Securities Licenses

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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 63 registration qualifies you as a securities agent in a specific state.  It covers the principles of state securities regulation, most notably the Uniform Securities Act.

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.

In conjunction with the FINRA Series 7 General Securities Representative license, the NASAA Series 66 license qualifies you as both a securities agent and an investment advisor representative.