 29, 2026, and announced in Regulatory Notice 26-18 that it takes effect on January 19, 2027. January 18, 2027, is the last day the 30-day, 30-day, and 180-day waiting periods apply. If you fail an exam before January 19, 2027, and are still waiting to retake it on that date, what happens depends on when you request your retake enrollment. If you request it on or after January 19, 2027, your testing window automatically reflects the new, shorter wait. If you requested it before January 19 and haven't scheduled an appointment, FINRA will adjust your window to the shorter wait on January 19. If you already have an appointment scheduled, FINRA can't change your window without canceling it and will contact you to go over your options.
Which FINRA exams does this change apply to?
The change applies to all FINRA entry-, representative-, and principal-level exams, including the:
- FINRA SIE
- Series 6 (Investment Company and Variable Contracts Products Representative)
- Series 7 (General Securities Representative)
- Series 9 and Series 10 (General Securities Sales Supervisor)
- Series 24 (General Securities Principal)
Note that this change does not apply to exams administered through FINRA on behalf of other organizations, such as the Municipal Securities Rulemaking Board (Series 50, Series 51, etc.). For those exams, the standard 30-day, 30-day, and 180-day waiting periods remain in effect, though these organizations may align with FINRA’s changes in the future. For example, the North American Securities Administrators Association (NASAA), which sponsors the Series 63, Series 65, and Series 66 exams, has announced its own waiting-period update, effective January 4, 2027, cutting the 180-day wait after a third failed attempt to 60 days. Its 30-day waits after the first and second failures stay the same.
Final takeaways
For professionals in finance and financial services, passing high-stakes FINRA qualification exams is a key part of the field. For a long time, failing a test meant waiting either about a month or roughly six months, depending on the number of attempts. From January 19, 2027, that wait is cut by half or more, easing some of the stress associated with these often time-sensitive tests. It also means candidates must be ready to retake their tests in less time than before, underscoring the importance of efficient, effective preparation tools and techniques that increase mastery and raise scores faster.
