An exam offered by the Financial Industry Regulatory Authority for financial professionals seeking to become general securities principals or sales supervisors. The Series 23 can only be taken once the Series 9/10 exams have been passed. The exam consists of 100 multiple-choice questions on the investment banking process , market-making and trading activities at the firm level, managing office staff, and current FINRA regulations.
A score of 70% or better is required for passing.
The Series 23 can be bypassed by taking the Series 24 exam, which is more comprehensive and includes information presented on the 9/10 exams.
A general securities principal has the authority to manage mutual funds, variable annuities and other pooled asset vehicles within FINRA and SEC-authorized firms. Sales supervisors can manage sales and brokerage staff, or work as general partners for a firm. Professionals taking this exam have typically been working in the industry for several years, and are looking to become mutual fund managers or office managers.