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Series 23 Test BreakdownThe Financial Industry Regulatory Authority (FINRA) gives two different tests which a person can take to qualify to become a General Securities Principal. General Securities Principals are qualified to manage a firm's mutual funds, variable annuities, direct participation programs, or corporate investment banking activities. Anyone aspiring to become a General Securities Principal of a firm and who has already passed the FINRA Supervisor exam (9/10) may take an abbreviated route to becoming a GSP-they're qualified to take the FINRA's Series 23 General Securities Principal-Sales Supervisor Module exam in order to qualify for the higher position. The Series 23 exam is less extensive than the other exam for General Securities Principal because supervisors have already demonstrated a knowledge of much of the material by passing their previous exam. You can take the Series 23 at many different locations around the nation, and in most places it's offered Monday through Saturday for your convenience. It costs $75, and will take two and a half hours to complete. You shouldn't bring a calculator-if you need one, the testing center will provide it. The Series 23 test consists of 100 multiple choice questions, and the minimum passing score is 70%. The test is difficult and challenging, and it will require much study and a broad grasp of the subject material to do well on it. Out of the hundred questions, you'll be looking at 25 testing your knowledge of what's required to oversee investment banking and associated activities. There will be 29 questions concerning the management of all trading and market making activities of a firm. 16 questions will cover managing the day to day running of the firm's office. In addition, you'll see 19 questions on supervising sales activities, managing employees, and FINRA regulations. Finally, there will be 11 questions on complying with the rules of financial responsibility for a firm. The Series 23 exam will be a challenge, but having passed the previous supervisor exam should give you the confidence to prepare for and pass it. Click Here for
Series Test Breakdown
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