Registered Representative

The Registered Representative licensing exams allow an individual to recommend, sell, or trade the securities covered by that test. These are Federal licenses. Please note that in addition to this license, a State license is usually required as well.

Manager / Principal

The Manager / Principal licensing exams allow an individual to supervise persons who recommend, sell, or trade securities; or to supervise back office and accounting functions. For most of these exams, a Registered Representative license is a prerequisite.

State Licensing

Uniform State Law requires that individuals who make recommendations of securities to the public, or who solicit the public to trade securities, must be licensed in that State. In addition, individuals who sell securities advisory services must be licensed in that State. The State exams are required in addition to the Federal Registered Representative licensing exams.