The Most Difficult FINRA Exam, Ranked

Voting rules: Choose the exam you think is the most difficult!

Updated on May 2, 2024 06:24

Embarking on a career in the financial services industry involves many challenges, one of which is passing the FINRA examinations. These exams are crucial for those looking to secure specific roles within the industry, such as traders or brokers. The difficulty level of each exam can vary significantly, which sometimes leads to uncertainty among candidates about which ones might require more intense preparation. This site offers a dynamic solution by allowing users to vote on the difficulty of these exams, based on their personal experiences. Such insights are invaluable as they help future candidates prioritize their study efforts more effectively. By participating, users not only contribute to a broader knowledge base but also assist in creating a more tailored and efficient study process for their peers.

What Is the Most Difficult FINRA Exam?

1

42
votes
Series 7 Exam

This is widely considered the most difficult FINRA exam due to its comprehensive coverage of various financial topics such as investments, securities, and regulations. Passing this exam is mandatory for those who want to become a registered representative.
The Series 7 Exam, also known as the General Securities Representative Exam, is a comprehensive financial examination administered by the Financial Industry Regulatory Authority (FINRA). It is designed to evaluate the competence of individuals who are seeking registration as general securities representatives. This exam is a prerequisite for individuals who wish to engage in the selling, buying, and trading of securities in the United States.

Exam Type: Multiple-choice

Number of Questions: 125

Time Allowed: 6 hours

Passing Score: 72%

Topics Covered: Equity, debt, options, investment companies, retirement plans, customer accounts, and industry regulations.
2

41
votes
Series 24 Exam

This exam is designed for those who want to become a general securities principal. It tests the knowledge and skills needed to supervise and manage a securities firm. The exam covers a wide range of topics, including trading, investment banking, and compliance.
The Series 24 Exam, also known as the General Securities Principal Exam, is a financial industry regulatory exam administered by the Financial Industry Regulatory Authority (FINRA). It is designed for individuals who intend to supervise or manage the day-to-day activities of a firm's securities business.

Exam format: Multiple choice

Number of questions: 150

Duration: 3 hours and 45 minutes

Passing score: 70%

Exam topics: Regulatory requirements, supervision of retail and institutional customer accounts, financial responsibility rules, and more
3

23
votes
Series 63 Exam

This exam is focused on state securities regulations and laws. It tests the knowledge of the rules and regulations in the state where the candidate wants to work.
The Series 63 Exam, also known as the Uniform Securities State Law Examination, is a finance industry certification exam administered by the Financial Industry Regulatory Authority (FINRA). It tests candidates on their knowledge of state securities laws and regulations.

Exam Format: Multiple-choice

Number of Questions: 60

Passing Score: 72%

Time Limit: 75 minutes

Exam Cost: $135
4

29
votes
Series 65 Exam

This exam is designed for those who want to become investment advisors. It tests the knowledge of investment concepts, portfolio management, and ethical practices.
The Series 65 exam, also known as the Uniform Investment Adviser Law Examination, is a regulatory licensing exam administered by the Financial Industry Regulatory Authority (FINRA) in the United States. It is designed to assess the competency and knowledge of individuals who wish to register as investment adviser representatives.

Cost: $175

Open-Book: No

Prerequisite: None

Passing Score: 72%

Number of Questions: 130
5

16
votes
Series 66 Exam

This is a combination of the Series 63 and Series 65 exams. Passing this exam is mandatory for those who want to become both a registered representative and an investment advisor.
The Series 66 Exam, also known as the Uniform Combined State Law Examination (UCSLE), is a securities license exam administered by the Financial Industry Regulatory Authority (FINRA). It is designed to qualify individuals as investment adviser representatives or securities agents in certain states, allowing them to provide investment advice and sell securities products.

Passing Score: 75%

Number of Questions: 100

Exam Time Limit: 150 minutes

Exam Cost: Typically around $165

Content Areas: Regulation of Investment Advisers, Regulation of Investment Adviser Representatives, Regulation of Broker-Dealers, Ethical practices and fiduciary obligations, Investment vehicles, Economic factors and business information, Client Investment Recommendations and Strategies, Laws, Regulations, and Guidelines, and Contracts
6

13
votes
Series 79 Exam

This exam is designed for those who want to become investment bankers. It tests the knowledge of investment banking concepts, valuation, and financial analysis.
The Series 79 Exam, also known as the Investment Banking Representative Qualification Examination, is a rigorous exam administered by the Financial Industry Regulatory Authority (FINRA). It is designed to test the knowledge and competence of individuals seeking to become investment banking representatives.

Exam Format: Multiple choice questions

Number of Questions: 175 questions

Passing Score: 73%

Exam Duration: 5 hours

Exam Fee: $330
7

9
votes
Series 87 Exam

This exam is designed for those who want to become research analysts. It tests the knowledge of research methodologies, financial analysis, and ethical practices.
The Series 87 Exam is a difficult exam administered by the Financial Industry Regulatory Authority (FINRA) that is designed to assess the competencies of individuals seeking to become research analysts. The exam tests candidates' knowledge of research analysis practices and regulations.

