How to Get a Series 6 License and Start Your Financial Career
Unlock your financial career by learning the steps to obtain a Series 6 license, from eligibility to exam success.
Embarking on a financial career can be rewarding and challenging, with numerous pathways to explore. One such route is obtaining a Series 6 license, which authorizes individuals to sell investment products like mutual funds and variable annuities. This credential is essential for those aiming to work in the securities industry, offering opportunities for professional and financial growth.
Qualifications and Eligibility
To obtain a Series 6 license, candidates must be sponsored by a FINRA-member firm or a self-regulatory organization (SRO). Sponsorship ensures candidates align with firms adhering to industry standards. Candidates must be at least 18 years old. While there is no formal educational requirement, a high school diploma or equivalent is generally expected. Many candidates hold a bachelor’s degree in finance or business, which provides a foundation for understanding financial products and regulations.
Sponsorship Requirements
Sponsorship from a FINRA-member firm or SRO is a core requirement for the Series 6 license. The firm ensures candidates meet regulatory and ethical standards. Sponsoring firms also offer preparatory support, including study materials and exam guidance, while handling the registration process with FINRA by filing Form U4, which details the candidate’s background and qualifications.
Exam Content and Structure
The Series 6 exam assesses a candidate’s knowledge in critical areas. It includes 50 multiple-choice questions to be completed in 90 minutes, covering investment products, regulatory frameworks, customer evaluation, and investment strategies. Candidates need a thorough understanding of mutual funds, variable annuities, and regulations such as the Securities Act of 1933 and the Investment Company Act of 1940.
Registration Steps
Registering for the Series 6 exam requires collaboration with a sponsoring firm. The process involves submitting documentation like personal identification and employment history. The sponsoring firm files Form U4 electronically through the Central Registration Depository (CRD) system, officially registering the candidate under FINRA’s regulatory framework.
Fees and Payment
The Series 6 exam fee is $40, paid to FINRA through the sponsoring firm. This fee covers only the exam cost. Additional expenses for study materials or preparatory courses can range from $100 to $500. Candidates should also consider costs for maintaining registration, such as annual fees paid by FINRA-member firms. Confirm with your sponsoring firm whether they cover these expenses or if you are responsible for them.
After Passing the Exam
Passing the Series 6 exam allows candidates to sell securities like mutual funds and variable annuities. Maintaining the license requires compliance with industry regulations. Candidates may need to register with state securities regulators if working in multiple jurisdictions, each with its own requirements. Many firms also require newly licensed representatives to complete training programs to bridge the gap between theoretical knowledge and practical application.