Series 24 vs 9/10: Key differences to know

Advancing in the financial services industry often involves (and requires) obtaining supervisory licenses. At this pivotal stage, professionals are expected not only to master financial markets and products but also to demonstrate leadership, ensure compliance, and uphold complex regulatory standards.

Two key licenses that support this crucial transition are the Series 24 and the Series 9/10. While both credentials prepare individuals for supervisory responsibilities, they differ in scope and lead to distinct career trajectories within broker-dealers and financial firms.

For those aiming to move into supervisory or compliance roles, particularly within brokerages, knowing the differences between the Series 24 and 9/10 licenses can shed some light on the process. This guide clearly explains the distinctions between the Series 24, Series 9, and Series 10 exams, helping you make informed career choices as you plan your advancement in the financial services sector.

Why Series 24 vs Series 9/10 matters

As financial professionals advance in their careers, they often reach a point where technical knowledge alone is no longer sufficient. Firms require licensed supervisors to oversee operations, ensure compliance, and manage teams responsibly.

This is where FINRA supervisory licenses come in.

Pursuing either a Series 24 or Series 9/10 matters because:

• It defines the type of role you can hold
• It influences your career trajectory
• It determines the scope of your authority within a firm

In most cases, supervisors will request a specific principal-level license for their employees based on their roles, responsibilities, and branch functions. The specific position you hold as a general securities representative or similar role, as well as the company and team you are a part of, will likely determine which higher-level license you end up taking.

Representative-level financial professionals need to understand what the Series 24 and Series 9/10 entail, as either will shape their career path in different ways. While both licenses are considered commensurate, they vary in scope, allowed activities, and ultimate career pathways.

Overview of FINRA licensing structure

What is FINRA?

The Financial Industry Regulatory Authority (FINRA) is the organization responsible for regulating brokerage firms and their employees in the U.S.

FINRA ensures that financial professionals:

• Follow industry rules
• Act in the best interest of clients
• Maintain ethical and professional standards

To achieve this, FINRA requires licensing for different roles.

Representative vs. principal licenses

There are two broad categories of licenses: representative licenses and principal (supervisory) licenses. Representative licenses, such as the Series 7, are entry-level licenses that allow professionals to sell securities and interact with clients. Principal (supervisory) licenses allow professionals to supervise others and ensure compliance.

Note: Series 24 and Series 9/10 both fall into this category, but they differ in coverage.

What is the Series 24 license?

Definition and purpose

The Series 24 license, officially called the General Securities Principal license, is a pivotal credential required in the financial services industry. Successfully passing the Series 24 exam enables professionals to supervise a broad range of activities within a financial firm, including trading, regulatory compliance, and oversight of daily operations. The primary purpose of the Series 24 is to grant individuals the authority to manage and oversee functions essential to broker-dealer operations.

Roles and responsibilities

Earning a Series 24 license allows individuals to hold several critical supervisory roles within a brokerage or investment firm. Typical responsibilities of a Series 24 license holder include:

• Supervising trading desks and securities transactions
• Overseeing compliance with FINRA regulations and internal policies
• Managing and monitoring registered representatives
• Reviewing and evaluating firm operational procedures

Holders of a Series 24 license wield significant supervisory authority spanning multiple business sectors, making this license central to efficient and compliant firm management.

Who should take Series 24?

The Series 24 license is especially valuable for professionals seeking advancement in the securities industry. It is recommended for those who:

• Aspire to move into senior management or executive positions
• Intend to oversee multiple departments within a financial firm
• Have an interest in compliance, risk management, or firm-wide supervision

Obtaining the Series 24 is often a requirement for leadership roles with broader oversight responsibilities, signaling readiness to guide teams and ensure compliance with industry regulations. Passing the Series 24 exam demonstrates broad industry knowledge and opens doors to higher-level opportunities.

What is the Series 9/10 license?

Definition and structure

The Series 9/10 license is a supervisory certification that combines the Series 9 and Series 10 exams.

• Series 9: The Series 9 license focuses on supervising options sales and options-related activities.
• Series 10: The Series 10 exam covers general securities sales supervision, including oversight of sales practices and compliance.

By passing both the Series 9 and Series 10 exams, individuals earn the Series 9/10 license, which qualifies them to supervise sales activities and manage sales representatives in a brokerage or financial firm.

Roles and responsibilities

A professional holding a Series 9/10 license is authorized to:

• Supervise and oversee sales representatives and their activities
• Monitor client interactions to ensure proper conduct
• Review communications and transactions for regulatory compliance
• Enforce compliance with securities laws and sales practices

The Series 9/10 license is more specialized than the Series 24 license, focusing specifically on sales supervision rather than broader principal responsibilities. Understanding the difference between Series 9 and Series 10 helps candidates tailor their study strategies.

Who should take Series 9/10?

The Series 9/10 license is ideal for financial professionals who:

• Work directly with sales teams or supervise client-facing representatives
• Manage or oversee branch-level sales operations
• Seek to advance into a branch manager or sales supervisor position

Most commonly, the Series 9/10 is required for those aiming to become branch managers or sales supervisors responsible for ensuring compliance in sales activities. Earning both the Series 9 license and Series 10 license demonstrates a commitment to high standards in sales supervision.

Key differences between Series 24 and Series 9/10

Scope of authority

• Series 24 vs 9/10: Series 24 license holders have broad supervisory authority across trading, compliance, and daily operations, while the Series 9 vs Series 10 distinction highlights specialized supervision focused on sales and branch activities.
• Series 9 vs Series 10: Within Series 9/10, the Series 9 exam focuses on supervising options sales, while Series 10 addresses greater supervisory responsibilities for general securities sales.

