The Series 72 is a license, which allows financial professionals to become government securities limited representatives for other registered brokers or dealers. To receive this license, individuals must first pass the Series 72 Exam, which is also called the Government Securities Limited Representative Exam. The test features 100 multiple-choice questions, which a candidate must answer at least 70% correctly to pass. Those who pass the exam are able to solicit and sell government securities, government agency securities, and mortgage-backed securities. This includes securities like government bonds and some agency bonds.
The Series 72 license is limited in scope and should only be taken by candidates who won't need a more comprehensive securities representative license for their work. If you're getting ready to take the Series 72 Exam, you'll want to start by reviewing the topics you're likely to encounter on test day. Specifically, you need to be able to answer questions on topics like government securities, mortgage-backed securities, government policy and the behavior of interest rates, as well as securities industry regulations, amongst other things. Given the broad scope of the exam, it can be difficult to set up a study plan that effectively and efficiently teaches you everything you need to know in order to feel confident on test day.