Which Series Exam Do I Need?

1/29/2026

If you are stepping into the financial services industry, you have likely realized that the path to becoming a licensed professional isn't a straight line—it’s a maze. Between federal regulations, state laws, and different product categories, there seems to be a "Series" exam for everything.

You might be asking yourself: Do I need a Series 6 or a Series 7? What is the difference between the 63 and the 66? And what on earth is the SIE?

Choosing the right exam isn't just about passing a test; it’s about defining your career. The license you hold dictates the products you can sell, the advice you can give, and ultimately, how you make a living. Making the wrong choice can mean wasting months studying for a qualification you don't need or, worse, finding yourself legally unable to serve your clients the way you intended.

This guide is designed to cut through the confusion. We will break down the most common securities licensing exams, map them to specific career paths, and help you answer the critical question: Which Series exam do I need?

The Foundation: Understanding the Licensing Landscape

Before diving into specific numbers, it helps to understand the structure of financial regulation in the United States. Generally, licenses fall into three buckets:

Core Knowledge: The entry-level requirement (SIE).
Product Licenses (Federal/FINRA): These allow you to sell specific investment products (Series 6, 7, etc.).
State Licenses (NASAA): These allow you to do business within a specific state or charge fees for advice (Series 63, 65, 66).

Most financial professionals will need a combination of these. You rarely take just one. The "combo" you need depends entirely on your job description.

Step 1: The Essential Prerequisite (The SIE Exam)

In the past, you had to be hired by a financial firm before you could take any exams. That created a "chicken and egg" problem: firms wanted licensed candidates, but candidates couldn't get licensed without a firm.

In 2018, FINRA solved this by introducing the Securities Industry Essentials (SIE) Exam.

What Is It?

The SIE is an introductory-level exam that assesses your basic knowledge of industry terms, products, and regulations. It covers:

Capital markets and regulatory bodies.
Product types (stocks, bonds, mutual funds).
Trading, customer accounts, and prohibited activities.

Who Needs It?

Virtually everyone. Whether you want to be a stockbroker, an investment banker, or an operations professional, the SIE is the co-requisite for nearly all representative-level exams.

The Key Benefit

You do not need a sponsor to take the SIE. You can take it while you are still in college, or while you are between jobs. Passing the SIE on your own demonstrates initiative and competence to potential employers.

However, the SIE alone doesn't let you sell anything. It effectively "unlocks" the ability to take the specialized "top-off" exams (like the Series 6 or 7) once you are hired.

To get started on your journey, exploringsecurities licensing resources is the best first step.

Step 2: Choosing Your Product License (Series 6 vs. Series 7)

Once you have the SIE (or are preparing for it), you need to choose your "Top-Off" exam. This decision is usually dictated by your employer and the products they want you to sell. The two heavyweights here are the Series 6 and the Series 7.

Option A: The Series 6 (Investment Company and Variable Contracts)

Best For: Insurance Agents, Personal Bankers, Retirement Plan Specialists.

The Series 6 is a "limited representative" license. It authorizes you to sell "packaged" investment products, specifically:

Mutual Funds.
Variable Annuities.
Variable Life Insurance.
Unit Investment Trusts (UITs).
Municipal Fund Securities (like 529 College Savings Plans).

Why Choose It?
If your business model focuses on long-term financial planning using managed products—and you have no interest in trading individual stocks or options—the Series 6 is perfect. It is a shorter, less difficult exam than the Series 7, allowing you to get licensed and start producing sooner.

If you are an insurance agent who wants to offer variable products to capture market upside for clients, this is the exam you need. You can find specializedSeries 6 training here.

Limitations:
You cannot trade individual stocks, corporate bonds, REITS, or options. If a client wants to buy 100 shares of Apple, you cannot help them with a Series 6.

Option B: The Series 7 (General Securities Representative)

Best For: Stockbrokers, Wealth Managers, Financial Advisors, Investment Bankers.

The Series 7 is the "gold standard" of financial advisor certifications. It is a comprehensive license that allows you to solicit, purchase, and sell virtually all securities products, including:

Everything covered in the Series 6.
Individual Stocks (Equities).
Corporate and Municipal Bonds.
Options.
Direct Participation Programs (DPPs).
Exchange-Traded Funds (ETFs).

Why Choose It?
If you want to be a full-service financial advisor who can manage comprehensive portfolios, execute trades, and offer sophisticated strategies (like options hedging), you need the Series 7. Most large brokerage firms (wirehouses) require this license for their advisor training programs.

