Policies can change—confirm critical details with FINRA and your firm before scheduling.
Quick facts
- Items: 110
- Time: 3 hours
- Passing score: 70
- Cost: $350
- Corequisites: none
- Sponsorship: required
Frequently asked questions
Yes. Series 14 is a FINRA principal-level qualification exam and generally requires association with a FINRA member firm (or other applicable SRO member firm).
Does Series 14 have a corequisite exam?
No. FINRA states Series 14 does not have a corequisite exam.
What does Series 14 cover?
Series 14 covers compliance officer responsibilities across nine areas, including:
- markets and trading operations oversight and surveillance
- books-and-records and reporting awareness
- net capital/margin/custody concepts (high level)
- firm supervision programs (WSPs, certifications, reporting, BCP)
- investment banking and MNPI controls (high level)
- registration workflows and public communications supervision
How should I allocate study time?
Use the weights:
- F2 + F5 (36%): markets/operations + general supervision are the core of the exam.
- F6 + F8 (29%): investment banking controls and sales practice/account supervision.
- F3 + F4 (15%): recordkeeping/reporting plus capital and credit concepts.
What’s the biggest exam trap?
Choosing an answer that sounds practical but skips a required compliance control:
- failing to escalate, restrict, or document exceptions
- treating outsourcing/shared arrangements as a transfer of responsibility
- relying on disclaimers instead of fixing a misleading communication