Series 23
What Is Series 23?
Series 23 is an exam offered by the Financial Industry Regulatory Authority (FINRA) to financial experts seeking to become general securities principals or sales supervisors.
Series 23 must be taken once the Series 9 and Series 10 exams have been passed. The Securities Industry Essentials (SIE), Series 7, and Series 9 exams are likewise requirements.
- Series 23 is a FINRA exam taken by possibility for occupations as broad securities principals or sale supervisors in the financial industry.
- It tests information on the investment banking business and the regulations that administer it.
- Series 23 can be skipped by the individuals who pass the more extensive Series 24.
Figuring out Series 23
Series 23 is additionally called the General Securities Sales Supervision Module.
The exam comprises of 100 numerous decision inquiries on the investment banking process, in both primary and secondary business sectors; market-production and trading activities at the firm level; overseeing office staff, and current FINRA regulations.
A score of 70% or better is required for passing.
The Series 23 exam tests information in these areas:
- Regulating Investment Banking and Associated Activities — 25 Questions
- Management of Trading and Marketing Activities — 29 Questions
- Overseeing Firm Office — 16 Questions
- Overseeing Sales Activities, Managing Employees, and FINRA Regulations — 19 Questions
- Rules of Financial Responsibility — 11 Questions
Series 23 can be skirted by taking the Series 24 exam, which is more complete and incorporates data introduced on the Series 9 and Series 10 exams.
Possibility for the exam can enlist online for any of the FINRA exams. All are administered at FINRA test centers. A portion of the tests can likewise be taken from a distance.
Purpose of the Series 23 Exam
An overall securities principal has the authority to oversee mutual funds, variable annuities, and other pooled asset vehicles inside FINRA and SEC-approved firms.
A sales supervisor can oversee sales and brokerage staff, or work as a general partner for a FINRA-approved firm.
Experts taking the Series 23 exam have normally been working in the industry for a considerable length of time and need to climb to be mutual fund managers or office managers.
Most FINRA examinations fall into one of two categories: Registered Representative and Registered Principal levels. Series 23 is a Registered Principal level exam.
FINRA characterizes principals as experts who are actively taken part in the management of the FINRA part's investment banking or securities business, including supervision, solicitation, the conduct of business, or training individuals for any of these capabilities.
The FINRA's Role
FINRA is a nonprofit agency made in 2007. It came about because of the merger of the New York Stock Exchange regulatory committee and the National Association of Securities Dealers into a single agency.
It is a regulatory body tasked with overseeing all business dealings conducted between dealers, brokers, and public investors. It composes and authorizes the rules in regards to ethical conduct by merchant dealers.
FINRA is the single biggest independent regulatory body for securities firms operating in the United States. Its abrogating task is to safeguard investors by guaranteeing that the U.S. securities industry works in a genuine and fair way.