The Challenge:
It is a beast of an exam. It is longer, covers complex math (margin, options, bond yields), and requires significantly more study time than the Series 6. However, it offers the highest career ceiling. Ready to tackle it? Check out ourSeries 7 exam prep.

Summary: 6 vs. 7

Take the Series 6 if you only want to sell mutual funds and insurance products.
Take the Series 7 if you want to trade stocks, bonds, and everything else.

Step 3: The State Exams (Series 63, 65, 66)

You have your SIE. You have your product license (Series 6 or 7). Are you done? Not yet. Now you have to deal with the "Blue Sky Laws"—the state securities regulations overseen by the North American Securities Administrators Association (NASAA).

This is where many aspiring investment professional qualifications get confusing. Which state exam you take depends on two things:

Which product license you hold (6 or 7).
How you get paid (commissions vs. fees).

Series 63: The Agent Exam

The "Sell" License

The Series 63 strictly covers state securities laws. It qualifies you as a "Securities Agent."

Purpose: Allows you to conduct business (sell securities) within a specific state.
Who Needs It: Almost everyone who holds a Series 6 or Series 7 and earns commissions.
The Path: If you have a Series 6, the Series 63 is usually your only option for a state license. The Series 6 + Series 63 combo is the standard for insurance agents selling variable products.

ExploreSeries 63 licensing courses to clear this hurdle.

Series 65: The Adviser Exam

The "Advice" License

The Series 65 qualifies you as an "Investment Adviser Representative" (IAR).

Purpose: Allows you to charge a fee for investment advice (e.g., hourly fees, flat fees, or a percentage of assets under management), rather than just commissions on trades.
Who Needs It: Financial planners, accountants, or independent advisors who operate on a fee-basis.
Unique Feature: You do not need a sponsor to take the Series 65. You can take it independently to become a fee-only planner.
Difficulty: It is much harder than the 63. It covers laws plus economics, investment vehicles, and analysis, effectively acting as a competency exam for those who don't have a Series 7.

Learn more aboutSeries 65 training.

Series 66: The Combo Exam

The "Dual" License

The Series 66 combines the Series 63 and Series 65 into one exam.

Purpose: Qualifies you as both an Agent AND an Investment Adviser Representative.
Prerequisite: You must hold a Series 7 license for the Series 66 to be valid. (It does not work with a Series 6).
Who Needs It: Financial advisors at large firms who want to offer both commission-based brokerage accounts and fee-based advisory accounts.
Efficiency: Instead of taking the 63 and 65 separately, Series 7 holders usually just take the 66.

Find the rightSeries 66 resources here.

Common Career Scenarios: Which Combo is You?

Let’s apply this to the real world. Here are five common career tracks and the exact exams you likely need.

Scenario 1: The Insurance Professional

Goal: You sell Life Insurance and Fixed Annuities, but you want to start selling Variable Annuities and Variable Life Insurance to offer better growth potential to your clients.
The Exams:SIE + Series 6 + Series 63.
Why: You need the SIE (core), the Series 6 (for variable products), and the Series 63 (to sell in your state). You don't need the Series 7 because you aren't selling individual stocks.

Scenario 2: The Wirehouse Financial Advisor

Goal: You have been hired by a major firm like Morgan Stanley or Merrill Lynch. You will be managing wealth for high-net-worth individuals, using stocks, bonds, options, and managed money platforms.
The Exams:SIE + Series 7 + Series 66.
Why: You need the Series 7 for the full range of products. You need the Series 66 to offer fee-based advice (charging a % of assets) and to satisfy state registration requirements efficiently.

Scenario 3: The Independent Fee-Only Planner

Goal: You want to start your own RIA (Registered Investment Advisor) firm. You will charge clients a flat fee for comprehensive financial plans and investment advice. You will not sell products for commission.
The Exams:Series 65.
Why: Since you aren't selling products for a commission and aren't working for a broker-dealer, you don't need the SIE, Series 6, or Series 7. The Series 65 covers the requirements to act as an Investment Adviser Representative.

Scenario 4: The Bank Branch Employee

Goal: You work at a bank branch and want to be able to sell the bank's proprietary mutual funds and 529 plans to walk-in customers.
The Exams:SIE + Series 6 + Series 63.
Why: Similar to the insurance agent, your product scope is limited to packaged products. The Series 6 is sufficient.

