General Securities Principal Sales Supervisor Module Exam (Series 23) Exam Guide
At a glance
- Questions
- 100
- Time limit
- 2h 30m
- Passing score
- 70%
- Exam fee
- $135
- Governing body
- FINRA
The Series 23, formally the General Securities Principal — Sales Supervisor Module Exam, is a FINRA qualification exam for registered representatives moving into a sales-supervision role at a broker-dealer. It's typically taken by candidates who have already qualified through the Series 8 or the Series 9 and 10 (or NYSE Branch Manager Series 12) path and need the Principal-level Sales Supervisor Module registration.
Overview
The Series 23 covers five supervisory function areas, weighted by the number of questions FINRA allocates to each on the 100-question exam:
- Supervision of Registration of the Broker-Dealer and Personnel Management Activities — 6 questions
- Supervision of General Broker-Dealer Activities — 26 questions
- Supervision of Retail and Institutional Customer-Related Activities — 12 questions
- Supervision of Trading and Market Making Activities — 28 questions
- Supervision of Investment Banking and Research — 28 questions
Cost and registration
The Series 23 exam has a fee of $135. For any additional fees tied to registration or continuing education, candidates should check FINRA's official qualification exam fee schedule by name.
Exam format
The Series 23 consists of 100 multiple-choice questions, and candidates are given 2 hours and 30 minutes to complete the exam. A score of 70% or higher is required to pass.
Frequently asked questions
How many questions are on the Series 23 exam and how much time do I get?
The Series 23 consists of 100 multiple-choice items and candidates are allowed 2 hours and 30 minutes to complete it.
What is the passing score for the Series 23?
The passing score for the Series 23 is 70%.
How much does the Series 23 exam cost?
The Series 23 exam has a fee of $135.
Who administers the Series 23 and what does it qualify me to do?
The Series 23 is a FINRA qualification exam, listed as a Principal-level exam, that grants the General Securities Principal – Sales Supervisor Module registration for supervising sales-related activities at a broker-dealer.
Are there prerequisites to register for the Series 23?
Yes. A candidate typically becomes eligible either by already being qualified as a Series 8 General Securities Sales Supervisor, or through the Series 9 and 10 General Module (or NYSE Branch Manager Series 12) path; holding the SIE, Series 7, and Series 9 and 10 is also part of qualifying for the related Sales Supervisor registration.
What content areas make up the Series 23 exam?
The exam is built from five function areas: Registration and Personnel Management (6 questions), General Broker-Dealer Activities (26 questions), Retail and Institutional Customer Activities (12 questions), Trading and Market Making Activities (28 questions), and Investment Banking and Research (28 questions).
Sources
- 1.General Securities Principal Qualification Examination – Sales Supervisor Module (Series 23) Content Outline — FINRA (accessed Aug 9, 2026)
- 2.Series 23 – General Securities Principal Exam – Sales Supervisor Module | FINRA.org — FINRA (accessed Aug 9, 2026)
- 3.Qualification Exams | FINRA.org — FINRA (accessed Aug 9, 2026)
- 4.Enroll for a FINRA Exam — FINRA
- 5.FINRA Exam Scheduling (Prometric) — Prometric
Official sources
Every exam fact on this page traces to a primary document published by the body that administers the exam.
- General Securities Principal Qualification Examination – Sales Supervisor Module (Series 23) Content OutlineFINRAfinra.org
- Series 23 – General Securities Principal Exam – Sales Supervisor Module | FINRA.orgFINRAfinra.org
- Qualification Exams | FINRA.orgFINRAfinra.org
Last verified against the official exam content outline: