Series 6 – 12 Hour Review The Series 6 License allows the holder to register with the federal government as a limited registered representative. This license limits the licensee to market and sell: Mutual Funds Variable Life Insurance, and Variable Annuities The Financial Industry Regulatory Authority (FINRA) administers the Series 6 exam. The exam consists of 100 multiple-choice questions requiring a minimum score of 70%. The exam has a 2 hour and 15 minute time limit. The exam tests a student’s understanding of mutual funds, retirement plans, variable insurance products, taxation, and federal regulations for insurance professionals. Candidates must be sponsored by a FINRA member firm to take the exam.
Series 7 – 20 Hour Review The Series 7 License allows the holder to register with the federal government as a registered representative. The license permits the licensee to market and sell: Stocks Bonds Mutual Funds Options Municipal Securities, and Variable Contracts The Financial Industry Regulatory Authority (FINRA) administers the Series 7 exam. The exam consists of 260 multiple-choice questions requiring a passing score of 72%. The exam is divided into two 3-hour sessions of 130 questions each. There is a one-hour break between sessions. The exam tests a student’s understanding of a wide assortment of financial topics, including applicable federal laws. Candidates must be sponsored by a FINRA member firm to take the exam. This exam is very challenging. It typically requires a minimum of 6 – 8 weeks of preparation. The Series 7 license is a pre-requisite for advanced securities licenses. Series 7 licensees must also hold the Series 63 (Blue Sky License) or Series 66 license (Combination of Blue Sky License and the Investment Adviser License).
Series 63 – 12 Hour Review The Series 63 License is known as the Uniform Securities Agent State Law Examination (also known as the Blue-Sky License). Passing this exam allows holders of the Series 6 or Series 7 license to register with state governments as a licensed representative. This license allows the holder to market and sell the following products at the state level: Investment Products Mutual Funds Variable Annuities, and Unit-Investment Trusts (UITs). The Financial Industry Regulatory Authority (FINRA) administers the Series 63 exam. The exam consists of 65 multiple-choice questions requiring a passing score of 72%. The exam has a time limit of 75 minutes. The exam tests a student’s understanding of state securities regulations. There is no pre-requisite to take the Series 63 exam.
Series 65 – 20 Hour Review The Series 65 exam is known as the NASAA Investment Advisers Law Examination. The exam is a North American Securities Administrators Association (NASAA) exam administered by FINRA. Passing this exam allows holders to sell: Investment Advisory Services FINRA administers this exam. The exam consists of 130 scored questions. Candidates have 180 minutes to complete the exam. In order for a candidate to pass the Series 65 exam, he/she must correctly answer at least 94 of the 130 scored questions. There is no pre-requisite to taking the Series 65. It’s important to remember, any person holding a Series 7 license AND a Series 66 license is NOT required to hold the Series 65 (Series 66 combines the Series 63 and Series 65 into a single exam). However, should a Series 7 licensee no longer be affiliated with a broker/dealer, the Series 66 would no longer exempt the licensee from holding a Series 65 license. Series 7 and Series 66 ALWAYS require a broker/dealer relationship. The Series 65 does not.
Series 66 – 12 Hour Review The Series 66 License combines the Uniform Securities Agent State Law examination (Series 63) with the Series 65 (Registered Investment Adviser) exam. The license is broader than the Series 63 license and permits the holder to market and sell the following products and services: Investment Products Mutual Funds Variable Products Unit-Investment Trusts (UITs) Investment Advisory Services The Financial Industry Regulatory Authority (FINRA) administers the Series 66 exam. The exam consists of 110 multiple-choice questions requiring a passing score of 73%. The exam has a time limit of 2 hours and 30 minutes (150 minutes). The exam is challenging and typically requires 1 week of preparation time.
