Series 62 Exam

The Series 62 examination – or the Corporate Securities Limited Representative test – is necessary if you wish to qualify to sell public offerings or private placement of stocks, bonds, rights, real estate investment trusts, warrants, money market funds, collateralized mortgage obligations, or securities of closed-end companies registered under the Investment Company Act of 1940. 

However, it is important to realize that the Series 62 does not qualify you to purchase, sell, or solicit municipal securities, options, variable contracts, or direct participation programs.  For that, you will need to take additional exams or qualify as a General Securities Registered Representative.  If you have any questions about which exams you'll need to take to pursue your chosen career path, consult with a registered principal or other representative of FINRA.

Series 62 Exam Details

There is a $70 examination fee to take the Series 62 test.  As with many of the other financial series exams, you may not use any resource materials on the exam, outside of the scratch paper and a basic calculator provided to you by your test administrator. 

The Series 62 exam contains 115 multiple choice questions in the following categories: the corporate securities market (40 questions); evaluating securities and investments (14 questions); types of securities and investments (25 questions); and handling accounts and securities industry regulations (36 questions). 

On exam day, you will have two and a half hours to complete as many questions as you can answer on the test.  To pass, you'll need to answer 81 of the 115 questions correctly – equal to 70% or more of the questions on the test.  Incorrectly answered or skipped questions to do not count against you.  You'll receive your final exam score – as well as feedback on your performance on individual sections – at the end of the exam.

Series 62 Updates and Revisions

The questions asked on the test will cover the most recent rules and interpretations.  No question should pertain to any outdated regulations or old interpretations.  The Series 62 exam is updated regularly to reflect changes in rules and regulations.  Also, most questions will only test your knowledge on general interpretations of rules since many are quite detailed and technical.

Preparation is key for any standardized exam, and the FINRA financial series exams are no different.  Being prepared will help reduce any test-taking anxiety you may experience, enabling you to do better on the exam.  For a more detailed study guide and a list of the reference materials that will be cited on the exam, check out the FINRA website at www.finra.org.