Step-by-Step Guide to the FINRA Maintaining Qualifications Program

The Financial Industry Regulatory Authority (FINRA) offers the Maintaining Qualifications Program (MQP) as a pathway for registered individuals to maintain their qualifications for up to five years after leaving a registered firm. This program can be a game-changer for those considering a temporary break from the industry or exploring career transitions without losing the credentials they’ve worked hard to achieve. Here’s a comprehensive step-by-step guide to help you navigate the MQP process.

Step 1: Understand Eligibility Requirements

To participate in the MQP, you must:

• Be a registered individual leaving a FINRA-member firm.

• Have left the firm on or after March 15, 2020.

• Apply within two years of the termination date (Form U5 filing date) of your registration.

Note: The MQP is available for select registration categories, including broker-dealer licenses. Verify that your specific qualification is eligible under the program.

Step 2: Confirm Your Registration Status

Before applying, confirm the termination date of your registration by reviewing your Form U5 filing. This form is submitted by your former employer to FINRA upon your departure.

Step 3: Register for the MQP Through FINRA Gateway

Log in to your FINRA Gateway account to begin the application process:

1. Navigate to the MQP section.

2. Complete the required application form, providing your personal and professional details.

3. Specify the qualifications you wish to maintain.

4. Pay the required MQP enrollment fee.

Ensure that all information provided is accurate to avoid delays in processing.

Step 4: Pay the MQP Enrollment Fee

Fees for the MQP vary depending on the licenses you wish to maintain. Payment can typically be made online through the FINRA Gateway. Retain a copy of your receipt for your records.

Step 5: Meet Continuing Education (CE) Requirements

Once enrolled in the MQP, you must meet annual Continuing Education (CE) obligations to maintain your qualifications. This includes:

• Completing Regulatory Element CE modules specific to your registration category.

• Accessing training materials and assessments through FINRA’s CE Online platform.

Failure to complete the CE requirements by the designated deadlines may result in disqualification from the MQP.

Step 6: Track Your MQP Status

Regularly monitor your MQP status and deadlines through FINRA Gateway. This ensures you stay on track with CE obligations and any renewal requirements.

Step 7: Plan for Requalification or Industry Reentry

The MQP allows you to maintain qualifications for up to five years. If you decide to rejoin a FINRA-member firm within this period:

• Notify your new firm of your MQP status.

• Work with the firm’s compliance team to reactivate your registration.

If you do not rejoin a firm within five years, you may need to retake qualification exams to regain your credentials.

Key Considerations

• Timeframe: Apply within two years of your Form U5 termination date.

• Costs: Budget for MQP fees and ongoing CE requirements.

• Deadlines: Stay informed about CE deadlines to avoid disqualification.

Conclusion

The FINRA Maintaining Qualifications Program provides a valuable opportunity to preserve your hard-earned credentials while stepping away from the industry. By following this step-by-step guide, you can ensure a smooth application process and maintain your qualifications for future career opportunities.

For more information or assistance with the MQP, visit the FINRA website.