Series 7 vs Series 24

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.

Series 7

General Securities Representative Qualification Examination (Series 7)

Practice Series 7

Series 24

General Securities Principal Qualification Examination (Series 24)

Practice Series 24

Level: Series 7
Registered representative (entry-level)
Series 24
Principal/supervisory registration (entry-level General Securities Principal; requires a corequisite representative-level registration)
Format: Series 7
125 scored multiple-choice questions (4 answer choices each), delivered by computer with 10 additional unscored pretest items randomly distributed (135 items total); 3 hours 45 minutes
Series 24
150 scored multiple-choice questions (plus 10 unscored pretest items randomly mixed in, for 160 total delivered), 3 hours 45 minutes, computer-administered
Passing score: Series 7
72%
Series 24
70%
Number of questions: Series 7
125 scored questions (135 delivered, including 10 unscored pretest items)
Series 24
150 scored items (exam delivers 160 total items per candidate: 150 scored + 10 unscored/unidentified pretest items)
Prerequisites: Series 7
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 ("Top-Off") exam
Series 24
Candidate must be sponsored by a FINRA member firm (or other applicable SRO member firm) and must already hold, or concurrently register for, a qualifying representative-level registration: Series 7 (General Securities Representative), Series 17 (UK Module of Series 7), Series 37/38 (Canada Module of Series 7), Series 57 (Securities Trader), Series 62 (Corporate Securities Limited Representative), or Series 82 (Private Securities Offerings Representative). The Series 16 (Supervisory Analysts) exam alone also qualifies a candidate for the Research Principal (RP) registration path. All representative-level registrations also require the SIE exam.
Who it's for: Series 7
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.
Series 24
Entry-level general securities principals, branch managers, and supervisory/compliance staff at FINRA member broker-dealers who will supervise sales, trading, market making, underwriting, research, and overall firm compliance activities. It qualifies a much broader supervisory scope than the limited Series 9/10 sales-supervisor exams, though (unlike Series 9/10) it does not cover municipal securities or options.

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%

Series 7 exam details Series 24 exam details

Considering a career as an advisor?

Advisor Training is brought to you by Parsonex, a wealth-management firm. See what building your practice with us looks like.

Explore careers at Parsonex