Stepping into the world of U.S. finance as an international student comes with its own set of twists and turns, and right at the heart of it are the FINRA exams.
These exams can feel like a tough nut to crack, but they’re a key step on your journey into finance.
In this blog, we’re going to unpack everything you need to know about these exams, from essential tips to insights, helping you not just get through them but really excel.
Understanding the FINRA exams
Below are two comprehensive tables summarizing key details of the Representative-level and Principal-level FINRA exams:
FINRA Representative-level Exams
| Exam Name | Duration | Number of Questions | Cost |
|---|---|---|---|
| Securities Industry Essentials (SIE) | 1 hour 45 minutes | 75 | $80 |
| Series 6 – Investment Company and Variable Contracts Products Representative | 1 hour 30 minutes | 50 | $75 |
| Series 7 – General Securities Representative | 3 hours 45 minutes | 125 | $300 |
| Series 22 – Direct Participation Programs Limited Representative | 1 hour 30 minutes | 50 | $60 |
| Series 57 - Securities Trader Representative | 1 hour 45 minutes | 50 | $80 |
| Series 79 - Investment Banking Representative | 2 hours 30 minutes | 75 | $300 |
| Series 82 - Private Securities Offerings Representative | 1 hour 30 minutes | 50 | $60 |
| Series 86/87 – Research Analyst | S86: 4 hours 30 minutes S87: 1 hour 45 minutes | S86: 85 S87: 50 | S86: $225 S87: $150 |
| Series 99 - Operations Professional | 1 hour 30 minutes | 50 | $60 |
FINRA Principal-level Exams
| Exam Name | Duration | Number of Questions | Cost |
|---|---|---|---|
| Series 4 – Registered Options Principal | 3 hours 15 minutes | 125 | $155 |
| Series 9/10 – General Securities Sales Supervisor | S9: 1 hour 30 minutes S10: 4 hours | S9: 55 S10: 145 | S9: $130 S10: $175 |
| Series 14 – Compliance Officer | 3 hours | 110 | $350 |
| Series 16 – Supervisory Analysts | Part 1: 1 hour 30 minutes Part 2: 2 hours | Part 1: 50 Part 2: 50 | $245 |
| Series 23 – General Securities Principal – Sales Supervisor Module | 2 hours 30 minutes | 100 | $105 |
| Series 24 – General Securities Principal | 3 hours 45 minutes | 150 | $175 |
| Series 26 – Investment Company Products/Variable Contracts Limited Principal | 2 hours 45 minutes | 110 | $150 |
| Series 27 – Financial and Operations Principal | 3 hours 45 minutes | 145 | $175 |
| Series 28 – Introducing Broker/Dealer Financial and Operations Principal | 2 hours | 95 | $150 |
| Series 39 – Direct Participation Programs Limited Principal | 2 hours 15 minutes | 100 | $100 |
Essential study materials and guides
Below is the list of essential study materials and guides for FINRA exams:
Websites
- FINRA’s Official Website: Offers comprehensive information, including exam content outlines and updates.
- Achievable Exam Preparation: The best preparation materials for the FINRA SIE, Series 6, 7, 9, 63, 65, and 66 exams.
- Achievable Tutor Directory: Find FINRA tutors for any of the popular securities exams.
YouTube Channels
- Achievable FINRA: Features tutorials and strategies for FINRA exam preparation.
- Brandon Rith – Basic Wisdom: Provides insights and strategies for passing FINRA exams.
- Ken Finnen: Shares valuable tips and study strategies for securities exams in a casual style.
- The Securities Guys: Offers explanations and breakdowns of complex topics found in FINRA exams.
Study tips for international finance students
- Get Familiar with the Exam Structure: Each FINRA exam has its own format and focus. Spend some time on the FINRA website to understand the length, types of questions, and key topics for your specific exam.
- Practice, Practice, Practice: Use the practice tests available on the FINRA website. They’re like a sneak peek into what you’ll face, helping you get comfortable with the exam format and question style. So start practicing from your amber student accommodation and start chasing your dreams right away.
- Dive into the Rules: Since these exams cover a lot of regulatory stuff, make sure you’re up to speed with not just FINRA rules but also those of other self-regulatory organizations (SROs).
- Time Management is Key: These exams are timed, so practice managing your time efficiently. It’s like a race against the clock, but one where accuracy is just as important as speed.
- Use the Resources Wisely: The FINRA site is packed with guides and outlines for each exam. Treat these like your treasure maps, guiding you through the vast sea of information you need to know
Insights from past international test-takers
1. Anya Petrova
About the Applicant: Anya is a finance enthusiast from Russia, where she completed her undergraduate studies. With aspirations to work in the U.S. financial sector, she decided to take the FINRA exams.
The Challenge They Faced: Anya’s primary challenge was the language barrier. English is her second language, and the complex financial terminology used in the exams added an extra layer of difficulty.
How They Overcame It: Anya tackled this challenge by immersing herself in English financial literature and videos. She dedicated time each day to reading finance-related articles and watching English-speaking financial news channels, which helped her become familiar with the specific jargon and improved her overall language proficiency.
2. Carlos Gomez
About the Applicant: Carlos, originally from Colombia, has a strong background in finance. He aimed to expand his career opportunities by passing the FINRA exams and working in the U.S.
The Challenge They Faced: Carlos struggled with understanding the U.S. financial regulations in their cultural context, which is quite different from the financial landscape in Colombia.
How They Overcame It: He joined online study groups and forums with the U.S.-based finance students and professionals. This exposure helped him understand the practical application of U.S. financial regulations and how they are interpreted in the American context.
3. Aisha Patel
About the Applicant: Aisha is a finance graduate from India, looking to break into the international finance scene. She set her sights on the U.S. market, starting with the FINRA exams.
The Challenge They Faced: The significant time difference between India and the U.S. made attending live online prep courses challenging, disrupting her study schedule from her student accommodation.
How They Overcame It: Aisha requested permission to record the live sessions. This allowed her to review the lectures at a time that was convenient for her, ensuring she didn’t miss out on any important information and could maintain a consistent study routine.
Conclusion
We hope this article helps you to understand the insights of the FINRA exams. These exams are more than just a hurdle to clear; they’re a stepping stone towards a thriving career in the U.S. finance sector. For international students, the challenge is real, but so are the opportunities that lie beyond these exams.
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Author’s Bio
Archit is an avid writer who is keen to get his doctorate. When not writing, he can be found reading, taking the metro and then questioning this decision, and haunting local bookstores.