The Most Difficult FINRA Series Exam, Ranked
Voting rules: Choose the FINRA Series Exam you think is the most difficult!
Updated on Apr 23, 2024 06:37
Navigating the landscape of finance certifications can be daunting for professionals. Knowing which exams are particularly challenging helps candidates prepare more effectively and set realistic expectations.
This list, shaped by the votes of those who've faced these rigorous assessments, offers a dynamic guide to the relative difficulty of each exam. By participating, users contribute to a clearer picture, aiding peers in making informed decisions about their certification journey.
What Is the Most Difficult FINRA Series Exam?
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178votesThis exam covers a broad range of topics related to the securities industry, including trading, investment products, and regulations. It is one of the most widely recognized and required exams for those looking to become a registered representative. The exam consists of 125 multiple-choice questions, and test-takers have six hours to complete it.The Series 7 - General Securities Representative Exam is a licensing exam administered by the Financial Industry Regulatory Authority (FINRA) in the United States. The exam is designed to assess the competency of individuals who want to become registered representatives or stockbrokers.
- Number of questions: 125
- Duration: 3 hours and 45 minutes
- Passing score: 72%
- Exam topics: Regulatory fundamentals, equity securities, debt securities, packaged securities, options, investment companies, retirement plans, interactions with customers, and prohibited activities
- Cost: Approximately $305
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238votesThis exam is designed for supervisors who manage or oversee other registered representatives. It covers topics such as compliance, customer accounts, and operations. The exam consists of 150 multiple-choice questions, and test-takers have three and a half hours to complete it.The Series 24 - General Securities Principal Exam is a licensing exam administered by the Financial Industry Regulatory Authority (FINRA). It is designed to test the knowledge and skills of candidates seeking to become general securities principals. This exam focuses on the supervision and management of securities sales activities within a brokerage firm.
- Exam Format: Multiple choice
- Number of Questions: 150
- Passing Score: 70%
- Exam Time: 3 hours and 45 minutes
- Topics Covered: Supervision of brokerage office operations, compliance with regulatory requirements, customer account management, business conduct rules, investment banking and underwriting activities, and more
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326votesThis exam covers state securities laws and regulations, and is required for those who want to become registered representatives in certain states. The exam consists of 65 multiple-choice questions, and test-takers have 75 minutes to complete it.The Series 63 - Uniform Securities Agent State Law Exam is a securities exam that is administered by the Financial Industry Regulatory Authority (FINRA) in the United States. It is designed to test the knowledge of individuals who wish to become registered securities agents. This exam focuses on the laws, regulations, and ethical practices related to the sale of securities at the state level.
- Length: 75 questions
- Time Limit: 1 hour and 15 minutes
- Passing Score: 72%
- Content Coverage: State securities acts and related rules and regulations
- Prerequisites: None
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49votesThis exam is designed for investment bankers who work on mergers and acquisitions, initial public offerings, and other corporate finance transactions. It covers topics such as financial statement analysis, valuation, and underwriting. The exam consists of 175 multiple-choice questions, and test-takers have five hours to complete it.The Series 79 - Investment Banking Representative Exam is a financial industry licensing exam that is administered by the Financial Industry Regulatory Authority (FINRA). It is designed to test the knowledge and competency of individuals who are seeking to become registered representatives and engage in investment banking activities.
- Exam Format: Multiple choice questions
- Number of Questions: 175
- Passing Score: 73%
- Time Limit: 5 hours
- Exam Fee: $305
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518votesThese exams are designed for research analysts who provide investment recommendations to clients. They cover topics such as financial statement analysis, valuation, and industry analysis. The Series 86 exam consists of 100 multiple-choice questions and two case studies, while the Series 87 exam consists of 50 multiple-choice questions and one case study. Test-takers have four hours to complete each exam.The Series 86/87 - Research Analyst Exam is a pair of exams designed to assess the knowledge and skills required for individuals working as research analysts in the financial industry. The exams were created by the Financial Industry Regulatory Authority (FINRA) to ensure that research analysts have a solid understanding of the industry regulations, ethical practices, and analytical techniques.
- Exam Type: Multiple-choice
- Exam Duration: 3 hours (each exam)
- Number of Questions: 100 (each exam)
- Passing Score: 73% (each exam)
- Topics Covered: Equity Securities, Debt Securities, Investment Vehicles, Research Communications and Reports, Regulations, and Ethics, Analysis, Valuation, and Financial Modeling
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610votesThis exam is designed for individuals who work in back-office operations for broker-dealers. It covers topics such as settlement, trade confirmation, and recordkeeping. The exam consists of 100 multiple-choice questions, and test-takers have two and a half hours to complete it.The Series 99 - Operations Professional Exam is a FINRA licensing examination designed to test the knowledge and proficiency of individuals seeking to become Operations Professionals in the securities industry. This exam focuses on topics related to back-office operations, including trade processing, settlement, record-keeping, regulatory compliance, and risk management.
- Exam Format: Multiple-choice
- Number of Questions: 100
- Passing Score: 68%
- Time Limit: 2 hours and 30 minutes
- Exam Fee: $40
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710votesThis exam is designed for individuals who oversee a broker-dealer's financial and operational functions. It covers topics such as financial reporting, net capital requirements, and customer protection. The exam consists of 145 multiple-choice questions, and test-takers have three hours and 45 minutes to complete it.The Series 27 - Financial and Operations Principal Exam is a regulatory examination administered by the Financial Industry Regulatory Authority (FINRA) in the United States. It is designed to test the knowledge and competency of individuals who are seeking to become Financial and Operations Principals at registered securities firms. The exam focuses on the rules and regulations related to the financial and operational functions of broker-dealers.
