Series 11 Exam

If you are employed by a FINRA member firm and work with the general public to provide general securities quotes and accept unsolicited orders, you will need to take the Series 11 exam.

Introduction to the Series 11 Exam

The Series 11 exam, also known as the Assistant Representative – Order Processing test, measures your ability to perform the previously mentioned tasks under the supervision of a registered FINRA representative or principal.  If you are performing these tasks and are not already registered as a representative or principal, you will need to register with FINRA and sign up to take this test.  However, be aware that passing this exam does not qualify you to take orders for direct participation programs or municipal securities. 

There are a number of other stipulations that apply to this designation as well.  As a registered Assistant Representative, you may not receive any extra compensation for the amount of transactions you perform.  You also can't give out investment advice, make any recommendations, open new accounts, pre-qualify a new customer, or register as a representative or a principal without first giving up your representative-order processing registration.

Registering for the Series 11 Exam

The Series 11 exam does not require a prerequisite in order to sign up.  However, you will need to be sponsored to take the exam by your firm, and there is a $60 examination fee for each time you take the exam.  No outside resource materials may be used on the exam, although your test administrator will provide you with scratch paper and a basic calculator, if needed.  At the end of the exam, you'll need to turn in any scratch paper you used in order to prevent cheating on future exams.  Anyone caught cheating on a FINRA exam will be subject to harsh penalities.

Series 11 Exam Questions 

The Series 11 exam contains 50 multiple choice questions in four categories: securities market (5 questions), securities industry regulations (11 questions), types of securities (10 questions), and customer accounts and orders (24 questions).  You will have one hour to complete the exam.  You will receive one point for every correct answer; incorrect answers and skipped questions do not count against you.  To pass, you must correctly answer 35 of the 50 questions – equal to a passing score of 70%.

The questions asked on the Series 11 exam will only cover the most recent interpretations and current regulations.  The exam is updated often to ensure that only relevant questions are asked.  You will not be asked about superseded regulations or old interpretations.  For more details on the specific rules and topics that will be covered, check out the complete study guide available on the FINRA website at www.FINRA.org.