Series 7 vs Series 24
Which should you take first?
The Series 7 comes first or alongside the Series 24. The Series 24 requires the SIE and a representative-level corequisite exam, and the Series 7 is the corequisite for General Securities Principal. Both require sponsorship by a FINRA member firm.
Side by side
| Fact | Series 7 | Series 24 |
|---|---|---|
| Questions | 125 scored questions (135 delivered, including 10 unscored pretest items) | 150 scored items (exam delivers 160 total items per candidate: 150 scored + 10 unscored/unidentified pretest items) |
| Duration | 3 hours 45 minutes | 3 hours 45 minutes |
| Passing score | 72% | 70% |
| Prerequisites and sponsorship | Must pass the Securities Industry Essentials (SIE) exam as a co-requisite, and be sponsored by a FINRA member firm (or other applicable SRO member firm) to sit for the Series 7. | Candidate must be associated with and sponsored by a FINRA member firm (or other applicable SRO member firm). In addition to the Series 24, candidates must pass the Securities Industry Essentials (SIE) exam and a representative-level qualification exam (Series 7, 57, 79 or 82, or the Series 86 and 87 pair), or the Series 16 Supervisory Analysts exam, to hold an appropriate principal registration. The principal registration granted depends on the corequisite exam: Series 7 for General Securities Principal, Series 57 for Securities Trader Principal, Series 79 for Investment Banking Principal, Series 82 for Private Securities Offerings Principal, and Series 86 and 87 or Series 16 for Research Principal. |
| Who it's for | Entry-level candidates seeking registration as general securities representatives who will sell corporate securities, municipal securities, investment company products, variable annuities, options, direct participation programs, and government securities to customers. | Candidates seeking a principal registration at a FINRA member firm. The general securities principal qualification does not cover municipal securities or options. |
Source: Series 7, FINRA exam details
Source: Series 24, FINRA exam details
How they differ
The Series 7 is an entry-level representative registration. The Series 24 is a principal registration, and candidates must already hold or concurrently register for a qualifying representative-level registration, such as the Series 7.
- Role
The Series 7 is the entry-level registered representative exam; the Series 24 is a principal (supervisory) registration.
- Corequisites
FINRA's Series 24 program page lists the SIE plus the Series 7, 57, 79, 82, 86/87 or 16; the principal registration granted depends on which is held.
- Scope
Per FINRA, the general securities principal qualification does not cover municipal securities or options.
- Length
The Series 7 has 125 scored questions and the Series 24 has 150; both run 3 hours 45 minutes.
FINRA's Series 24 content outline lists a different set of corequisite exams (including the Series 17, 37/38 and 62) than the program page used here. Confirm with FINRA which governs.
Sources
Sources checked
Series 7
General Securities Representative Qualification Examination (Series 7)
Series 24
General Securities Principal Qualification Examination (Series 24)
What each exam covers
Series 7
- Function 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers7%
- Function 2: Opens Accounts After Obtaining and Evaluating Customers' Financial Profile and Investment Objectives9%
- Function 3: Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records73%
- Function 4: Obtains and Verifies Customers' Purchase and Sales Instructions and Agreements; Processes, Completes and Confirms Transactions11%
Series 24
- Function 1. Supervision of Registration of the Broker-Dealer and Personnel Management Activities6%
- Function 2. Supervision of General Broker-Dealer Activities30%
- Function 3. Supervision of Retail and Institutional Customer-Related Activities21.3%
- Function 4. Supervision of Trading and Market Making Activities21.3%
- Function 5. Supervision of Investment Banking and Research21.3%
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