How Many Questions Are on the Series 6?
Gain clarity on the Series 6 exam: its structure, content, eligibility, and what to expect on test day.
The Financial Industry Regulatory Authority (FINRA) Series 6 exam serves as a qualification for professionals seeking to sell specific investment products. Successfully passing the Series 6 exam is a necessary step for those aiming to engage in the solicitation, purchase, and sale of products like mutual funds and variable annuities.
Series 6 Exam Structure
The Series 6 exam consists of 55 multiple-choice questions. Of these, 50 questions are scorable and contribute to a candidate’s final score. The remaining five questions are experimental, unscored items randomly distributed throughout the exam. Candidates are allotted 1 hour and 30 minutes to complete the examination. To pass, a candidate must achieve a score of 70% or higher, which translates to correctly answering at least 35 of the 50 scorable questions.
Content Areas of the Exam
The Series 6 exam measures a candidate’s knowledge across four job functions of an investment company and variable contracts products representative. The largest portion (approximately 50%) focuses on providing customers with investment information, making suitable recommendations, transferring assets, and maintaining records, including understanding investment companies, mutual funds, and tax implications. Another significant area (about 24%) covers seeking business for the broker-dealer from customers, including communication and advertising rules.
Approximately 16% of the questions cover opening customer accounts after obtaining and evaluating financial profiles and investment objectives, including understanding account types, disclosures, and suitability requirements. The smallest portion (around 10%) addresses obtaining and verifying customers’ purchase and sales instructions, and processing, completing, and confirming transactions.
Eligibility and Enrollment
Before an individual can take the Series 6 exam, they must meet specific eligibility criteria, primarily involving sponsorship. Candidates must be associated with and sponsored by a FINRA member firm or another SRO member firm. The sponsoring firm initiates enrollment by filing Form U4 through FINRA’s Central Registration Depository (CRD) system. This filing also requires the submission of the candidate’s Social Security number and fingerprints for a background check.
A fundamental prerequisite for the Series 6 exam is passing the Securities Industry Essentials (SIE) Exam. The Series 6 is a “top-off” exam that builds upon the foundational knowledge covered in the SIE, which can be taken without firm sponsorship. Once the U4 is filed, FINRA grants a 120-day window to schedule and pass the Series 6 exam.
The Examination Experience
On the day of the Series 6 exam, candidates should arrive at the Prometric testing center 30 minutes before their scheduled appointment. Upon arrival, test-takers must present a valid government-issued photo identification for admission. Security procedures involve storing personal belongings in a designated locker and adhering to strict rules regarding unauthorized materials in the testing area.
The exam is administered via computer, and a brief tutorial on navigating the test interface is provided before the timed portion begins. Candidates are given scratch paper, pencils, and a basic calculator. Upon completion, candidates generally receive their results immediately on screen. A certified copy is also provided by the test center.