Understanding securities licenses

August 22, 2013 by

In a previous blog, you learned why obtaining a Series 65 license is a necessity for professionals looking to become an investment adviser representative. This blog focuses on other securities licenses, and why they may be important for professionals to consider. Here are the basic licenses required of securities agents: Series 6-Investment Company Products/Variable Contracts Limited Representative This license provides authorization to sell “packaged” investments, including mutual funds, variable annuities, and unit investment trusts.

  • Questions: 100 multiple choice
  • Testing time: 2 hours, 15 minutes

Series 7-General Securities Representative Authorization to sell individual security items such as common and preferred stocks, etfs, bonds and other individual fixed income investments (including products with Series 6.)

  • Questions: 250 (administered in two parts of 125 questions each) multiple choice
  • Testing time: 3 hours for each part

Series 63-Uniform Securities Agent State Law Examination Gives authorization by state to conduct business; required for all Series 6 and 7 holders.

  • Questions: 60 multiple choice
  • Testing time; 1 hour and 15 minutes

The Financial Industry Regulatory Authority (FINRA) oversees licensing procedures and requirements. FINRA also administers the exams and keeps track of the records.  For information on all of the license types and testing requirements, visit the FINRA website. ADR-1169

Brokers Financial

Brokers Financial is a FINRA member Broker-Dealer and SEC-Registered Investment Adviser (RIA) providing extensive brokerage, advisory and investment services to the independent financial professional.

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