Reviewing the Top FINRA Licenses [Special Report]

Have you decided that you want to pursue a career in the financial industry? Whether you want to become an investment advisor, a broker, a registered representative, or any other type of professional in the securities industry, you’ll need to become licensed in order to do so.

Depending on exactly which area you want to go into such as the type of investments that will be sold depends on which financial exam you will need to take.

Series 7

The Series 7 exam is for General Securities Representatives, which is essentially an “entry-level exam” that often serves as a pre-requisite for other FINRA exams. Once you pass the Series 7 exam, you’ll be able to sell different types of financial products.

The Series 7 license qualifies the candidate for the solicitation, purchase and the sale of security products which can include municipal securities, investment company products, and many other contracts.

On the Series 7 exam, you will be tested over different job functions such as opening accounts, transferring assets and maintaining account records, providing customers with information on investments, and seeking business for broker-dealer through customers and potential customers.

In order to take the Series 7 exam, you will need to be sponsored by a FINRA member firm. The Series 7 exam takes about six hours to complete; there are two sessions that are each three hours long with a break between the sessions. The exam consists of 250 multiple choice questions. To be considered as passing, the candidate will need to have a score of 72 or higher.

Series 7 Practice Test

Series 7 Exam Flashcard Study System: Series 7 Test Practice Questions & Review for the General Securities Representative Exam

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Series 6

The Series 6 exam is also known as the limited-investment securities license and is required for those who wish to sell open-end mutual funds and variable annuities. Passing the Series 6 exam qualifies you to be an Investment Company Products/Variable Contracts Limited Representative.

On the Series 6 exam, you will be tested on different topics including ongoing and servicing customer accounts, securities and tax regulation, evaluating customers, and marketing, prospecting, and sales presentation.

You’ll need to have a sponsor by a member of FINRA or a Self-Regulatory Organization in order to be able to take the Series 6 exam. The Series 6 exam consists of 100 multiple-choice questions that must be completed within 2 hours and 15 minutes. To be considered as passing, you should achieve a score of 70% or higher.

Series 6 Practice Test

Series 6 Exam Secrets Study Guide: Series 6 Test Review for the Investment Company Products/Variable Contracts Limited Representative Qualification Exam

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Series 65

The Series 65 exam is also known as the NASAA Investment Advisors Law exam. In order to give anyone any type of financial advice or service, you’ll need to take and pass the Series 65 exam.

It is required for anyone who manages money, are investment advisors or manages funds on a non-commission basis. This exam does not allow a financial professional to sell securities but allows them to offer investment advice.

To take the Series 65 exam, you will need to be employed by a FINRA-member firm. You will be tested over investment vehicle characteristics, economic factors and business information, and client investment recommendations and strategies.

The Series 65 exam consists of 140 multiple-choice questions that must be completed in three hours. You must also achieve a score of 72 to be considered as passing the Series 65.

Series 65 Practice Test

Series 65 Exam Secrets Study Guide: Series 65 Test Review for the Uniform Investment Adviser Law Examination

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Series 3

The Series 3 exam is the National Commodities Futures exam which allows representatives to sell commodity futures contracts. Those who hold a Series 3 license specialize in commodities.

The Series 3 exam consists of two parts which include 125 multiple-choice questions as well as true/false questions. You are given two and a half hours to complete the exam. This test assesses your knowledge of futures trading in the United States. To be considered as passing the Series 3 exam, you will need to have a score of 70% on each part of the exam.

Series 3 Practice Test

Series 3 Exam Secrets Study Guide: Series 3 Test Review for the National Commodity Futures Examination

Review: This study guide will help me prepare for the test because it is in an organized format. I don’t have to go looking for all the information I am supposed to be studying, it is all right in front of me. This study guide makes the stress from the test less overwhelming. I take a little bit of the information in this guide each day, study it, and then apply it on my practice test. This process allows for me to absorb the information over a long period of time and it doesn’t disrupt my whole day. I think this guide will greatly benefit my test scores.

Securities Industry Essentials (SIE) Exam

The Securities Industry Essentials exam tests your knowledge of basic securities industry information that includes fundamental concepts such as the structure of the securities industry markets and regulatory agencies and their functions.

The SIE exam includes 75 multiple-choice questions that are to be completed in 105 minutes. You also do not need to be associated with a firm in order to take the SIE exam. This exam is open to anyone who has an interest in basic industry knowledge. If you need more information about the SIE exam, visit: http://www.finra.org/industry/essentials-exam

For more information about the FINRA exams, visit: http://www.finra.org/

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Jay Willis

Jay Willis joined Mometrix as Vice President of Sales in 2009, and has developed several key strategic relationships that have enhanced the distribution of Mometrix products. With nearly 20 years of sales experience in the publishing industry, his dedication to providing the highest quality experience for customers, coupled with his sales and marketing expertise, has resulted in significant growth of the Institutional Sales division. Learn more

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