Whether you want to act as a registered representative (RR) or an 澳洲幸运5官方开奖结果体彩网:investment advisor, the first step is obtaining the ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚproper securities license. Determined by several factors, the required license depends on which investments are to be sold, the method of compensation, and the scope of se🎶rvices that will be provided.

FINRA Licensing

The 澳洲幸运5官方开奖结果体彩网:Financial Industry Regulat𝕴ory Authority (FINRA) oversees all securities licensing procedures and requirements and performs disciplinary and record-keeping functions. This 澳洲幸运5官方开奖结果体彩网:self-regulatory organization administers many exams for representatives and supervisors to become licensed financial professionals.

Each license corresponds to a type 🎃of business or investment, and three general licenses are commonly obtained:

Series 6

The Series 6 license is the limited-investment securities license. It allows its holders to sell “packaged” 澳洲幸运5官方开奖结果体彩网:investment products such as 澳洲幸运5官方开奖结果体彩网:mutual funds, 澳洲幸运5官方开奖结果体彩网:variable annuities, and 澳洲幸运5官方开奖结果体彩网:unit investment trusts (UITs). The Series 6 exam is 90 minutes long and covers information regarding packaged investments, securities regulations, and ethics.

This license is also required for insurance agents who sell variable investment products. 澳洲幸运5官方开奖结果体彩网:Principals who supervise representatives holding a Series 6 license must obtain the 澳洲幸运5官方开奖结果体彩网:Series 26 license in addition to the Series 6.

Series 7

The Series 7 license is the general securities representative (GS) license. Those who carry this license are officially listed as “registered representatives” by FINRA and referred to as 澳洲幸运5官方开奖结果体彩网:stockbrokers. Many insurance agents and 澳洲幸运5官方开奖结果体彩网:financial planners also hold the Series 7 license to facilitate transactions inherent in their businesses. Principals of general representatives must also obtain the 澳洲幸运5官方开奖结果体彩网:Series 24 license.

Series 7 authorizes 澳洲幸运5官方开奖结果体彩网:licensees to sell any individual security, including common and 澳洲幸运5官方开奖结果体彩网:preferred stocks, call and 澳洲幸运5官方开奖结果体彩网:put options, bonds, and other 澳洲幸运5官方开奖结果体彩网:fixed-income investments. The only types of securities or investments that Series 7 licensees are not authorized to sell are commodities futures, 澳洲幸运5官方开奖结果体彩网:real estate, and 澳洲幸运5官方开奖结果体彩网:life insurance. The Series 7 exam is the longest and most difficult, covering all aspects of stock and 澳洲幸运5官方开奖结果体彩网:bond quotes, put and 澳洲幸运5官方开奖结果体彩网:call options, spreads and 澳洲幸运5官方开奖结果体彩网:straddles, ethics, margin, and related regulations.

Series 3

The Series 3 license authorizes representatives to sell 澳洲幸运5官方开奖结果体彩网:commodity futures contracts, considered the riskiest publicly traded investments. Representatives who carry the Series 3 license specialize in commodities. The Series 3 exam is approximately 150 minutes long and covers all commodities transactions, options, hedging, margin requirements, and other regulations. An offshoot of this license is the 澳洲幸运5官方开奖结果体彩网:Series 31 license, which allows representatives to sell 澳洲幸运5官方开奖结果体彩网:managed futures (pooled groups of commodities futures similar to mutual funds).

Exam Comparison

NASAA Licensing

Not all securities licenses are administered by FINRA. The North American Securities Administrators Association (NASꦚAA) oversees the licensing requirements of three:

Series 63

The 澳洲幸运5官方开奖结果体彩网:Series 63 license, known as the Uniform Securities Agent license, is required by each state where licensees conduct business. All Series 6 and Series 7 licensees must carry this license. The provisions of the 澳洲幸运5官方开奖结果体彩网:Uniform Securities Act are included in the 75-minute exam.

Series 65

The 澳洲幸运5官方开奖结果体彩网:Series 65 license is required for individuals providing financial advice on a non-commission basis. Financial planners, advisors, stockbrokers, and other registered representatives who provide 澳洲幸运5官方开奖结果体彩网:investment advice for an hourly fee fall into this category. The exam is a 180-minute test covering the rules and regulations for registered investment advisors and various 澳洲幸运5官方开奖结果体彩网:investment vehicles and disciplines, economics, ethics, and analysis.

Series 66

This 澳洲幸运5官方开奖结果体彩网:Series 66 is the newest exam offered by NASAA. It combines the Series 63 and 65 exams into one 150-minute exam. This test contains no investment material, as the Series 66 license is only available to candidates already Series 7 licensed.

Exam Comparison

Salary and Job Advancement

Securities, commodities, and financial services sales agents connect buyers with sellers. According to the U.S. Bureau of Labor Statistics, the median annual salary for these individuals was $76,900 as of October 2024 and this sector is projected to grow 7% until 2033. Candidates commonly register their securities licenses with an approved 澳洲幸运5官方开奖结果体彩网:broker-dealer, who holds licenses and oversees transactions, commonly in return for a portion🐓 of commission income.

Personal financial advisors help individuals manage their money and plan their financial future. The median annual salary for personal financial advisors was $99,580 as of October 2024 with employment projected to grow 17% until 2033.

Licensed professionals may work with or for 澳洲幸运5官方开奖结果体彩网:reg💖istered investment advisors (RIAs). A registered investment advisor (RIA) is any person or firm that is registered with the U.S. Securities and Exchange Commission (SEC) or a state securities authority. The location of the RIA’s principal office, as well as the number of assets under management, determine whether the RIA must register with the SEC.

The Bottom Line

The majority of financial and 澳洲幸运5官方开奖结果体彩网:investment companies that hire or train new advisors have a mandatory licensing program included in the training package. The company commonly mandates which licenses must be obtained to seꦍll products and services.

Correction—Nov. 22, 2024: This article was corrected to state the accurate passing grades for the Series 63 and Series 65 exams.