Series 23 Exam: Everything You Need To Know

The Series 23 Exam is a principal level top off Exam designed specifically for General Securities Sales Supervisors who want to qualify as a General Securities Principal

The Series 23 license in addition to the Series 9 & 10 allows registered principals to supervise a broker dealer’s general securities business. Many Series 9 /10 licensed professionals obtain the Series 23 as a shortcut to taking the Series 24 Exam.

With a Series 23 license registered principals will be able to function as both a General Securities Principal and as a General Securities Sales Supervisor. Here we provide a breakdown of the activities based on having the Series 23 in addition to the Series 9/10 licenses:

1. General Broker-Dealer Operations (Series 23 coverage):
Underwriting of new issues

Market making

Trading

Advertising and sales literature

Compliance with financial responsibility rules

Supervising registered representatives

Supervising investment banking and research departments

2. Branch Office Supervision (Series 9/10 coverage):
Handling of customer complaints

Day-to-day activities of sales reps

Reviewing customer accounts and orders

Ensuring suitability of recommendations

Oversight of retail communications

Once all 3 Exams have been completed individuals may supervise all of the following activities as their employing member firm.

The Series 23 Exam consists of 100 scored multiple-choice questions. The Exam has a time limit of 2 hours and 30 minutes. Each Series 23 Exam will contain experimental questions. As a result, the total number of questions will be 100-110. These questions are not identified during the test. Nor do they count towards the candidate’s final score. Each Exam provides more time for test takers to answer these questions

The passing grade for the Series 23 Exam is 70%. Test takers must answer at least 70 of the 100 questions correctly

Each Exam allows enough time for candidates to answer all questions provided. The Series 23 the time limit is 2 hours and 30 minutes, which breaks down to approximately 1.5 minutes per question. Candidates who struggle with interpreting questions may find themselves running short on time. Rushing through the Exam can negatively affect performance. It’s essential to build the ability to complete the test within the allotted time. The best way to develop this skill is by taking full-length, 100-question practice Exams. Practice testing is a key component of any solid Exam prep strategy. The questions are demanding, and success requires a strong grasp of the core concepts.

The Series 23 Exam tests many of the same concepts that appear on the Series 24 Exam. However, the number of questions and weighting is reduced in some of the more challenging areas. Many series 9/10 sales supervisors find the series 23 to be a big time saver.

The fee to take the Series 23 Exam is $120. The cost of our most comprehensive Series 23 training package is $309.

FINRA Exams require serious preparation, and earning your Series 23 license demands focus and commitment. This is not a test to take lightly. Preparing for the Exam should be a top priority. Begin by thoroughly reading the textbook—cover to cover—with a highlighter in hand. There are no shortcuts. It’s critical that students understand the importance of reading the entire book to build a strong foundation. Follow each chapter with the corresponding video classes to reinforce your understanding of the material. These lessons offer deeper insight into the key concepts covered in the text. Eliminate distractions, clear your schedule, and give your full attention to the process. Knowledge alone isn’t enough—you must also master how to apply it. The best way to do this is by answering thousands of practice questions. We recommend dedicating at least 80 to 100 hours of study time to properly prepare and give yourself the best chance of passing the Series 23 and becoming a licensed general securities principal.

All candidates are required to take the Series 23 Exam at an approved testing center. Prometric operates over 3,000 test centers across the United States, making it easy to find a location that’s convenient for you. Many centers are open seven days a week, offering flexible scheduling options. You may choose any available location and book your Exam on any day the center is open. To schedule your Exam appointment, simply visit the Prometric website.

You will receive the results of your exam as soon as you submit your test for completion. It will take approximately 2-3 minutes to grade your test and display your results. The test center will provide you with a certified copy of your results.

Students who do not pass the Exam must wait 30 days before retaking the Exam. During this time it is crucial to maintain the current level of proficiency. Make a detailed account of the Exam. Make notes on the entire experience, especially areas of difficulty. A second unsuccessful attempt will result in another 30 day waiting period. A third unsuccessful attempt results in a 6 month waiting period.

The prerequisites for the Series 23 Exam are:

The SIE + Series 7
The Series 9/10

Candidates will not be required to pass any other Exams to be fully qualified as a General Securities Principal.

Our Series 23 study material will ensure your success on exam day. Complete with a comprehensive physical textbook, Video lectures and challenging test banks. We are so confident in our Series 23 training course. that we offer you a money back greenlight pass guarantee. Review our Series 23 Exam prep features here