K-STATE College of Business Administration
National Assn. of Securities Dealers
NASD Licensing Exams

You need to pass these examinations if you want to sell financial products. Each exam is computer-based and in a multiple-choice format. Generally, you must get 70% or more on the exam to pass it. Some exams have pre-requisites. For more information, visit the following ss:

  • www.nasd.org (The National Association of Security Dealers requires you to pass relevant exams before you can be in the securities industry. You may also want to visit http://www.nasdr.com/4700_toc.htm for details on how to become a NASD member. In particular, see Appendix G at this site for an outline of NASD Qualification Examinations)
  • www.nasaa.org (The North American Securities Administrators Association)
  • www.businesssavvy.com (This is a commercial site offering study materials for the exams).

 


Partial list of examinations:


Series 3: National Commodity Futures Exam. This Series 3 exam qualifies a representative to sell futures contracts.

Series 4: Registered Options Exam. The Series 4 exam is required for those functioning as options principals, compliance registered options principals, and senior registered options principals.

Series 7: General Securities Registered Representative Exam. The Series 7 exam qualifies an individual as a general securities representative to sell equities, debt securities, mutual funds, options, and other financial products.

Series 6: Investment Company/Variable Contracts Limited Representative Exam. The Series 6 exam qualifies individuals to sell mutual funds, unit investment trusts, variable products and primary offerings of closed-end company shares.

Series 9/10: General Securities Sales Supervisor Exam. This exam (formerly Series 8) is required by the NYSE and qualifies an individual to supervise the sales activities of a broker/dealer.

Series 24: General Securities Principal Exam. This exam is required to supervise General Securities Representatives and the business of a broker/dealer.

Series 26: Investment Company/Variable Contracts Limited Principal Exam. This exam qualifies an individual to supervise the sale of investment company products and variable products by limited representatives (Series 6).

Series 53: Municipal Securities Principal Exam. This exam is for individual who supervise the activities of municipal securities representatives.

Series 55: Equity Trader Exam for Limited Representatives. This exam is required for an individual to trade equity and convertible securities on either a principal or agency basis.

Series 63: Uniform Securities Agent State Law Exam. The Series 63 exam is required by most states to become registered as a Uniform Securities Agent with the North American Securities Administrators (NASAA). It qualifies an individual to sell securities.

Series 65: Uniform Investment Advisor Law Exam. This exam is required by most states to become a registered Investment Advisor Representative. It qualifies an individual to represent an investment advisory firm that provides advisory services to investors as stipulated by the North American Administrators Association (NASAA).

Series 66: Uniform Combined State Law Exam. This exam prepares representatives to become registered as an Investment Advisory Representative as required by each state. This is a combination of the Series 65 (Uniform Investment Representative) exam and the Series 63 (Uniform Securities Agent State Law) exam designed by the NASAA.