Exam Format: Multiple-choice questions

Number of Questions: 50

Passing Score: 72%

Time Limit: 4 hours

Subject Areas Covered: Equity and debt securities analysis, industry analysis, accounting, valuation, ethics, and regulatory requirements
8

2
votes
Series 14 Exam

This exam is designed for those who want to become compliance officers. It tests the knowledge of regulatory requirements, internal controls, and ethical practices.
The Series 14 Exam is a financial industry regulatory examination administered by the Financial Industry Regulatory Authority (FINRA) in the United States. It is designed for professionals involved in compliance and regulatory functions of options trading and investment banking.

Exam Type: Multiple choice questions

Number of Questions: 110

Passing Score: 70%

Exam Duration: 3 hours and 30 minutes

Exam Cost: $410 (as of 2021)
9

8
votes
Series 27 Exam

This exam is designed for those who want to become financial and operations principals. It tests the knowledge of financial reporting, operations management, and regulatory compliance.
The Series 27 Exam, also known as the Financial and Operations Principal (FINOP) Exam, is a regulatory licensing exam administered by the Financial Industry Regulatory Authority (FINRA) in the United States. It tests the knowledge and competencies of individuals who serve as financial and operations principals in broker-dealers and other financial institutions.

Exam Type: Regulatory licensing exam

Purpose: To test knowledge and competencies of financial and operations principals

Job Role: Financial and Operations Principal (FINOP)

Industry: Financial services

Exam Format: Multiple-choice questions
10

5
votes
Series 51 Exam

This exam is designed for those who want to become municipal fund securities principals. It tests the knowledge of municipal securities regulations, compliance, and ethical practices.
The Series 51 Exam, also known as the Municipal Fund Securities Limited Principal Qualification Examination, is an exam administered by the Financial Industry Regulatory Authority (FINRA) to individuals seeking to become registered as Municipal Fund Securities Limited Principals. This exam tests the knowledge and expertise needed to supervise municipal fund securities activities within a firm.

Exam Format: Multiple-choice

Number of Questions: 50

Time Limit: 1 hour and 30 minutes

Passing Score: 70%

Content Areas: Regulation of Municipal Securities and Municipal Fund Securities, Supervision of Municipal Fund Securities Activities, and Recordkeeping Requirements

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Discussion

Ranking factors for difficult exam

Exam Scope and Content

Determine the breadth and depth of the material covered in each exam. Some exams cover a wide range of topics across various securities products, rules, regulations, and concepts, making them more challenging.
Exam Length

Consider the number of questions and the time allocated to complete the exam. Exams with a higher number of questions and shortened time allowance increase the level of difficulty.
Pass Rate

Examine the pass rate for each exam. A lower passing rate may indicate a more challenging test, as a higher percentage of candidates are unable to successfully pass the exam.
Prerequisites

Check if there are any prerequisites to taking the exam, such as prior experience or other exams that must be passed. Some of the more advanced or specialized FINRA exams may require candidates to have expert-level knowledge in certain areas or a particular license to sit for the exam.
Exam Format

Take into account the exam format – whether it is multiple choice, essay, or a combination of both. Some candidates may find certain formats more challenging than others.
Preparation Time

Evaluate the amount of time and effort required to prepare for each exam. Exams that require more extensive preparation or are known to be more challenging may warrant a higher ranking on the difficulty scale.
Industry Importance

Consider the relevance of the exam to industry professionals and the overall demand for the license. Highly sought-after licenses that are required for certain roles or have wider applications within the financial services industry may be more difficult to obtain.
Continuing Education Requirements

Assess the ongoing obligations for license holders to maintain their registration, such as continuing education or periodic re-examination. A more difficult FINRA exam may have more stringent requirements for maintaining the license, thereby increasing the overall challenge associated with the exam.

About this ranking

This is a community-based ranking of the most difficult FINRA exam. We do our best to provide fair voting, but it is not intended to be exhaustive. So if you notice something or exam is missing, feel free to help improve the ranking!

Statistics

3407 views
166 votes
10 ranked items

Voting Rules

A participant may cast an up or down vote for each exam once every 24 hours. The rank of each exam is then calculated from the weighted sum of all up and down votes.

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More information on most difficult finra exam

When it comes to working in the financial industry, the Financial Industry Regulatory Authority (FINRA) exams are a critical step in establishing your credentials. These exams are specifically designed to test an individual's knowledge on securities industry rules and regulations, as well as ethical practices. With several different exams to choose from, each with its own unique focus, it can be challenging to determine which one is the most difficult. However, there is no denying that passing any of these exams requires a significant amount of time and effort. From the Series 6 and Series 7 to the Series 63 and Series 66, each FINRA exam demands a thorough understanding of complex financial concepts and the ability to apply them in practical scenarios. Whether you are a seasoned professional or just starting your career in finance, passing a FINRA exam is a crucial step in achieving success in this industry.