We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Technology

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What is Series 14?

By Lindsey Rivas
Updated: May 17, 2024
Views: 6,796
References
Share

Series 14 is an exam that is required to be taken by compliance officers who are employed by New York Stock Exchange (NYSE) brokerage firms in the United States. Any individual who supervises 10 or more people who perform compliance tasks must pass the Series 14 exam in order to make sure that they have adequate knowledge and training to carry out their job functions. The Financial Industry Regulatory Authority (FINRA) ensures that all of the compliance officers for brokerages in the U.S. conform to this requirement.

This exam consists of 110 multiple-choice questions with a three-hour time limit. It requires a score of 70 percent to pass the exam, but it can be retaken if failed. There is a fee charged for an individual each time he or she takes the Series 14 exam. The exam is administered at testing locations in most medium to large cities throughout the U.S., and there are no prerequisites to take it.

The creators of the Series 14 exam assume that the test takers have a basic knowledge of brokerage firm activities and securities regulations, but it takes expertise in specific topics to pass the exam. Topics covered in the Series 14 include trading in the primary and secondary markets, rules of the Municipal Securities Rulemaking Board (MSRB), financial responsibility, sales supervision, customer accounts supervision, and compliance. There are several resources on the Internet that provide education and training materials for this exam, and there are books that even contain practice exams.

One section of the Series 14 covers MSRB rules. The U.S. Congress created the MSRB in 1975 to oversee firms in the municipal securities industry. It maintains rules in order to protect investors along with state and local governments and other entities whose credit is backed by municipal securities. The rules of the MSRB were created to prevent manipulation and fraud in the market and to aid the mechanisms of an open-market system. For example, the MSRB has policies for dealers regarding the standardization of trade confirmations and settlement of securities transactions, as well as recordkeeping requirements for securities firms.

FINRA is a private organization that reports to the Securities Exchange Commission (SEC) and regulates securities firms, including all brokerages, in the U.S. The organization makes certain that businesses in the securities industry are being fair and honest. In addition to administering the Series 14 exam, it also provides education and registration for employees and firms, writes rules, and enforces federal laws. FINRA protects and advocates for investors by educating individual investors and through market regulation of the U.S. stock markets, such as the NYSE.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Link to Sources

Editors' Picks

Discussion Comments
Share
https://www.wisegeek.net/what-is-series-14.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.