Investment Company and Variable Contracts Products Principal Exam (Series 26)
At a glance
Quick answers
How much does the Series 26 exam cost?
The Series 26 exam fee is $200.
What is the passing score for the Series 26 exam?
The passing score for the Series 26 exam is 70%.
How many questions is the Series 26 exam?
The Series 26 exam has 110 questions with a time limit of 2 hours 45 minutes.
The Series 26 is FINRA's Investment Company and Variable Contracts Products Principal exam — the qualification for the person who supervises the sale of mutual funds, variable annuities and variable life insurance at a broker-dealer. It is the principal exam that pairs with the Series 6: a firm whose representatives hold the Series 6 needs Series 26 principals to supervise them, and the exam has been in FINRA's catalogue since 1979.
The registration it grants rests on earlier passes. To hold the Investment Company and Variable Contracts Products Principal registration a candidate must have passed the SIE and either the Series 6 or the Series 7, and must be associated with and sponsored by a FINRA member firm to enrol. An SIE pass stays valid for four years; representative and principal exams remain valid for two years after a registration is terminated.
Overview
The content outline groups the 110 questions into three job functions:
- Supervises associated persons and oversees sales practices — 49 questions
- Oversees compliance and business processes of the broker-dealer and its offices — 45 questions
- Personnel management activities and registration of the broker-dealer — 16 questions
Sales-practice supervision is the largest block and the one that distinguishes this exam from the Series 6 it supervises: suitability review of variable products, breakpoint and share-class supervision, advertising and correspondence approval, complaint handling. Compliance and business processes cover the firm's supervisory system, written procedures, books and records and the office inspection cycle. Registration and personnel matters are the smallest share.
Cost and registration
FINRA charges a $200 fee to register for and sit the Series 26 exam. For any additional processing or firm-level fees, check your sponsoring firm and FINRA's current fee schedule directly.
Exam format
The Series 26 is 110 multiple-choice questions in 2 hours 45 minutes, and the passing score is 70%. The fee is $200. A candidate who fails may retake after 30 calendar days; three or more consecutive failures within two years extend the wait to 180 calendar days. FINRA has amended Rule 1210 to cut these waits to 15 and 60 days, but says the reduced waits are not yet in effect for candidates and will announce the implementation date in a regulatory notice. Enrolment is through the sponsoring firm.
Because enrolment is sponsored, your firm's registration department opens the exam window; you then schedule the appointment with FINRA's test vendor and sit the exam at a test center or by online delivery where FINRA offers it. The result is reported as pass or fail at the end of the session, with a section-level breakdown for a candidate who does not pass — the map for a targeted retake. The pretest items are indistinguishable from scored ones, so answer every question as if it counts.
How the Series 26 practice bank covers the outline
61 practice questions across 3 outline areas.
Counts are the live question bank, grouped by the outline area each question was written to.
Verified facts about the Series 26 exam
5 statements, each bound to the official document it was taken from. The source link beside every line opens that document.
Requirements and rules
- SIE and Series 6 or Series 7
- FINRA
- 3 or more consecutive failures within 2 years triggers the 180-day wait instead of 30
- FINRA
- FINRA has amended Rule 1210 to cut the retake waits to 15 and 60 days, but the reduced waiting periods are not yet in effect for candidates; FINRA will announce the implementation date in a future regulatory notice
- FINRA
- Must be associated with and sponsored by a FINRA member firm
- FINRA
Dates
Frequently asked questions
How many questions are on the Series 26 exam?
The Series 26 exam consists of 110 scored multiple-choice questions.
What is the passing score for the Series 26?
You need to score 70% or higher to pass the Series 26 exam.
How much does the Series 26 exam cost?
FINRA charges a $200 fee to sit for the Series 26 exam.
What are the prerequisites for taking the Series 26?
You must pass the SIE plus either the Series 6 or Series 7 exam to hold the Investment Company and Variable Contracts Products Principal registration, and you must be associated with and sponsored by a FINRA member firm.
What happens if I fail the Series 26 exam?
After a first or second failure you must wait 30 calendar days before retaking it; after three or more consecutive failures within a two-year period, the wait extends to 180 calendar days. FINRA has amended its rule to cut these to 15 and 60 days, but the shorter waits are not yet in effect.
How long is the Series 26 exam and how long has it been administered?
You get 2 hours and 45 minutes (165 minutes) to complete the exam, which FINRA has administered since June 1979.
Sources
- 1.Series 26 – Investment Company and Variable Contracts Products Principal Exam — FINRA (accessed Aug 9, 2026)
- 2.FINRA Rule 1210 (Registration Requirements) — Supplementary Material .06 — FINRA (accessed Aug 9, 2026)
- 3.Qualification Exams — FINRA (accessed Aug 9, 2026)
- 4.Enroll for a FINRA Exam — FINRA
- 5.FINRA Exam Scheduling (Prometric) — Prometric
- 6.Qualification Exam Frequently Asked Questions (FAQ) — FINRA (accessed Sep 9, 2026)
Official sources
The official documents our facts about this exam are taken from.
- Series 26 – Investment Company and Variable Contracts Products Principal ExamFINRAfinra.org
- FINRA Reduces Waiting Periods for Retaking Qualification ExamsFINRAfinra.org
- Qualification ExamsFINRAfinra.org
- Qualification Exam Frequently Asked Questions (FAQ)FINRAfinra.org
Last verified against FINRA's official sources:
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