The Series 6 is a securities license that allows the bearer to register as a company’s representative and sell specific mutual funds, variable annuities, and insurance products. The biggest drawback of a Series 6 license is that it does not allow holders to offer exchange listed funds (ETFs).
With a Series 6 license, what may I sell?
You can register as a limited representative with FINRA with the Series 6 license, also known as the Investment Company/Variable Contracts Products Limited Representative License. You can sell mutual funds, variable annuities, variable life insurance, unit investment trusts (UITs), and municipal fund securities with a Series 6 license.
For people in the insurance industry, the Series 6 is frequently seen as the appropriate companion license. Holders can broaden their range of financial products and services while also improving their degree of knowledge.
Is it possible to sell mutual funds using a Series 7?
The Series 6 and Series 7 registrations are comparable, however the Series 6 comes with more restrictions. You can sell mutual funds, variable annuities, and other variable products on behalf of a corporation after passing the Series 6 Exam. You can, however, sell mutual funds, annuities, individual equities, bonds, options, and other assets after passing the Series 7 Exam.
Is Series 6 or 7 more difficult?
The Series 6 and Series 7 are two of the most widely taken of FINRA’s qualification tests. Obtaining a license to buy and sell specific types of investments for customers, as brokers, financial planners, investment managers, and other financial professionals sometimes do, requires passing them.
The Series 7 is the more difficult but comprehensive of the two exams. It allows you to deal with practically any sort of security that a professional or individual investor would want, from stocks to bonds to investment trusts and funds. Almost all stockbrokers and money managers have both the Series 7 and Series 6 licenses.
The Series 6 is, on the other hand, more limited. It primarily provides a license to trade in products geared toward retail investors, such as mutual funds and insurance annuities. Individual stocks, bonds, and exchange-traded funds (ETFs) are notable exceptions—in other words, securities actively traded on financial exchanges. Financial advisors who sell goods to clients from investment management firms and insurance organizations may certainly get by with merely passing the Series 6.
Is it possible to sell a REIT with a Series 6?
The Series 6 license prohibits the sale of corporate or municipal securities, direct participation programs, or options by holders of the license. Individuals can buy and sell mutual funds, variable life insurance, municipal fund securities, variable annuities, and unit investment trusts with Series 6.
With a Series 65, can I sell ETFS?
A candidate who passes the Series 65 Exam is qualified to work as an investment adviser or investment adviser representative. It allows a professional to give investment advice rather than sell products.
If a candidate works for a FINRA member firm, the firm will file a Uniform Application for Securities Industry Registration or Transfer (Form U4) with the Central Registration Depository (CRD) and pay the appropriate examination fee. If an applicant works for a non-FINRA member firm, the employer will file Form U10 on their behalf and pay the exam price. Candidates who want to start their own independent investment adviser businesses must fill out Form U10 and pay the examination fee to their state’s securities commission.
The North American Securities Administrators Association (NASAA) administers the Series 65 Exam (NASAA). There are 140 multiple-choice questions on the three-hour exam. The test must be passed with a score of 72. The following topics were put to the test:
- Laws, regulations, and guidelines, including commercial actions that are forbidden or unethical.
Prometric testing locations in the United States, Canada, Mexico, and U.S. territories offer the Series 65 Exam.
After you pass Series 65, what comes next?
To become a registered investment advisor representative (also known as an IAR), an individual must first complete the following steps “Most state securities regulators require an individual who works for a registered investment advisor firm (also known as a “RIA”) to pass the Uniform Investment Adviser Law Examination (also known as the “Series 65 examination”). State securities regulators have numerous exclusions or alternatives to the basic requirement that a prospective investment adviser representative pass the Series 65 examination before filing his or her registration application (the Series 65 examination) “U4 Form). Other professional qualifications, in addition to those listed above, are accepted by some state securities regulators as a substitute to the Series 65.
Is Series 6 or Series 7 superior?
The Series 7 has a thicker front crystal display than the Series 6, making it stronger and more scratch- and crack-resistant. The Series 7 has an IP6X dust-tight certification, whereas the Series 6 does not. Both timepieces feature a 50-meter water-resistance rating.
Our recommendation: While the Series 6 isn’t particularly sensitive, customers who find themselves in high-risk scenarios will benefit from the Series 7 watch. The Series 6 is adequate for ordinary use.
Is Series 6 necessary if you already have Series 7?
It is determined by the license. If you already have a Series 7 license and don’t want to sell life insurance, you may not need the Series 6. If you have a Series 3 license and want to sell mutual funds instead of commodity futures, you’ll need to acquire the Series 6.
How difficult is the Series 7 license?
The Series 7 exam is the most challenging of all the securities licensing exams, with 125 questions to be answered in three hours and 45 minutes. The passing score is 72, which may not appear to be too challenging. However, the exam’s scope is broad, encompassing the full range of securities products as well as the rules that govern customer accounts. The questions, which are usually long and contain a lot of material, are meant to test a candidate’s knowledge of a concept, which is why practice examinations are so crucial.