- Exam Format: Multiple-choice
- Number of Questions: 145
- Passing Score: 70%
- Time Limit: 4 hours
- Test Topics: Financial responsibility rules, recordkeeping and reporting, operational activities, customer protection rules, and regulatory filing requirements
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88votesInvestment Company and Variable Contracts Products Representative Exam: This exam covers a wide range of investment products, including mutual funds, variable annuities, and variable life insurance. It is often required for those who work in the insurance industry. The exam consists of 50 multiple-choice questions, and test-takers have one and a half hours to complete it.The Series 6 exam is a licensing examination administered by the Financial Industry Regulatory Authority (FINRA) in the United States. It measures the competency of individuals to become registered representatives and sell certain investment products, such as mutual funds, variable annuities, and unit investment trusts (UITs).
- Exam format: Multiple-choice questions
- Number of questions: 50
- Passing score: 70%
- Time limit: 1 hour and 30 minutes
- Exam fee: $40
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917votesThis exam covers state and federal securities laws and regulations related to investment advisers. It is required for those who want to become registered investment advisers. The exam consists of 130 multiple-choice questions, and test-takers have three hours to complete it.The Series 65 - Uniform Investment Adviser Law Exam is a certification exam administered by the Financial Industry Regulatory Authority (FINRA) in the United States. It is designed to gauge the competency of individuals who wish to work as investment advisers and provide investment advice to clients.
- Exam format: Multiple choice
- Number of questions: 130
- Duration: 3 hours
- Passing score: 72%
- Exam fee: $175
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107votesThis exam is designed for individuals who oversee a broker-dealer's municipal securities business. It covers topics such as underwriting, trading, and customer accounts. The exam consists of 100 multiple-choice questions, and test-takers have two hours and 30 minutes to complete it.The Series 53 - Municipal Securities Principal Exam is an exam administered by the Financial Industry Regulatory Authority (FINRA) that qualifies individuals to become Municipal Securities Principals. It tests the knowledge and skills required to supervise the municipal securities activities of a firm.
- Number of Questions: 100
- Passing Score: 70%
- Exam Time: 3 hours and 45 minutes
- Exam Cost: $305
- Subject Areas: Municipal Market Regulation, Municipal Securities and The Underwriting of Municipal Securities, Trading in Municipal Securities, Supervision of Municipal Securities Activities, and Compliance with MSRB Rules
Missing your favorite FINRA Series Exam?
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Discussion
Ranking factors for difficult FINRA Series Exam
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Exam lengthThe number of questions and the time allotted to complete the exam are important factors in determining its difficulty. An exam with more questions and a shorter time limit will be more challenging to complete.
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Pass rateThe pass rate serves as a key indicator of the difficulty level of an exam. A lower pass rate suggests that the exam is more complex and challenging for test-takers.
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Complexity of materialThe difficulty of the content covered on the exam is crucial in determining its overall difficulty. Exams covering more complex and diverse topics, such as investment products, securities regulations, and financial analysis, will generally be more challenging than those focused on simpler topics.
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Study and preparation timeThe amount of time required to prepare for an exam is a significant factor in its difficulty level. Exams that necessitate a longer preparation time will generally be perceived as more difficult.
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Experience and backgroundThe difficulty of an exam can also depend on an individual's experience and background in the financial industry. Some exams may be more challenging for those lacking prior experience or knowledge in specific areas.
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Type and format of questionsThe type and format of questions on the exam can also impact its difficulty. Exams that include more comprehensive, scenario-based questions or require in-depth analytical skills will generally be more difficult.
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Required passing scoreThe required passing score for an exam can also be an indicator of its difficulty level. A higher required passing score may suggest that the exam is more challenging.
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Regulatory importanceThe significance of the exam within the financial industry and its impact on an individual's career can add to the perception of the difficulty of the exam. Exams required for essential licenses or registrations, such as the Series 7 or Series 24, may be perceived as more difficult due to their importance in the industry.
About this ranking
This is a community-based ranking of the most difficult FINRA Series 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
- 4341 views
- 198 votes
- 10 ranked items
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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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Background Information:
The Financial Industry Regulatory Authority (FINRA) is a self-regulatory organization that oversees and regulates brokerage firms and financial professionals in the United States. In order to become a licensed financial professional, individuals must pass various FINRA exams, also known as Series exams.
There are numerous Series exams, each testing different aspects of financial knowledge and skills, such as securities trading, investment banking, and financial planning. These exams are notoriously difficult, with pass rates ranging from 30% to 70% depending on the exam.
Among the various FINRA Series exams, many financial professionals consider the Series 7 exam to be the most difficult. This exam is required for individuals who want to become a licensed general securities representative and involves a comprehensive understanding of securities trading and regulations. However, other Series exams, such as the Series 24 and Series 63, are also known for their level of difficulty and rigor.
Ultimately, passing any FINRA Series exam requires a thorough understanding of financial concepts and regulations, as well as intense study and preparation.
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