Fees and rules
When do your exams expire after leaving the industry?
Enter the date your registration ended: the calculator gives the end of the two-year period, the five-year limit with the MQP and the last day to join it.
Left the industry: how long do my exams last?
Exams valid until
March 31, 2028
| Without MQP | March 31, 2028 |
| With MQP (annual CE) | March 31, 2031 |
| Last day to elect MQP | March 31, 2028 |
The MQP is open to people registered for at least 1 year, who then complete continuing education every year; it does not cover the Series 63, 65 or 66, which follow the state rules (NASAA's EVEP, in the states that adopted it).
A passed FINRA representative or principal exam does not expire while you stay registered. It starts to age the day your registration ends, usually when your firm files a Form U5. Under FINRA Rule 1210, if you are not registered again within 2 years, the qualification lapses and you must pass the exam again, unless FINRA grants a waiver. The Maintaining Qualifications Program extends that limit to 5 years: it is open to people who were registered in the category for at least 1 year, who elect it within 2 years of the termination, complete continuing education every year and pay $100 a year. For a registration ended on March 31, 2026, the exam lapses on March 31, 2028 without the program, and on March 31, 2031 with it; the election must be made by March 31, 2028. The SIE follows its own clock of 4 years, and the state exams follow the state rules.
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Practice questions written by Radif Partners from the official outline topics. They are not questions from the real exam. Progress is kept in this browser only (local storage) and never sent.
Questions, formats and fees by Radif Partners · Editorial policy · Method
Two clocks after a Form U5
| Situation | Exams valid until | Condition |
|---|---|---|
| No program | March 31, 2028 | registered again within 2 years |
| Maintaining Qualifications Program | March 31, 2031 | elected by March 31, 2028, annual CE, $100 a year |
Who can join the MQP
- You were registered in the category, for example as a general securities representative, for at least 1 year (FINRA counts 365 days, without exception) before the termination.
- You elect to participate within 2 years of the termination date; it is simplest to do it at the time of the Form U5.
- You complete the continuing education FINRA assigns every year you stay in the program, and pay the annual fee.
The program fits people who take a career break, move to a non-registered role, or work abroad for a few years. It costs little compared with a new Series 7, $395 in 2026 plus weeks of study.
Coming back after the limit
Once the period has passed, the qualification is gone: the firm that hires you must enroll you again and you sit the exam as a new candidate. FINRA can grant a waiver of the exam in some cases at a firm's request, under Rule 1210, but this is not automatic and depends on the person's experience; do not plan on it. If the SIE has also expired, both exams are needed again, since the SIE remains the corequisite of the Series 7 and Series 6.
Continuing education while registered
For people still registered, the rule is different: the Regulatory Element must be completed each year under Rule 1240, and missing it makes the registration inactive. The continuing education page computes the deadline.
State registrations
The NASAA exams follow state rules. The Series 66 study guide and the other NASAA guides describe the exams, while the validity of a passed exam after a registration ends is set by each state; NASAA's Exam Validity Extension Program lets participating states keep an exam valid for up to 5 years with continuing education; ask the state securities regulator whether it takes part. The five questions above come from the regulatory section of the SIE, where registration and its lapse are part of the outline.
Planning a break
If you expect to leave the industry for a while, decide about the MQP when the Form U5 is filed rather than later: the election window is 2 years, but the continuing education and the annual fee are easier to keep up from the start. Note the date of the termination; it drives every limit on this page. And if your SIE pass is recent, check its own 4-year limit with the SIE expiration calculator, since a return after the limit may mean sitting both exams again.
One last point: the clock starts on the termination date shown on the Form U5, not on your last day of work if the two differ. Ask the firm for that date when you leave and keep it with your records; the calculator above needs exactly that date to give a reliable answer.