Subject: Regulation - Series of Examinations/Registrations

Last-revised: 30 Sep 1999
Contributed-By: Charlie H. Luh, Chris Lott (contact me)

The National Association of Securities Dealers (NASD) administers a series of licensing examinations that are used to qualify people for employment in many parts of the finance industry. For example, the Series 7 is commonly (although somewhat incorrectly) known as the stockbroker exam. The following examinations are offered:

• Series 3 - Commodity Futures Examination
• Series 4 - Registered Options Principal
• Series 5 - Interest Rate Options Examination
• Series 6 - Investment Company and Variable Contracts Products Rep.
  Translation: qualifies sales representatives to sell mutual funds and variable annuities.
• Series 7 - Full Registration/General Securities Representative
  Translation: qualifies sales representatives to sell stocks and bonds. Variations include:
  • Securities Traders (NYSE)
  • Trading Supervisor (NYSE)
• Series 8 - General Securities Sales Supervisor
  • Branch Office Manager (NYSE)
• Series 11 - Assistant Representative/Order Processing
• Series 15 - Foreign Currency Options
• Series 16 - Supervisory Analyst
• Series 22 - Direct Participation Program Representative
• Series 24 - General Securities Principal
• Series 26 - Investment Company and Variable Contracts Principal
• Series 27 - Financial and Operations Principal
• Series 28 - Introducing B/D/Financial and Operations Principal
• Series 39 - Direct Participation Program Principal
• Series 42 - Options Representative
• Series 52 - Municipal Securities Representative
• Series 53 - Municipal Securities Principal
• Series 62 - Corporate Securities Representative
• Series 63 - Uniform Securities Agent State Law Examination
• Series 65 - Uniform Investment Advisor Law Examination

The following NASD resources should help.

• The procedures for becoming a member of NASD, including details about registering personnel through the Central Registration Depository (CRD).
  http://www.nasdr.com/4700.htm
• The NASD's CRD call center: +1 (301) 590-6500
• The NASD home page.
  http://www.nasd.com/