Series 7 and 63 Licensing Requirements

Getting Your Series 7 and 63 Licenses

Obtaining your Series 7 and 63 licenses is a multi-step process that can go quickly or slowly to accommodate your unique needs and timeline. Steps include:

• Taking the SIE Exam
  
  FINRA's new SIE exam reduces redundancy between Series exams and tests candidates' knowledge of general essential concepts in finance. It comprises 85 multiple-choice questions — including 10 non-scored questions — and you have an hour and 45 minutes to complete it. A passing score of 70 percent or higher qualifies you to move on to the next step in receiving your Series 7 license. You can choose to take the SIE either before, after or on the same day of your Series 7 exam.
• Receiving Sponsorship From a FINRA Member Firm
  
  While you can take the SIE at any point — even without association with a broker-dealer — you'll need to gain sponsorship by a FINRA or self-regulatory organization member firm before you can take the Series 7 exam. Once you've associated with a member firm, they'll register you for your Series 7 online using Form U4 (Uniform Application for Securities Industry Registration or Transfer Form). A registration fee is required but is often waived by your sponsoring firm. You'll also have to complete a background check and fingerprinting.
• Passing the Series 7 Exam
  
  Passing the Series 7 exam qualifies you to buy and sell securities products as a stockbroker. The Series 7 exam tests your knowledge and skills related to a stockholder's four basic job functions, including:
  • Seeking business from customers for the broker-dealer: Composes seven percent, or nine questions, of the exam
  • Evaluating customers' financial profiles and opening accounts: Composes nine percent, or 11 questions, of the exam
  • Providing customers with investment information and making appropriate recommendations: Composes 73 percent, or 91 questions, of the exam
  • Obtaining and verifying instructions to customer' purchase and sales: Composes 11 percent, or 14 questions, of the exam
  
  You'll need a passing score of 72 percent or higher to receive your Series 7 license.
• Pass the Series 63 Exam
  
  You'll also need to pass your Series 63 exam to sell securities within a given state. This exam covers topics such as regulations of broker-dealers, their agents, securities and issuers, as well as remedies, customer communication and ethics. A passing score of 72 percent or better allows you to receive your Series 63 license.

How To Prepare For Your Series 7 And Series 63 Exams

Because the Series exams are essential in your success as a licensed stockbroker, preparation is critical. A variety of study materials can help you pass your exams and move forward in your career.

FINRA gives candidates a comprehensive overview of the Series 7 exam on their website, while the NASAA gives an outline of the Series 63. These thorough outlines list various skills and responsibilities needed for success in your desired position. While you could study this outline on your own, it's often helpful to have numerous study tools at your disposal for the best chance of success, along with peers and instructors you can ask questions to and discuss ideas with.

At AB Training Center, we offer you a wide array of proven test preparation resources. These include live seminars and webinars where you can talk to expert instructors, as well as online and printed study resources that allow you to prepare at your own pace with your unique learning style and work schedule in mind.

Contact AB Training Center For Your Series 7 and 63 License Prep

If you're looking for effective study tools that will help you pass your SIE, Series 7 and Series 63 exams the first time, AB Training Center offers the resources you need for success.

Since 1994, we've helped thousands of aspiring financial professionals from across the country find success as stockbrokers and financial advisors. From your SIE to your Top Off exams, you'll find a full range of support services to help you pass your exams and thrive as a financial expert.

Contact us online for more information about our services or check out our recommended training courses to sign up for a service and get started today.