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Series 26 Exam Overview

The Series 26 exam, officially called the Investment Company and Variable Contracts Products Principal Qualification Examination, is a FINRA-administered test for individuals who will supervise or manage the sale of investment company and variable contract products. Passing the Series 26 qualifies you to oversee representatives engaged in selling mutual funds, variable annuities, unit investment trusts, and similar securities.

This credential is most common for principals at firms whose business is primarily in packaged investment products, such as insurance-affiliated broker-dealers and mutual fund distributors.

What the Series 26 Exam Covers

The Series 26 tests a candidate’s ability to supervise and ensure compliance with federal securities laws, FINRA rules, and ethical standards in the sale of investment company and variable contracts products. FINRA divides the content into three main job functions:

1. Supervise and Manage Associated Persons Engaged in Sales of Investment Company and Variable Contracts Products (~40% of the exam)
• Hiring, training, and evaluating representatives
• Reviewing and approving transactions
• Ensuring proper licensing and registration
2. Supervise Associated Persons’ Sales Practices and Customer Account Management (~42%)
• Suitability analysis and know-your-customer (KYC) obligations
• Handling customer complaints and disclosures
• Supervising recommendations and ensuring compliance with product-specific rules
3. Supervise Associated Persons’ Communications with the Public (~18%)
• Approving advertisements and sales literature
• Ensuring content complies with FINRA Rule 2210
• Overseeing correspondence and social media use

Exam Structure & Requirements

• Number of Questions: 110 multiple-choice questions (plus 10 unscored pretest questions)
• Time Limit: 2 hours and 45 minutes
• Passing Score: 70% (77 correct answers out of 110 scored)
• Cost: $100 exam fee (as of 2025)
• Delivery: Computer-based at Prometric testing centers or via online remote proctoring

Prerequisites

To take the Series 26, candidates must be sponsored by a FINRA-member firm or another self-regulatory organization (SRO). You must also hold one of the following representative-level licenses before registering:

• Series 6 (Investment Company and Variable Contracts Products Representative)
• Series 7 (General Securities Representative)
• Series 62 (Corporate Securities Representative) – note: this is now retired but still valid for those who hold it

Career Roles Requiring the Series 26 License

Passing the Series 26 qualifies you to work as:

• Investment Company Products/Variable Contracts Principal
• Branch Manager at a mutual fund or insurance-affiliated broker-dealer
• Compliance Supervisor for packaged investment products sales

It allows you to oversee representatives in activities involving mutual funds, variable annuities, and similar products, but it does not authorize supervision of general securities or options business—those require other principal licenses such as the Series 24 or Series 9/10.

Preparing for the Series 26 Exam

The Series 26 is heavily focused on supervisory rules, compliance obligations, and ethical sales practices rather than deep product knowledge. To prepare effectively:

• Review FINRA’s official Series 26 content outline and focus study time proportionally to the weighting of each job function.
• Take multiple full-length practice exams to get comfortable with the format and pacing.
• Study suitability standards and common compliance pitfalls in investment company and variable products sales.
• Learn the rules for advertising, correspondence, and client communications in detail.
• Practice with scenario-based questions that require applying rules to supervisory situations.

Final Thoughts

The Series 26 exam is a vital credential for professionals supervising mutual fund and variable contract sales at broker-dealers. While the test is shorter and more narrowly focused than some other FINRA principal exams, it demands a solid grasp of compliance responsibilities and the ability to apply them to real-world supervisory scenarios. With a disciplined study plan, plenty of practice questions, and a focus on rules-heavy topics, you can earn your Series 26 license and step confidently into a principal role.