Series 23 Exam

The Series 23 FINRA General Securities Principle – Sales Supervisor exam will test your knowledge of the various rules and regulations that you'll need to know as a general securities broker.  This is exam is one you'll take if you plan to work in the management of a general securities brokerage.

The test can also be used as an alternative way for general securities sales supervisors to qualify as general securities principals.  General securities sales supervisors may also take the Series 24 examination, but the Series 23 test covers materials from the Series 24 test that are not covered by the Series 9 or Series 10 tests. 

Series 23 Exam Details

The Series 23 test contains 100 multiple choice questions, and you'll face a time limit of two hours and 30 minutes to complete them.  Although, the test administrator will provide you with scratch paper and a basic calculator, no external reference materials are allowed.  Don't even think about cheating – severe penalties are imposed on those who participate in this despicable practice.

The Series 23 exam will test five different areas of your knowledge: the supervision of investment banking, underwriting, and research (30 questions); supervision of trading (24 questions); supervision of brokerage office operations (12 questions); compliance with financial responsibility regulations (11 questions); and sales supervision/general employee supervision (23 questions). 

Each of these questions is written in a multiple choice format and you'll receive one point for every correct answer you choose.  Incorrect answers and skipped questions will not count against you.  In order to pass the Series 23 exam, you must answer 70 of the 100 questions correctly. 

All of the questions on the test will address the most current regulations and interpretations of securities law – none of the questions will ask you about rescinded rules or interpretations that have been overwritten.

Preparing for the Series 23 Exam

More detailed study materials – including referenced materials – are available on the website www.finra.org.  It is highly recommended that you spend some time reviewing these resources – becoming familiar with the way test questions are structured will help you feel more comfortable and confident on exam day.