FINRA Series exams and pass rates

Thinking of getting a job in the finance industry? It's not surprising as it is one of the most high-paying jobs you could have in the United States. But if you plan to delve into the world of securities and insurances, you must pass the qualifying exams administered by FINRA, which will allow you to engage in those areas of the industry.

FINRA doesn't publish pass rate data for every exam, so we've done our best to research and consolidate all the data we could find. The exact pass rates might be a little different from what we've listed here, but you can feel confident that they'll be close.

The following is a list of ALL the exams administered by FINRA with all the details you need to get the right securities training before registering to take the exam. Let's get started.

Securities Industry Essentials (SIE) exam

The Securities Industry Essentials (SIE) exam is an introductory-level exam from FINRA for those who want to start a career in the securities industry. This exam evaluates a candidate's knowledge of basic concepts that is fundamental to working in the industry, including types of products and their risks, prohibited practices, and the structure of the securities industry markets, regulatory agencies, and their functions.

The SIE is open to anyone 18 years old and above. You don't have to be associated with a firm to take the SIE. Results are valid for four years.

The SIE exam is hosted by FINRA and costs $100 to register. Participants have 1 hour and 45 minutes to answer 75 + 5 unscored questions, multiple-choice questions. The SIE exam is considered to be of easy to medium difficulty.

The SIE exam pass rate is 82%. Candidates must correctly answer 53 of 75 questions to achieve a passing score of 70%.

SIE exam info and key stats

  • Duration: 1 hour and 45 minutes
  • Questions: 75 + 5 unscored questions, multiple-choice
  • Cost: $100 exam fee
  • Passing Score: 70%
  • Pass Rate: 82%
  • Difficulty: Easy to Medium
  • Provider: FINRA

FINRA Representative-level exams

FINRA Series 6

The Series 6 is an exam that assesses the ability of a candidate to perform their job as an investment company and variable contracts products representative. The exam covers topics on mutual funds, securities, variable annuities, tax regulations, retirement plans, and insurance products.

Candidates must take and pass the SIE exam before taking this test and must also be associated and sponsored by a FINRA member firm or a Self-Regulatory Organization.

The Series 6 exam costs $100 to register. Participants have 1 hour and 30 minutes to answer 50 multiple-choice + 5 additional unscored questions. The Series 6 exam is considered to be of medium difficulty.

The Series 6 exam pass rate is 58%. Candidates must correctly answer 35 of 50 questions to achieve a passing score of 70%.

Series 6 exam info and key stats

  • Duration: 1 hour and 30 minutes
  • Questions: 50 multiple choice + 5 additional unscored
  • Cost: $100 exam fee
  • Passing Score: 70%
  • Pass Rate: 58%
  • Difficulty: Medium
  • Provider: FINRA

FINRA Series 7

The Series 7 is an exam that assesses the ability of a candidate to perform their primary job as a general securities representative, which includes sales of corporate securities, investment company securities, municipal securities, variable annuities, options, and government securities.

The Series 7 exam covers topics on investment risk, equity, taxation, debt instruments, packaged securities, retirement plans, and interactions with clients.

The Series 7 exam costs $395 to register. Participants have 3 hours and 45 minutes to answer 125 multiple choice + 5 unscored questions. The Series 7 exam is considered to be of medium to hard difficulty.

The Series 7 exam pass rate is 71%. Candidates must correctly answer 90 of 125 questions to achieve a passing score of 72%.

Series 7 exam info and key stats

  • Duration: 3 hours and 45 minutes
  • Questions: 125 multiple choice + 5 additional unscored
  • Cost: $395 exam fee
  • Passing Score: 72%
  • Pass Rate: 71%
  • Difficulty: Medium to Hard
  • Provider: FINRA

FINRA Principal-level exams

FINRA Series 4

The Series 4 exam assesses the competency of a candidate to perform their job as a registered options principal. Topics covered include options strategies and trading, foreign exchange options, best practices and regulatory requirements, and taxation.

Candidates must have a Series 7 license to take the Series 4 exam and must be associated with a FINRA member company or a self-regulatory organization.

The Series 4 exam costs $200 to register. Participants have 3 hours and 25 minutes to answer 125 multiple choice + 10 unscored questions. The Series 4 exam is considered medium in difficulty.

Series 4 exam info and key stats

  • Duration: 3 hours and 25 minutes
  • Questions: 125 multiple choice + 10 unscored
  • Cost: $200 exam fee
  • Passing Score: 72%
  • Pass Rate: Not published, estimated 60% - 70%
  • Difficulty: Medium
  • Provider: FINRA

MSRB Series 50

The MSRB Series 50 exam measures the competency and knowledge of candidates to perform responsibilities of a municipal advisor representative. The exam covers topics such as SEC and MSRB rules, municipal finance, credit analysis, restructuring and pricing debt products, and issuance requirements.

The Series 50 exam is hosted by FINRA and costs $265 to register. Participants have 3 hours to answer 100 multiple choice + 10 unscored questions.

Series 50 exam info and key stats

  • Duration: 3 hours
  • Questions: 100 multiple choice + 10 unscored
  • Cost: $265 exam fee
  • Passing Score: 71%
  • Pass Rate: 84%
  • Difficulty: Medium
  • Provider: FINRA

National Futures Association (NFA) exams

NFA Series 3

The Series 3 exam is a required test for a financial professional to sell commodities, futures contracts, options, and hedging. The Series 3 exam covers market knowledge, theories and terminologies, regulations, and arbitration procedures.

The Series 3 exam costs $140 to register. Participants have 2 hours and 30 minutes to answer 120 multiple choice questions.

Series 3 exam info and key stats

  • Duration: 2 hours and 30 minutes
  • Questions: 120 multiple choice
  • Cost: $140 exam fee
  • Passing Score: 70%
  • Pass Rate: Not published, estimated 70% - 75%
  • Difficulty: Medium
  • Provider: FINRA

Series 63

The Series 63 qualifies the holder to trade securities in any particular place in the United States. It tests knowledge of state securities rules and regulations, soliciting customers, record keeping, and fiduciary obligations.

The Series 63 exam is hosted by FINRA and costs $147 to register. Participants have 1 hour and 15 minutes to answer 60 multiple choice questions.

Series 63 exam info and key stats

  • Duration: 1 hour and 15 minutes
  • Questions: 60 multiple choice
  • Cost: $147 exam fee
  • Passing Score: approx. 72% (43/60)
  • Pass Rate: Not published, estimated 80% - 85%
  • Difficulty: Medium
  • Provider: FINRA