The Series 26 exam - the Investment Company and Variable contracts Products Principal Qualification Exam (IP) - assesses the competency of an entry-level principal to perform their job as an investment company and variable products principal. The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of an investment company and variable products principal, including the rules and statutory provisions applicable to the supervisory management of companies registered under the Investment Company Act of 1940.