Series 24 vs Series 9/10: Principal-Level Exams Compared
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
🧑💼 Series 24 vs Series 9/10: Principal-Level Exams Compared
If you’re advancing into a supervisory or principal role in a FINRA-member firm, you’ll need the appropriate license. Two of the most common principal-level paths are the Series 24 (General Securities Principal) and the Series 9/10 (General Securities Sales Supervisor). While both qualify you to supervise, they differ significantly in scope, content, and career focus. Here’s a full comparison to help you decide which is right for you.
🎯 Overview of Each License
| License | Role Qualified For | Regulatory Sponsor |
|---|---|---|
| Series 24 | General Securities Principal – oversees most firm activities | FINRA |
| Series 9/10 | General Securities Sales Supervisor – oversees sales activities | FINRA |
📋 Scope of Authority
| Category | Series 24 | Series 9/10 |
|---|---|---|
| Supervise branch managers | ✅ Yes | ❌ No |
| Approve advertising | ✅ Yes | ❌ No |
| Oversee trading desks | ✅ Yes | ❌ No |
| Supervise sales reps | ✅ Yes | ✅ Yes |
| Handle retail client issues | ✅ Yes | ✅ Yes |
| Approve new accounts | ✅ Yes | ✅ Yes |
Key Difference: Series 24 provides firm-wide supervisory authority, while Series 9/10 is limited to sales and branch activities.
🧠 Exam Structure and Content
📘 Series 24 Exam
- Number of Questions: 150 scored (plus 10 unscored)
- Time Limit: 3 hours and 45 minutes
- Passing Score: 70%
- Focus Areas:
- Supervision of Investment Banking and Securities Business
- Customer Account Management
- Trading and Market Making
- Regulatory Guidelines
- Communications with the Public
📗 Series 9/10 Exams (Two Separate Tests)
Series 9 – Options Supervision
- Number of Questions: 55 scored
- Time Limit: 90 minutes
- Passing Score: 70%
- Focus Areas: Options trading, discretionary orders, margin
Series 10 – General Sales Supervision
- Number of Questions: 145 scored
- Time Limit: 4 hours
- Passing Score: 70%
- Focus Areas:
- Supervision of Sales Practices
- Customer Accounts and Recordkeeping
- Communications
- Ethics and Business Conduct
🧩 Prerequisites
| Requirement | Series 24 | Series 9/10 |
|---|---|---|
| Must hold Series 7 | ✅ Yes | ✅ Yes |
| Sponsored by FINRA firm | ✅ Yes | ✅ Yes |
| Prior supervisory experience | Preferred | Preferred |
🧭 Which Exam Should You Take?
Choose Series 24 if:
- You plan to oversee multiple departments (trading, underwriting, compliance, operations)
- You aim for a firm-wide leadership role
- You need to approve marketing materials and firm policies
Choose Series 9/10 if:
- You will supervise sales reps and branch activity only
- You want to focus on front-line retail supervision
- You are not responsible for firm-wide operations
✅ Prepare with Confidence
Whether you’re targeting Series 24 or Series 9/10, our complete exam prep programs include video lectures, scenario-based practice questions, and regulation-specific strategies to help you pass on the first attempt.
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