The Series 6 and Series 63 licenses are documents granting the holder permission to engage in certain securities transactions such as selling shares in mutual funds. The Financial Industry Regulatory Authority – FINRA – is a nongovernment entity charged with regulating the financial industry.Dec 31, 2018
What are Series 6 and 7 licenses?
The Series 6 license allows a registered representative to sell only a specific type of investment products, whereas the Series 7 license allows the rep to sell a wider variety of securities.
What do you need for a Series 6 license?
A Series 6 license requires you to take and pass both a Securites Industries Essentials Exam and the Series 6 Top-Off Exam. There are no pre-requisites to taking the Securities Industry Essentials Exam, and once you pass your SIE exam, you have one full year to study for and pass your Series 6 exam.
How long does it take to get your Series 6?
Most candidates spend 40 to 60 hours studying for the FINRA Series 6 exam.Apr 9, 2019
What is a Series 6 license required for?
With a Series 6 license, you are able to sell mutual funds, variable annuities, variable life insurance, unit investment trusts (UITs), and municipal fund securities. The Series 6 is often seen as the ideal companion license for those in the insurance industry.Jul 31, 2020
Do I need a Series 6?
However, a Series 6 license is all that some financial advisors, investment advisors, and retirement planners need. Such advisors may only need a Series 6 license if they just sell insurance, annuities, and certain types of mutual funds, not individual stocks.
Do you need Series 6 If you have Series 7?
It depends on the license. You might not need the Series 6 if you have a Series 7 license and you don't plan to sell life insurance. If you have a Series 3 license and decide to stop selling commodity futures in favor of mutual funds, you'll need to earn the Series 6.Apr 9, 2019
Should I take Series 6 or 63 first?
In order to use your Series 6 license in your state, you must pass the state's version of the Series 63 license exam. If you move from one state to another, you must take your new state's Series 63 exam to begin working in the securities or insurance industries in that state.
What happens if your Series 6 expires?
After you pass the Series 6 exam, you have exactly two years to complete the continuing education requirement. You must then complete certain continuing education requirements every three years until you end your registration. Most of these continuing education classes may be completed online.
What can you do with a Series 6 and 63?
Often paired together, the Series 6 and 63 licenses will allow you to sell securities such as mutual funds, variable annuities, and investment trusts in all states.
Can I keep my Series 63 without a sponsor?
Unlike many other FINRA exams, the Series 63 exam does not require member firm sponsorship. ... To pass the Series 63 exam, you must answer 43 of the 60 scored questions correctly, or achieve a score of just over 71%.Mar 18, 2019
How do you keep your Series 6 license?
If you leave your job, your employer is required to file form U5 with FINRA, which terminates your license in conjunction with your employment. From that point, you are given two years to become re-registered to maintain your current license.Jan 19, 2016
What is covered on the Series 63?
The Series 63 exam covers the principles of state securities regulations and rules prohibiting dishonest or unethical practices. ... The topics on the exam include registration of various persons and securities, and fiduciary responsibility with client funds and securities.
What can you do with a Series 7 and Series 63 license?
A Series 7 license allows financial agents or representatives to sell securities. A Series 63 license allows these professionals to sell securities in a specific state. All financial professionals interested in selling securities are required to pass the Series 7 exam.Jul 5, 2017