The Complete List of FINRA Exams and Who Needs Each One

🧾 The Complete List of FINRA Exams and Who Needs Each One
🎓 A Comprehensive Guide to FINRA Licenses and Requirements

The Financial Industry Regulatory Authority (FINRA) is responsible for regulating the securities industry in the U.S., including licensing and overseeing financial professionals. Depending on the role you want to pursue in the securities industry, you may need to pass different FINRA exams. Here’s a complete list of the FINRA exams and who needs each one.

🎯 1. Securities Industry Essentials (SIE) Exam

• Who Needs It: Anyone entering the securities industry (no sponsorship required).
• Purpose: Serves as a basic qualification for prospective securities professionals and covers the fundamentals of the securities industry, including types of securities, market participants, and regulatory structure.
• Requirements: Passing the SIE exam is a prerequisite for taking more advanced FINRA exams like Series 6, Series 7, or Series 63.
• Duration: 75 questions, 1 hour 45 minutes.
• Passing Score: 70% or higher.

🎯 2. Series 6 – Investment Company Products/Variable Contracts Representative Exam

• Who Needs It: Individuals who want to sell mutual funds, variable annuities, and other investment company products.
• Purpose: Qualifies you to sell investment products like mutual funds and variable annuities and work as a representative for broker-dealers.
• Requirements: You must be sponsored by a FINRA-member firm to take the Series 6 exam.
• Duration: 100 questions, 1 hour 30 minutes.
• Passing Score: 70% or higher.

🎯 3. Series 7 – General Securities Representative Exam

• Who Needs It: Individuals who want to sell a broad range of securities, including stocks, bonds, options, and municipal securities.
• Purpose: Qualifies you to trade securities and work in sales and trading roles with broker-dealers.
• Requirements: You must pass the SIE exam before taking Series 7 and must be sponsored by a FINRA-member firm.
• Duration: 125 questions, 3 hours 45 minutes.
• Passing Score: 72% or higher.

🎯 4. Series 63 – Uniform Securities Agent State Law Exam

• Who Needs It: Individuals who want to sell securities and work as a securities agent in most states. Often taken in conjunction with Series 6 or Series 7.
• Purpose: Covers state securities regulations, ensuring professionals understand the legal requirements and ethical practices within each state’s securities laws.
• Requirements: Generally, you need Series 6 or Series 7 to take the Series 63 exam.
• Duration: 60 questions, 75 minutes.
• Passing Score: 72% or higher.

🎯 5. Series 65 – Uniform Investment Adviser Law Exam

• Who Needs It: Individuals who want to become investment adviser representatives (IARs) and provide investment advice for a fee.
• Purpose: Qualifies you to offer financial advisory services, including investment management, financial planning, and retirement advice.
• Requirements: The Series 7 exam is not required for the Series 65 exam, but you must be sponsored to take the exam if you are already employed in the advisory field.
• Duration: 130 questions, 180 minutes.
• Passing Score: 72% or higher.

🎯 6. Series 66 – Uniform Combined State Law Exam

• Who Needs It: Individuals who have passed the Series 7 exam and want to register as both a securities agent and an investment adviser representative.
• Purpose: Combines the content of the Series 63 and Series 65 exams, allowing individuals to provide both investment advice and engage in securities sales.
• Requirements: You must first pass the Series 7 exam to take the Series 66 exam.
• Duration: 100 questions, 150 minutes.
• Passing Score: 73% or higher.

🎯 7. Series 24 – General Securities Principal Exam

• Who Needs It: Individuals who want to supervise or manage activities in a broker-dealer firm, such as overseeing the activities of sales representatives.
• Purpose: Qualifies you to supervise securities transactions, and manage or direct the operations of a broker-dealer firm.
• Requirements: You must have passed Series 7 and have been employed in the securities industry for at least 2 years to take the Series 24 exam.
• Duration: 150 questions, 3 hours 45 minutes.
• Passing Score: 70% or higher.

🎯 8. Series 26 – Investment Company Products/Variable Contracts Principal Exam

• Who Needs It: Individuals who want to supervise or manage mutual fund sales or variable contract activities.
• Purpose: Qualifies you to supervise the sales and marketing of investment company products and variable annuities.
• Requirements: You must have Series 6 and at least 2 years of experience in the securities industry to take this exam.
• Duration: 100 questions, 2 hours 30 minutes.
• Passing Score: 70% or higher.

🎯 9. Series 53 – Municipal Securities Principal Exam

• Who Needs It: Individuals who want to supervise or manage municipal securities activities, including the sales and trading of municipal bonds.
• Purpose: Qualifies you to supervise municipal securities firms and professionals.
• Requirements: You must pass the Series 7 and have at least 2 years of experience working in the securities industry.
• Duration: 100 questions, 3 hours.
• Passing Score: 70% or higher.

🎯 10. Series 79 – Investment Banking Representative Exam

• Who Needs It: Individuals who want to work in investment banking, particularly those in roles that involve mergers and acquisitions (M&A) or corporate finance.
• Purpose: Qualifies you to conduct investment banking activities, including advising on M&A, underwriting, and capital raising.
• Requirements: You must be sponsored by a FINRA-member firm to take the Series 79 exam.
• Duration: 175 questions, 3 hours 45 minutes.
• Passing Score: 73% or higher.

🚀 Conclusion

FINRA offers a wide range of exams for individuals pursuing various careers in the securities industry. From sales representatives to investment advisers and securities supervisors, each FINRA exam provides the necessary qualifications to ensure professionals meet the requirements to operate in the U.S. financial markets. Be sure to carefully review the requirements for each exam, as many have prerequisites such as sponsorship or prior exams.

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