Functional focus

When comparing Series 24 vs 9/10, the Series 24 credential covers a wide spectrum of business functions and high-level oversight across multiple firm activities. By contrast, Series 9 vs Series 10 roles emphasize sales supervision, including client-facing tasks and oversight of frontline sales teams.

Career path implications

• Holding the Series 24 vs. the 9/10 licenses can impact your future career path, as the Series 24 is often a stepping stone to senior management or compliance positions within a firm.
• In comparison, earning the Series 9 vs Series 10 designation aligns with sales-focused leadership roles, such as supervising sales activities or managing a branch office.

The distinction between Series 24 vs 9/10 lies in both the breadth of supervisory responsibilities and the direction of potential advancement in your securities industry career.

Exam structure and format

Series 24 exam

• Single exam
• Covers multiple areas of supervision
• Requires a strong understanding of regulations

Series 9/10 exams

• Two separate exams
• Must pass both to earn the license
• Each exam focuses on specific supervisory areas
  
  

Exam content breakdown

The Series 24 exam assesses a candidate’s proficiency across several essential supervisory functions. Key Series 24 content areas include:

• Investment banking supervision, as covered on the Series 24
• Trading and market-making rules relevant to the Series 24 exam
• Compliance and regulatory requirements for broker-dealer supervision
• Customer accounts management and overall firm operations

Meanwhile, the Series 9/10 exam content areas include:

Series 9:

• Options trading supervision and related regulatory topics
• Risk management responsibilities specific to options supervisors

Series 10:

• Sales supervision within the firm
• Client communications oversight
• Regulatory requirements for sales activities

Passing each exam requires strong knowledge of these content areas, ensuring candidates are prepared for supervisory responsibilities in the financial industry.

Is Series 24 harder than Series 9/10?

While individual difficulty levels will depend on your background, the Series 24 is widely regarded as more difficult than the Series 9/10. In fact, the Series 24 is considered one of the most difficult FINRA exams due to its broad scope, which covers complex trading, supervisory, and regulatory rules. Though the Series 9/10 exams may be more approachable because they are more targeted in their coverage, they are also considered challenging because of their advanced-level content on sales and options.

For both exams, most candidates prepare for several weeks to months, though some firms may require candidates to pass their respective exams in an accelerated timeline. You could switch between a Series 24 and a Series 9/10 role in the future, but additional licensing will be required.

Difficulty level comparison

Breadth vs depth

• Series 24 covers a broader range of topics
• Series 9/10 focuses more deeply on specific areas of sales supervision

Common challenges

Candidates often find:

• Regulatory rules complex
• Memorization demanding
• Application-based questions challenging

Both exams require disciplined preparation.

Prerequisites and eligibility

Before taking either exam, candidates must typically:

• Hold a Series 7 license
• Be sponsored by a FINRA-member firm
• Be registered through their employer
• Schedule the exam through FINRA systems

The employer registration process is one of the most important steps in obtaining a supervisory license.

Career opportunities and roles

Roles with Series 24

• General securities principal
• Compliance officer
• Operations manager
• Senior leadership roles

Roles with Series 9/10

• Sales supervisor
• Branch manager
• Team leader
• Client service manager

Series 24 roles are broader, while Series 9/10 focus on client-facing, financial services positions.

Can you hold both licenses?

Yes, professionals can hold both licenses.

When it makes sense

• If your role requires both broad supervision and sales oversight
• If you are aiming for senior leadership positions

Strategic advantage: Holding both licenses provides flexibility and increases career opportunities. Your employer will likely decide if both licenses are required for your scope of practice.

What each license is used for

Employers assign the Series 24 to prepare principals for roles with:

• Broad authority
• Firm-wide supervision
• Responsibilities related to compliance and operations

The Series 9/10 is most commonly found in:

• Sales environments
• Client-facing teams
• Roles with supervisory responsibilities in these areas

Key factors to consider:

• How each license may shape your career goals
• How your current role may affect your future options
• Your firm’s requirements

Both offer paths to advancement, though with slightly different results.

Study strategies and preparation tips

• Understand the rules: Focus on understanding regulations rather than memorizing them.
• Practice questions: Regular practice helps build familiarity with exam formats.
• Manage your time: Create a structured study schedule and stick to it.

Common mistakes candidates make

Common exam pitfalls include:

• Underestimating exam difficulty
• Confusing scope of responsibilities
• Not preparing thoroughly
• Ignoring practice exams

Avoiding these mistakes can improve your chances of passing whichever exams you are assigned.

Final thoughts

Both the Series 24 and the Series 9/10 licenses are powerful credentials that pave the way for supervisory careers within the financial services industry. The Series 24 license vs. a Series 9/10 designation should reflect your desired career path:

• For those seeking broad supervisory authority and managerial responsibility over a range of activities, the Series 24 license is typically required. Passing the Series 24 exam qualifies you for oversight roles that require deep knowledge and leadership across operations.
• If you’re more focused on specialized sales supervision or prefer client-facing roles, the Series 9/10 combination is more suitable. Earning your Series 9 license, along with the Series 10 credential, focuses your expertise on supervising sales activities and handling managerial duties in client service environments.

There’s no universally “better” license: holding a Series 24 vs. 9/10, or even choosing to pursue both, really comes down to your representative-level role and ultimate career trajectory. Therefore, you should be considering which path you want to take as an entry-level employee and pursue roles that will lead you to your desired designation and position, whether it be in securities sales, compliance, or another field.

With diligent study and a strategic approach to either the Series 24 exam or the combined Series 9/10 exams, you can position yourself confidently for your preferred supervisory role, advancing smoothly within the financial industry.