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To reduce testing overlap, individuals wishing to enter the securities industry will need to pass the Securities Essentials Exam (SIE) exam and a "top-off" specialized knowledge exam. The SIE will test basic securities knowledge; the top-off exams will test more advanced and specialized knowledge. The top-off exams will keep the names of the current representative level exams: Series 6, Series 7, Series 22, Series 57, Series 82, Series 79, and Series 99.
A Series 6 registration qualifies you to solicit, purchase, and/or sell the securities of companies registered under the Investment Companies Act of 1940, including mutual funds, closed-end companies, and variable contracts.
Note that you can also sell these products with a Series 7.
A Series 7 registration qualifies you to solicit, purchase, and/or sell all securities products, including corporate and municipal securities, options, direct participation programs, mutual funds, and variable contracts.
A Series 24 registration qualifies you to manage or supervise a FINRA member's investment banking or securities business for corporate securities, rights, warrants, closed-end funds, money market funds, REITS, asset-backed securities, (corporate) mortgage-backed securities, mutual funds, variable annuities and variable life insurance, direct participation programs, securities traders, venture capital, mergers and acquisitions, and corporate financing. However, there are several positions that a Series 24 exam will not qualify you for, including supervising options and municipal securities. As a prerequisite to the Series 24 exam, you must pass the Series 7, 62, 79, or 82 exam.
A Series 26 license will qualify you to function as a principal for the solicitation, purchase, and/or sale of redeemable securities of companies registered pursuant to the Investment Company Act of 1940; securities of closed-end companies registered pursuant to the Investment Company Act of 1940 during the period of original distribution only; and variable contracts and insurance premium funding programs and other contracts issued by an insurance company.
A Series 65 registration qualifies you as an investment adviser representative, enabling you to provide investment advice to clients. A Series 66 license does the same; however, the Series 66 must be taken in conjunction with the Series 7 and is used by securities professionals who wish to be registered as both agents and IARs.
"Went and took the Florida Licensing exam this morning and they said I got the highest score ever! ;o) Actually, I ended up with a 90.7% so I am pleased with that. Just wanted to say thanks for everything. Your class was, by far, the best class that I have ever sat through and I have sat through a bunch. I'll give you a call next week and maybe we can get together for lunch or something. Thanks again Buddy,"
- Mike K.