Securities - Licensing Process


FINRA, the Financial Industry Regulatory Authority, has jurisdiction over Securities Licensing in the US. To become registered with FINRA, securities professionals must pass qualifying exams administered by FINRA to demonstrate their competence in the particular securities activities in which they will work. You must pass the exams prior to engaging in those areas of the business. Firms must register any person engaged in the securities business of the firm by filing the appropriate registration application online through the Central Registration Depository (CRD) (http://www.finra.org/industry/web-crd/) to become registered with FINRA, the appropriate jurisdictions and/or self regulatory organizations. After registration, a 120-day window will be available for the individual to schedule an appointment to take the required qualification exam(s).

FINRA Registered Firms: FINRA-registered firms must file a form U4 (Uniform Application for Securities Industry Registration or Transfer Form) online through Web CRD.

Non-FINRA Registered Firms: The form U10 (Uniform Examination Request for Non-FINRA Candidates Form) should be used by individuals who are not employed or associated with firms, and as part of the registration process they have been required by a regulatory authority to qualify by examination, but are not required to file a form U4. Non-FINRA firms should check with the regulatory authority with whom the individual is requesting registration to determine whether or not a Form U4 must be filed.

 

Mike Russ Schools offers training for the following exams (note: there is no pre-licensing education requirement for these licenses):

Series 6 - Investment Company and Variable Contracts Products Representative Examination (IR)
The Series 6 exam assesses the competency of an entry-level representative to perform his or her job as an investment company and variable contracts products representative. The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of an investment company and variable contract products representative, including sales of mutual funds and variable annuities. The exam consists of 100 scored questions and an additional 5 unscored pretest questions. Candidates are given 2 hours and 15 minutes to complete the exam. The passing score is 70 percent.

A candidate who passes the Series 6 exam is qualified for the solicitation, purchase and/or sale of the following securities products:

  • Mutual funds (closed-end funds on the initial offering only)
  • Variable annuities
  • Variable life insurance
  • Unit investment trusts (UITs)
  • Municipal fund securities (e.g., 529 College Savings Plans, local government investment pools (LGIPs), and Coverdell Education Savings Accounts)

Series 63 - Uniform Securities Agent State Law Examination
The Series 63 exam is a North American Securities Administrators Association (NASAA) exam administered by FINRA, and is the state law test for broker-dealer representatives. The exam consists of 60 scored questions. Candidates have 75 minutes to complete the exam. In order for a candidate to pass the Series 63 exam, he/she must correctly answer at least 43 of the 60 scored questions (71.67%). For additional information about this exam, including the content outline, please visit the exams page on the NASAA website (www.nasaa.org).

Contact Info For Relevant Companies:

 

FINRA
(For questions about required forms, licensing process, registration status)

Testing Companies
(for questions on registering for an exam)

www.finra.org

Prometric: www.prometric.com/finra

800.578.6273

301.590.6500

Pearson VUE: www.pearsonvue.com/finra

866.396.6273



Securities -



Securities -

I passed my exam on the 1st attempt. You were the best instructor, you have a gift to teach complicated stuff and make it easy

Cynthia T.