The Series 6 license enables the holder to sell investment products such as mutual funds, variable annuities, and insurance premiums. Holders of the Series 6 license are not considered stockbrokers and are not allowed to sell municipal or corporate securities, direct participation programs, or option products. Those who choose to obtain the Series 6 license often pursue the Series 63 license in conjunction.
Obtaining a Series 6 license
To obtain a Series 6 license, you must be sponsored by a registered member of FINRA, the Financial Industry Regulatory Authority, for the exam. Once you pass, you'll be qualified to act as a limited representative who can sell specific investment products and variable contracts.
The Series 6 exam consists of 105 multiple choice questions. Candidates are given two hours and 15 minutes to complete the exam and must achieve a score of 70 or higher to pass. According to FINRA, the topics covered on the Series 6 exam include:
- Regulatory fundamentals and business development
- Evaluate customers' financial information, identify investment objectives, provide information on investment products, and make suitable recommendations.
- Open, maintain, transfer, and close accounts, and retain appropriate account records.
- Obtain, verify and confirm customer purchase and sale instructions.
The Series 6 Exam is administered at testing centers throughout the United States, Canada, Mexico, and U.S. territories. Once you pass the exam, you must register with FINRA through your sponsoring firm to use your license to facilitate transactions.
How long does a Series 6 license last?
Your Series 6 license will remain effective as long as you fulfill your continuing education requirements and remain employed by a FINRA-registered company. If you leave your job, your employer is required to file form U5 with FINRA, which terminates your license in conjunction with your employment. From that point, you are given two years to become re-registered to maintain your current license. If you fail to become re-registered within that timeframe, you will generally be required to retake the exam, though exceptions are sometimes made.
All Series 6 holders, regardless of employer, are required to fulfill continuing education requirements beginning two years after their initial registration. License holders must fulfill these requirements every three years for as long as they are registered, generally through online tutorials or courses that review subjects such as industry regulations, sales, and compliance. Failure to fulfill these requirements could cause a Series 6 license to be terminated.
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