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Government Securities Representative Qualification Examination (Series 72)
600 questions
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About this exam
The Government Securities Representative Qualification Examination (Series 72) was a FINRA qualification exam for people performing representative activities involving U.S. government securities. FINRA retired the Series 72, so it is not a current exam for new candidates in the 2027–2028 cycle. Anyone researching a government-securities role should confirm the applicable registration category and qualification requirements with FINRA and the sponsoring broker-dealer’s compliance department rather than assume the former Series 72 remains available.
The legacy Series 72 content focused on U.S. Treasury securities, agency and government-sponsored enterprise debt, government mortgage-backed securities, and Treasury auctions and new-issue distribution. Candidates reviewing archived material may also encounter topics such as security features, market activities, and tax treatment. For current qualification preparation, begin with the relevant FINRA exam outline and official materials. Older Series 72 guides can help explain product concepts, but they may not match the requirements or content of an active exam.
How to prepare for a government-securities role
- Check FINRA’s current registration categories and ask the broker-dealer’s compliance team which qualification applies before studying for the retired Series 72.
- For product knowledge, review Treasury security types and terms, agency and GSE debt, government mortgage-backed securities, and the distinctions among their guarantees and tax treatment.
- If using an archived Series 72 outline, answer timed multiple-choice sets and review each explanation; then verify that the concepts still align with current official materials.
FAQ
Is the Series 72 still offered, and what was its exam format?
No. FINRA retired the Series 72, so candidates should not plan to sit it in 2027–2028. It was a multiple-choice qualification exam, but archived details such as timing or question counts are not a guide to current exam requirements.
Who was the Series 72 exam for?
It was intended for representatives whose work involved U.S. government securities. For a current role, confirm the required registration and qualification path with FINRA and the sponsoring broker-dealer’s compliance department.
What subjects did the Series 72 cover, and what should I review?
Its subject matter included Treasury securities, agency and GSE debt, government mortgage-backed securities, and Treasury auction and distribution procedures. Archived materials may help with these topics, but use the current FINRA exam outline for any active qualification.