Denominations to remember

Is there a quick/easy way to remember all the denominations most securities discussed in S7 are issued in. It’s difficult to remember as they range from as they are all over the place - $100, $1000 …some are even used in $25000. If someone can post a brief summary, that will be very helpful. Thanks!

Hi @Gautam! Denominations typically relate to fixed income securities and oftentimes is a synonym for the par (face) value. In the real world, denominations of all sorts exist, sometimes as low as $25 and as high as $1 million or more. The exam simplifies this concept for most securities. Here’s what I recommend you know for test purposes:

  • Debt securities = $1,000 denominations
    • Exceptions:
      • Treasury securities = $100 minimum denominations, although $1,000 is the standard
      • Pass-through certificates = $25,000 typical denominations
      • Commercial paper = $100,000 minimum denominations
      • Jumbo (negotiable) CDs = $100,000 minimum denominations
  • Preferred stock = $100 denominations unless otherwise stated
    • Questions may specifically refer to $25, $30, or $50 denominations

The generalities are most likely to be tested, but some questions may focus on the exception. I hope this helps!


This is great. Thanks, Brandon!

Can you also summarize the quote styles for different bond securities like which ones are quoted in 1/8th, 1/32 and so on? Thanks again!



  • Corporate = 1/8ths
  • US government = 32nds
  • Notable exceptions:
    • Treasury bills = discount yield quotes (e.g., T-bill quoted at a 3.00% yield)
    • Municipal bond quote structures vary
      • Muni “dollar” bonds (usually revenue bonds) = 1/8ths
      • Most G.O. bonds = yield quotes (e.g., muni bond quoted at 7.50% yield)