Forty percent of the exam will cover ethics and fiduciary obligations. It does not allow a professional to sell securities, but rather, to offer investment advice. The three-hour long exam consists of multiple-choice questions. A score of 72 is required to pass the test. Topics tested include:. Passing the Series 66 Exam qualifies a candidate to register as an investment adviser representative and as a securities agent. The exam takes minutes to complete and consists of multiple-choice questions.
A score of 75 or better is necessary to pass the exam. The Series 7 license allows you to market and sell securities and is a highly sought-after credential for financial advisors, insurance agents, and other positions in the securities industry. The SIE Exam is a prerequisite exam that covers the basics of the securities industry. These include topics such as knowledge of the market, securities products, activities you will be expected to perform, and regulations that you will need to follow.
Your passing score is valid for four years. While not required to apply for a job in the financial services industry, it will certainly set you apart from other applicants. You do not need to be employed as a financial advisor, insurance agent, or any other position that works with securities to take the SIE. It is designed to cover just the essentials and works well to boost your resume prior to applying for a job at a company or firm. You will need to be officially sponsored by a company, firm, or organization that is registered with FINRA to get your Series 7 license.
On the Form-U4, you also need to disclose any legal actions taken against you in a variety of categories. Some of them focus only on convictions, while others ask about charges, both past and pending. It is important to read through each question on the Form-U4 carefully to make sure that you answer each accurately. This is likely the same person or department that handles test registration and continuing education once you are licensed.
In some areas, you are able to remain affiliated with two separate firms, but you must disclose this when filing your Form-U4. It depends on the applicable regulations in your area, so it is best to talk to an HR representative at both firms before moving forward with your registration.
FINRA recommends scheduling your exam as soon as possible to make sure your desired testing date is available. You will need to provide your name, FINRA identification number, a contact phone number, and the type of exam you want to take in order to schedule your test. When scheduling your test, you will be asked for an email address that you will need to later provide to the testing center at check-in.
Keep in mind that this will likely be a work email address if your firm handles test registration and scheduling for you. If you need to reschedule or cancel your Series 7 exam, you can do so up to two business days before your test. If you need to cancel or reschedule your test within 48 hours, you may forfeit your testing fees or have to pay a rescheduling fee, with few exceptions.
If you are not able to take the exam within your day window, you can apply for an extension. You should plan to prepare for and take your Series 7 test as scheduled to continue working toward a full license to market and sell securities. The best way to successfully earn your Series 7 license is to schedule your testing appointment early and focus on preparing for the exam. Once your exam is scheduled, it is time to start preparing.
The test consists of scored questions and 10 unscored questions, making it one of the longest licensing exams offered by FINRA. You do not need to wait to register for the exam to begin studying, but you should have a plan in place to become sponsored and be able to schedule your test. Test preparation courses and study materials are a great way to structure your exam preparation and get access to multiple practice tests and practice questions.
FINRA has an exam outline for the Series 7 test that includes a list of regulations and topics that you should know for the exam. Measure content performance. Develop and improve products. List of Partners vendors. Your Money. Personal Finance. Your Practice. Popular Courses. Financial Advisor Financial Advisor Careers. Table of Contents Expand. Making the Grade. Other Requirements.
Securities License FAQs. The Bottom Line. Key Takeaways In order to market and sell investments professionally, an individual must obtain a securities license. What license you need is determined by what kinds of products you want to sell, how you want to be compensated, and what kind of services you want to be able to provide. The Series 7 license, also known as the general securities representative GS license has the broadest reach, allowing holders to sell almost all types of securities.
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Partner Links. Related Terms Registered Representative RR A registered representative RR is a financial professional who works with clients who are trading investments such as stocks and bonds.
Learn more. What Is the Series 31? The Series 31 is an exam and securities license entitling the holder to sell managed futures funds or supervise those activities. Series 63 The Series 63 is a securities exam and license entitling the holder to solicit orders for any type of security in a particular state. Series 7 Definition The Series 7 is an exam and license that entitles the holder to sell all types of securities with the exception of commodities and futures.
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