FINRA Practice Test

Candidates seeking registration in the securities industry take FINRA qualification exams to demonstrate required knowledge. Prospective candidates aged 18 or older can take the Securities Industry Essentials exam without firm sponsorship, while representative qualifications require member firm sponsorship. This page offers practice question sets covering core securities topics, exam formats, scoring criteria, and enrollment guidelines to help you prepare.

FINRA Exam at a Glance

What changed for FINRA in 2026

• Oct 25, 2026: Eligibility (Series 7) changed to Sponsored by a FINRA/SRO member firm; SIE corequisite (previously Must be sponsored by a FINRA/SRO member firm; SIE corequisite).^[9]
• Oct 25, 2026: Number of questions (Series 63) changed to 60 scored questions (plus 5 unscored) (previously 60 multiple-choice items).^[3]
• Oct 25, 2026: Number of questions (Series 65) changed to 130 scored questions (plus 10 unscored) (previously 130 multiple-choice items).^[4]
• Oct 25, 2026: Number of questions (Series 66) changed to 100 scored questions (plus 10 unscored) (previously 100 multiple-choice items).^[8]
• Oct 25, 2026: Passing score (Series 63) changed to 43 of 60 scored questions correct (previously 43 of 60 correct).^[3]
• Oct 25, 2026: Passing score (Series 65) changed to 92 of 130 scored questions correct (previously 92 of 130 correct).^[4]
• Oct 25, 2026: Passing score (Series 66) changed to 73 of 100 scored questions correct (previously 73 of 100 correct).^[8]
• Oct 25, 2026: Score release (SIE) changed to Immediate pass/fail notice (previously Immediate pass/fail at end of exam).^[5]
• Oct 25, 2026: Renewal changed to Re-register within 2 years or qualification lapses (previously Re-register within 2 years of termination or qualification lapses).^[10]

What the FINRA is and how it works

According to FINRA, “SERIES 24 AT A GLANCE Number of Items 150 Format Multiple choice”^[1]

FINRA qualification exams evaluate the knowledge required for securities professionals. Candidates taking the SIE must be aged 18 or older, pay a $100 fee, and do not need firm sponsorship. The SIE is delivered at a Prometric test center or online and provides an immediate pass/fail notice upon completion. Candidate enrollment establishes a 120-day testing window.

Representative exams require sponsorship from a FINRA or SRO member firm. For instance, the Series 7 requires firm sponsorship and the SIE as a corequisite. Passing requirements and formats differ across exams:

• SIE: 75 multiple-choice questions with a passing score of 70.
• Series 7: 125 multiple-choice items with a passing score of 72.
• Series 6: 50 multiple-choice items with a passing score of 70.
• Series 24: 150 multiple-choice items with a passing score of 70.
• Series 63: 60 scored questions (plus 5 unscored) with 75 minutes, requiring 43 of 60 correct.
• Series 65: 130 scored questions (plus 10 unscored) with 180 minutes, requiring 92 of 130 correct.
• Series 66: 100 scored questions (plus 10 unscored) with 150 minutes, requiring 73 of 100 correct.

Exam credit remains valid for 2 years (4 years for the SIE) to obtain approved registration. If an individual does not re-register within 2 years, the qualification lapses. State licensing requirements vary, so check official FINRA and state regulator sources directly.

Worked examples: how to reason through FINRA questions

These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.

Example 1

Question: FINRA Rule 4511 requires member firms to preserve most broker-dealer records for a minimum of how many years?

1. 2 years
2. 3 years
3. 6 years
4. 10 years

Answer: C. 6 years

Explanation:

Option C is correct because FINRA Rule 4511 establishes a general retention standard requiring member firms to keep broker-dealer books and records for a minimum of 6 years. Option A is incorrect because a 2 year period applies to accessibility requirements for certain records rather than the overarching preservation baseline. Option B is incorrect because a 3 year timeframe applies specifically to customer correspondence and employee records under related regulatory standards. Option D is incorrect because a 10 year period exceeds the general baseline set by FINRA Rule 4511. The general rule to remember is that unless an individual recordkeeping provision specifies otherwise, member firms must preserve records for at least 6 years.

Example 2

Question: When evaluating whether leveraged ETFs are suitable for a buy-and-hold retail investor, which characteristic is most critical to disclose?

1. Leveraged ETFs have higher expense ratios than index funds
2. Leveraged ETFs are designed for short-term trading and experience decay over time due to daily rebalancing
3. Leveraged ETFs are not registered under the Securities Act of 1933
4. Leveraged ETFs can only be purchased through institutional brokers

Answer: B. Leveraged ETFs are designed for short-term trading and experience decay over time due to daily rebalancing

Explanation:

Option B is correct because leveraged exchange-traded funds reset daily to achieve their stated leverage multiple. This daily rebalancing creates value decay over extended holding periods in fluctuating markets, making them inappropriate for buy-and-hold retail investors. Option A is incorrect because although expense ratios may be higher, daily reset risk is the defining structural factor that harms long-term positions. Option C is incorrect because leveraged exchange-traded funds offered to retail investors are registered under the Securities Act of 1933. Option D is incorrect because retail investors can trade these funds through standard retail brokerage accounts without requiring institutional access. The general rule to remember is that leveraged products seek daily investment objectives, so holding them across multiple trading sessions leads to compounding returns that diverge significantly from the underlying benchmark.

Example 3

Question: Under FINRA rules, which entity is primarily responsible for overseeing broker-dealers in the United States?

1. The Federal Reserve
2. The SEC only
3. FINRA, as a self-regulatory organization
4. The U.S. Department of Treasury

Answer: C. FINRA, as a self-regulatory organization

Explanation:

Option C is correct because FINRA functions as a self-regulatory organization authorized by federal law to oversee brokerage firms and registered representatives across the securities industry. Option A is incorrect because the Federal Reserve conducts national monetary policy and supervises commercial banks rather than regulating securities brokerages directly. Option B is incorrect because while the Securities and Exchange Commission serves as the federal regulator governing securities markets, FINRA performs day-to-day front-line regulation and examination of broker-dealers under SEC oversight. Option D is incorrect because the Department of the Treasury manages federal revenue, produces currency, and manages federal debt. The general rule to remember is that broker-dealers and their associated persons operate under direct oversight from FINRA as their primary self-regulatory organization.

How to use these practice tests

Structuring your study around official materials and targeted practice sets keeps preparation steady across your testing window:

• Build baseline knowledge: Begin with foundational materials from the official FINRA website to understand regulatory scope and core product definitions. Test initial knowledge using the FINRA Securities Industry Essentials practice questions.
• Target technical domains: Representative candidates should focus on product mechanics and rules. Work through specialized sets such as FINRA Options and Derivatives, FINRA Municipal Securities and Fixed Income, and FINRA Industry Regulations.
• Review incorrect answers: Read every question explanation carefully to identify gaps between regulatory rules and product features. Document repeated missteps to guide targeted revision.
• Simulate testing conditions: Complete timed practice blocks using the FINRA General Securities Representative practice test without reference materials. Tracking your pace ensures you complete all questions within the allocated testing window.

Sources & last verified

1. FINRA — number of questions, passing score (official source). “SERIES 24 AT A GLANCE Number of Items 150 Format Multiple choice” Verified Oct 25, 2026.
2. FINRA — number of questions, passing score (official source). “SERIES 6 AT A GLANCE Number of Items 50 Format Multiple choice” Verified Oct 25, 2026.
3. FINRA — time limit, number of questions, passing score (official source). “Candidates have 75 minutes to complete the exam.” Verified Oct 25, 2026.
4. FINRA — time limit, number of questions, passing score (official source). “Candidates have 180 minutes to complete the exam.” Verified Oct 25, 2026.
5. FINRA — exam fee, number of questions, passing score, delivery (official source). “Cost: $100” Verified Oct 25, 2026.
6. FINRA — validity (official source). “the individual must obtain approved status in a corresponding registration category within two years (four years for the SIE) of the exam date to maintain…” Verified Oct 25, 2026.
7. FINRA — validity (official source). “The SIE will be valid for four years from the date that you pass the exam.” Verified Oct 25, 2026.
8. FINRA — number of questions, time limit, passing score (official source). “The exam consists of 100 scored questions and 10 unscored questions.” Verified Oct 25, 2026.
9. FINRA — number of questions, passing score, eligibility (official source). “SERIES 7 AT A GLANCE Number of Items 125 Format Multiple choice” Verified Oct 25, 2026.
10. FINRA — renewal (official source). “If you do not re-register as a General Securities Representative (GS) within two years of the date from when you were last registered, the GS…” Verified Oct 25, 2026.
11. FINRA — testing window (official source). “Once an enrollment request is processed, the applicable system creates an enrollment and establishes a 120-day testing window.” Verified Oct 25, 2026.

How we verify: editorial & fact-checking policy. Report an error: contact us.