If you are not working in the financial services industry, you can include job hunting in your process to find the best position for your professional goals. You do not need to be sponsored or employed as a financial services professional to take the SIE exam. You will need to be sponsored by a firm, company, or organization that is a member of FINRA before registering for the Series 6 or Series 7 exams.
If you are already working in the financial services industry, talk to your employer about registering for an exam. Many will even pay for all fees and associated costs, including a study course.
If you are not working as a financial services professional, having the SIE on your resume can help during your job search. It shows that you already have the basic knowledge of the industry and are committed to your new career.
Do not be afraid to ask for your employer or prospective employer to have a role in your securities licensing process. This can include covering exam registration costs, paying for a study course, or providing at-work time to study for your exam. You will need to provide:. The application process can be completed online or by submitting a hard copy of the form. Preparation is the key to passing any licensing exam.
While FINRA provides comprehensive content outlines for both the Series 6 and Series 7 tests, a study course will help you master everything that you need to know to pass the exam. You should also plan time to take practice exams. This helps you gauge your preparation and become more familiar with the exam format. Each exam covers different topics and has its own test length. All tests are delivered on the computer at an independent test center.
If you have not taken a computer-based exam before, it is important to take practice tests ahead of time.
You will be given 30 minutes at the test center to go through a tutorial. However, it is best to already be familiar with the test format to be more confident on test day. You will receive guidance from the testing center with directions, check-in instructions, and a list of prohibited items.
You can apply for accommodations, such as a wheelchair-accessible testing station or the approved use of a hearing aid, if needed ahead of registering for your exam. You will need to bring a photo ID and your test registration. Permitted items include eyeglasses, required medications, wedding bands, and light sweaters or sweatshirts. Be prepared to turn out your pockets and push up your sleeves to show that you are not bringing in any prohibited items.
FINRA and the testing centers take cheating very seriously. It is best to only bring approved items and the confidence that you are ready to pass your exam. You need to hold a valid securities license to market and sell securities. To determine which type of license to pursue, consider what type of securities-based products fit your business model and role.
A study course is not required, but is highly recommended to adequately prepare for your securities license exam. Before you can take your securities license exam, you will need to pay a fee to take the test. You will need to pay additional costs and fees associated with the securities licensing process.
These include a study course and the SIE exam. Talk to your sponsoring firm, company, or organization about covering some of these costs. You may even be able to include study time in your workload and be paid to prepare for your licensing exam.
The Series 7, one of the most popular securities licenses, is valid for the entire time that you continue to work at your sponsoring firm, company, or organization. If you are fired, your securities license is voided. If you choose to leave your position or employer, your license will remain valid for two years. You will need to find new employment at a firm, company, or organization that will continue to sponsor your securities license before those two years are expired.
All of the other securities licenses follow the same protocols. As long as any gaps in employment at a FINRA-member firm, company, or organization do not exceed two years, your securities licenses will not expire. The Series 6 license allows you to market and sell mutual funds, variable annuities, and some insurance products. For insurance agents, CPAs, and some other financial service professionals, offering these products fits their business model.
The Series 7 license is more comprehensive and necessary for bankers and financial advisors. The Series 7 exam is longer and costs more, but allows license holders to offer a wider range of products for their clients. Series If you want to be a financial planner or advisor who works for an hourly fee rather than a commission, or you want to be a stockbroker or other financial representative who deals with managed-money accounts, you'll need this license. Series If you have a Series 7 license, you have already studied and learned a good portion of the Series 66 exam, so instead of earning Series 63 and Series 65 separately, you can choose to earn this license instead.
Series If you want to offer advice or facilitate debt or equity offerings public or private , mergers or acquisitions, tender offers, final restructuring, asset sales, and divestitures or corporate reorganizations, you'll need this license. Series If you plan to be a senior manager or a supervisor in operations or will have the authority to materially commit capital in various back office functions, you need this license. Essentially, the SIE covers industry basics, whereas each Top-Off is specific to the types of products sold under each license type.
Further, to earn some of these licenses, like the Series 6 and Series 7, you will need to be sponsored by a broker-dealer. Make sure to check with your employer or FINRA to determine if you need - and can get - a sponsorship. The plusses and minuses of each are listed below.
Seminar The Seminar format generally means that you attend a classroom training at a specific date, time, and location. Plusses: Very affordable training format You can take the training anytime that's convenient for your schedule You have access for five months to complete your training Can be accessed from anywhere at any time Minuses: You lose the benefit of learning from an experience instructor Requires you to set and stick to your own study schedule Self-Study The Seminar format generally means that you attend a classroom training at a specific date, time, and location.
Plusses: Least expensive training format Good for self-starters Doesn't require internet connection to study Minuses: You lose the benefit of learning from a live experienced instructor Not the best format if you typically need nudging to accomplish goals How To Study For Your FINRA Exam Studying for your FINRA securities licensing examination is easy with one of our pre-licensing training courses, because each, in addition to the great subject matter training, also includes numerous sample exams to assist with your test prep.
Here is the recommended way to study for your FINRA Securities Licensing Exam: Select your preferred training format Read the subject matter content prior to attending or starting the training While doing so, make notes of any areas where you are unsure or need assistance Take the training. If via an Instructor-led format, be sure to get your Instructor to help you with any are of which you are unsure or need assistance yes, options and mutual funds are difficult to understand, so don't feel shy about asking for help!
Schedule your licensing exam for about four weeks after you complete your pre-licensing class. To schedule your exam, simply contact your state's FINRA office Use the four weeks to review the materials, but most of all take as many of the practice exams as you can to get a feel for both the type and amount of questions you'll see Please note that the length of time to study for and take the various FINRA securities licensing courses and exams varies.
Go to www. Each license type covers a variety of materials and therefore each exam has varying lengths and numbers of questions. You may also take it while still in school. The other good news is that if you prefer, you can take your "top-off" exam first, if you wish, and the SIE afterwards.
Most of those who hire or train new advisors will have a mandatory licensing program included in their training package, and almost all firms mandate which securities licenses must be obtained to sell the company's products and services. These are the most common securities licenses. Keep in mind that to earn some of these licenses, like the Series 6 and Series 7, you will need to be sponsored by or work for a broker-dealer. There might be additional requirements for selling securities in your state or the state where you want to be licensed.
You should check with the respective office of the Secretary of State to learn about anything else you need to do to earn your securities license. FINRA says that the exams are "corequisites," but that does not mean you have to take both at the same time. Instead, they mean that you can't earn your license without taking both, and you can take them in any order.
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