Scenario 5: The Stockbroker

Goal: You work for a firm executing trades for clients. You are paid strictly on commission per trade. You do not offer fee-based planning.
The Exams:SIE + Series 7 + Series 63.
Why: You need the Series 7 to trade stocks and options. You need the Series 63 to register with the state. Since you aren't charging advisory fees, you don't necessarily need the 65 or 66 (though many get the 66 anyway for flexibility).

Other Specialized Series Exams

While the 6, 7, 63, 65, and 66 cover 90% of the roles in retail financial services, there are other securities licensing exams for niche roles.

Series 3 (National Commodities Futures Exam)

If you want to trade futures contracts (like oil, corn, gold) or options on futures, you need the Series 3. This is regulated by the NFA (National Futures Association), not FINRA.

Series 79 (Investment Banking Representative)

If you work in investment banking, focusing on debt and equity offerings (IPOs), mergers and acquisitions (M&A), or financial restructuring, the Series 79 is tailored for you. It replaces the Series 7 for many pure investment banking roles.

Series 99 (Operations Professional)

For those who work in the back office—handling trade confirmation, settlement, margin, and custody—the Series 99 is the required credential. It ensures operations staff understand the critical regulations protecting client assets.

Series 9/10 or Series 24 (Principal Exams)

These are for management.

Series 24: General Securities Principal. Allows you to manage a branch office and supervise other representatives.
Series 9/10: General Securities Sales Supervisor. Allows you to supervise sales activities.

How to Decide: A Decision Matrix

Still unsure? Ask yourself these three questions.

Question 1: Do you want to sell individual stocks and bonds?

YES: You need the Series 7.
NO: The Series 6 is likely sufficient.

Question 2: Will you be paid a fee for advice (not just commissions)?

YES: You need the Series 65 or Series 66.
NO: The Series 63 is likely sufficient.

Question 3: Do you have a sponsor (an employer)?

YES: You can take the 6, 7, and 63.
NO: You can only take the SIE or the Series 65 (and sometimes the Series 63/66 depending on the state, but usually those require a Form U4 from a firm).

The Difficulty Factor: What to Expect

It is important to be realistic about the effort required. These aren't exams you can cram for over a weekend.

SIE:Entry-Level. Requires 30-50 hours of study. Pass rate is generally high for prepared candidates.
Series 6:Moderate. Requires 40-60 hours. Focuses heavily on mutual funds and variable annuities.
Series 63:Moderate/Tricky. Requires 20-30 hours. It’s short (75 minutes) but full of dense "legalese."
Series 7:Hard. Requires 80-100+ hours. The breadth of content is massive, covering everything from municipal bond tax equivalent yields to option strategies.
Series 65:Hard. Requires 60-80 hours. Covers laws, economics, and analysis.
Series 66:Hard. Requires 50-70 hours. Combining state laws with federal regulations, the questions can be notoriously worded to trick you.

Tips for Success on Any Series Exam

Regardless of which exam you choose, the preparation strategy is similar.

1. Get Quality Materials

Don't rely on free summaries or outdated books. Regulations change (like the settlement cycle moving to T+1). You need up-to-date study guides, video lectures, and practice banks.

2. Focus on "Suitability"

For the Series 6, 7, 65, and 66, "Suitability" is the most important concept. You can memorize definitions all day, but if you can't look at a client profile (age 60, low risk) and pick the right investment from a list of four options, you will fail. FINRA tests application, not just memorization.

3. Take Practice Exams

The only way to know if you are ready is to simulate the testing environment. Take full-length, timed exams. If you are consistently scoring in the high 70s or low 80s, you are ready for the real thing.

4. Don't Ignore the "Dry" Stuff

Everyone wants to study stocks and options because they are interesting. But almost every exam has a significant portion dedicated to "Customer Accounts," "Recordkeeping," and "Prohibited Practices." These sections are dry, but they are easy points if you study them.

Conclusion

Choosing the right Series exam is the first strategic decision of your financial career. It defines your professional identity and the value you can bring to your clients.

If you are an insurance agent expanding your toolkit: SIE + Series 6 + Series 63.
If you are an aspiring wealth manager: SIE + Series 7 + Series 66.
If you are a fee-only planner going solo: Series 65.

The alphabet soup of securities licensing exams can be intimidating, but it is also a system designed to ensure competence and protect the investing public. By earning these designations, you are joining a group of trusted professionals.

Don't let the confusion paralyze you. Identify your career goal, pick the path that leads there, and start studying. The opportunities on the other side of that passing score are limitless.

Ready to get started? Find the right study materials for your path: