How to Get Your Series 10 License

The FINRA Series 10 license, known as the General Securities Sales Supervisor Exam—General License, is one of two licenses you must hold to oversee sales activities at a broker-dealer firm. The other is the Series 9 license. Together, they qualify you to supervise the opening and maintenance of customer accounts and oversee the practices of salespeople and traders. To get your Series 10 license, follow the steps below.

Step 1: Earn Your Series 7 License

Before you can pursue the Series 9 and Series 10, you must hold an active Series 7 license. If you don't already have one, you'll need to pass both the SIE (Securities Industry Essentials) and the Series 7 Top-Off exam. The SIE covers:

• Securities fundamentals and regulatory agencies

• Product knowledge and acceptable/unacceptable practices

One advantage of the SIE is that you don't need to be sponsored by a firm to take it — you can even sit for it while still in school. To take the Series 7 Top-Off and complete your Series 7 license, however, you will need to be sponsored by a FINRA-member broker-dealer.

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Step 2: Find a Sponsor and Register with FINRA

To pursue the Series 9 and Series 10 licenses, you must be sponsored by a FINRA-member firm or a self-regulatory organization (SRO). Your sponsoring firm will file a Uniform Application for Securities Industry Registration or Transfer (Form U4) on your behalf to register you with FINRA and apply for you to sit for the exams. Exam fees are commonly covered by the sponsoring firm.

Step 3: Pass the Series 7 & Top-Off Exam

If you haven't already completed your Series 7, once you've passed the SIE and secured sponsorship, you'll need to pass the Series 7 Top-Off exam. The exam consists of 125 multiple-choice questions and covers:

• Investment risk, taxation, and equity and debt instruments

• Packaged securities, options, and retirement plans

• Client interactions and general securities representative responsibilities

The time allowed to complete this exam is 3 hours and 45 minutes. The passing score you will need is 72%.

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Step 4: Pass the Series 9 and Series 10 Exams

Once you hold an active Series 7 and are registered with a sponsoring firm, you can sit for the Series 9 and Series 10 exams. The Series 9 focuses on supervising options sales activities. The Series 10 covers a broader range of supervisory responsibilities:

• Hiring, qualifications, and continuing education

• Supervision of accounts and sales activities

• Conduct of associated persons

• Recordkeeping requirements

• Municipal securities regulation

These exams contain 145 multiple choice questions. You will be allowed 4 hours to take the exams and you need a 70% passing score.

Step 5: Complete Your Registration

Once you've passed both the Series 9 and Series 10 exams, your sponsoring broker-dealer will submit your updated registration to FINRA, reflecting your new qualifications as a General Securities Sales Supervisor. Your broker-dealer will hold your licenses and oversee your business activities.

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Written by Kaplan experts, reviewed by William R. James, Senior Content Specialist, Securities.