FINRA vs NASAA Exams: Scope, Purpose, and Structure
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
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⚖️ FINRA vs. NASAA Exams: Scope, Purpose, and Structure
Understand the Differences Before You Choose Your Licensing Path
If you’re pursuing a career in the financial services industry, you’ll encounter exams administered by both FINRA and NASAA. While these organizations work together, their exams serve different roles and follow distinct rules. Here’s a side-by-side comparison to help you understand the scope, purpose, and structure of their licensing exams.
🏛️ Who Are FINRA and NASAA?
| Organization | Full Name | Role |
|---|---|---|
| FINRA | Financial Industry Regulatory Authority | A self-regulatory organization (SRO) that oversees broker-dealers, trading practices, and securities firms |
| NASAA | North American Securities Administrators Association | An association of state and provincial regulators that sets licensing standards and protects retail investors at the state level |
🎯 Purpose of the Exams
| FINRA Exams | NASAA Exams |
|---|---|
| Qualify individuals to work in broker-dealer firms and sell securities | Qualify individuals to work as investment adviser representatives or agents of broker-dealers at the state level |
| Focus on product knowledge, trading rules, suitability, and firm supervision | Focus on state laws, fiduciary responsibility, registration rules, and ethics |
🧾 Key Exams by Each Organization
FINRA-Administered Exams:
- SIE – Securities Industry Essentials (co-requisite for other FINRA exams)
- Series 6 – Investment Company and Variable Contracts Products Rep
- Series 7 – General Securities Representative
- Series 24 – General Securities Principal
- Series 79 – Investment Banking Representative
NASAA-Designed, FINRA-Administered Exams:
- Series 63 – Uniform Securities Agent State Law Exam
- Series 65 – Uniform Investment Adviser Law Exam
- Series 66 – Uniform Combined State Law Exam (requires Series 7)
🧠 Structural Differences
| Exam Type | # of Questions | Time Limit | Passing Score |
|---|---|---|---|
| Series 6 | 50 scored + 5 unscored | 90 minutes | 70% |
| Series 7 | 125 scored + 10 unscored | 225 minutes | 72% |
| Series 24 | 150 scored | 225 minutes | 70% |
| Series 63 | 60 scored + 5 unscored | 75 minutes | 72% |
| Series 65 | 130 scored | 180 minutes | 72% |
| Series 66 | 100 scored + 10 unscored | 150 minutes | 73% |
📍 Summary: Which Exam Do You Need?
| Goal | Exams to Take |
|---|---|
| Sell mutual funds or variable annuities | Series 6 (FINRA) + Series 63 (NASAA) |
| Sell stocks, bonds, and options | Series 7 (FINRA) + Series 63 (NASAA) |
| Provide fee-based investment advice only | Series 65 (NASAA) |
| Act as both rep and adviser in most states | Series 7 (FINRA) + Series 66 (NASAA) |
| Supervise a broker-dealer team | Series 24 (FINRA) |
🚀 Want to Prepare for Both with Confidence?
Get full access to FINRA and NASAA exam prep—including comparisons, mock exams, rule walkthroughs, and personalized study plans.
👉 https://finra-exam-mastery.com
Prepare smarter. Pass faster. Launch your financial career.