Guide to Securities Licenses: Series 7, 63 & Essential Requirements
By Markets & Investing DeskUpdated Nov 10, 2026
Key takeaways
- FINRA requires the SIE exam before the Series 7 or Series 63, and anyone can take it without a sponsor.
- You need sponsorship from a FINRA member firm to sit for the Series 7, but not for the Series 63.
- The Series 7 excludes commodity futures, real estate and life insurance, so futures sales require the Series 3.
- FINRA representative exams generally lapse after two years without registration through a firm.
FINRA Series 7 and 63 certification is the standard pairing for a stockbroker. The Series 7 qualifies you as a general securities representative who can sell a broad range of securities. The Series 63 covers the state securities law knowledge that most states require before a broker-dealer agent can do business with their residents. Before either exam, FINRA requires the Securities Industry Essentials (SIE) exam. You also need sponsorship from a FINRA member firm to sit for the Series 7, though not for the Series 63.
Other licenses cover narrower or different work: the Series 6 for packaged products, the Series 3 for futures, and the Series 65 or 66 for investment advice. The right set depends on what you will sell, whether you will give advice for a fee, and which states your clients live in.
Who Issues Securities Licenses
A securities license is not a single document. It is a set of passed exams that allow a person to sell securities or give securities advice to the public, plus registrations, held through an employing firm, with the regulators who oversee that activity.
FINRA (the Financial Industry Regulatory Authority) is the self-regulatory organization for broker-dealers in the United States. It administers qualification exams, maintains registration records and handles disciplinary actions against member firms and their representatives. FINRA replaced the NASD in 2007, so older references to an “NASD license” describe what FINRA now administers.
NASAA (the North American Securities Administrators Association) represents state and provincial securities regulators. It writes the uniform state law exams, which FINRA delivers, but the license itself is a state registration. Each state decides which exams it requires.
The SEC sits above both. It regulates broker-dealers and larger investment advisory firms. Individual representatives generally qualify through FINRA and state exams rather than through an SEC exam.
The SIE: Where Licensing Starts
The Securities Industry Essentials exam was introduced in 2018 to separate general industry knowledge from job-specific content. It covers basic products, market structure, regulatory agencies and prohibited practices.
Two rules shape how people use it:
- No sponsor needed. Anyone can take the SIE, including students and career changers who are not yet employed in the industry.
- Not a license on its own. Passing the SIE does not let you sell anything. To register as a representative, you need the SIE plus a representative-level exam such as the Series 6 or Series 7.
FINRA Representative Exams
Series 7: General Securities Representative
The Series 7 is the core license for a registered representative, the official FINRA term for what most people call a stockbroker. Holders can sell nearly any individual security, including:
- common and preferred stock
- corporate, municipal and government bonds and other fixed income
- call and put options
- packaged products such as mutual funds
The exclusions are commodity futures, real estate and life insurance. Many insurance agents and financial planners hold a Series 7 alongside their insurance licenses.
The exam is the longest and most demanding of the common representative tests, covering stock and bond quotations, options strategies (including spreads and straddles), margin accounts, ethics and related regulations.
The Series 7 is an entry-level representative qualification. Anyone who supervises Series 7 representatives as a principal must also pass the Series 24 (General Securities Principal).
Series 6: Packaged Products
The Series 6 is narrower. It permits the sale of “packaged” products only: mutual funds, variable annuities and unit investment trusts. It is the usual route for insurance agents who sell variable products. Supervisors of Series 6 representatives also need the Series 26.
Series 3 and Series 31: Futures
The Series 3 (National Commodities Futures Exam) qualifies representatives to sell commodity futures contracts, which the Series 7 excludes. It covers futures and options on futures, hedging, margin and futures regulation. The Series 31 is a narrower offshoot for selling managed futures funds.
Comparing the FINRA Exams
| Exam | Purpose | Time limit | Questions | Passing score | Fee |
|---|---|---|---|---|---|
| Series 7 | General Securities Representative | 3 hr 45 min | 125 | 72% | $395 |
| Series 6 | Investment Company and Variable Contracts Products Representative | 1 hr 30 min | 50 | 70% | $100 |
| Series 3 | National Commodities Futures | 2 hr 30 min | 120 | 70% | $140 |
Fees reflect FINRA’s schedule after its 2026 increases and can change. Sponsoring firms often pay them for employees.
NASAA State Law Exams
Series 63: Uniform Securities Agent State Law Exam
The Series 63 tests state securities law: agent registration, ethical practices and prohibited conduct under the Uniform Securities Act. Most states require it for broker-dealer agents who transact business with their residents, but requirements vary by jurisdiction, so not every Series 6 or Series 7 holder needs it.
Series 65: Uniform Investment Adviser Law Exam
The Series 65 is for investment adviser representatives who give advice for a fee rather than earning commissions on sales. Its content is broader than the 63’s: laws and regulations, investment vehicles, economics, investment strategies and ethics. You need at least 92 of the 130 scored questions correct to pass. It does not require a Series 7, and NASAA exams do not require firm sponsorship.
Series 66: Uniform Combined State Law Exam
The Series 66 combines the Series 63 and Series 65 content for professionals who act as both securities agents and investment adviser representatives. Registering as an investment adviser representative on the basis of the Series 66 also requires a valid Series 7, which is why advisers at full-service firms commonly hold both.
Comparing the NASAA Exams
| Exam | Purpose | Time limit | Questions | Passing score | Fee |
|---|---|---|---|---|---|
| Series 63 | Uniform Securities Agent State Law | 1 hr 15 min | 60 | 72% | $147 |
| Series 65 | Uniform Investment Adviser Law | 3 hr | 130 | 71% | $187 |
| Series 66 | Uniform Combined State Law | 2 hr 30 min | 100 | 73% | $177 |
Matching Licenses to Roles
| Role | Typical exams |
|---|---|
| Stockbroker selling individual securities | SIE + Series 7 + Series 63 |
| Agent selling mutual funds and variable annuities | SIE + Series 6 + Series 63 |
| Broker who also gives fee-based advice | SIE + Series 7 + Series 66 (or Series 63 + Series 65) |
| Fee-only investment adviser representative | Series 65 |
| Futures representative | Series 3 |
| Branch manager or supervisor | Representative exams + Series 24 (or Series 26 for Series 6 offices) |
The Series 7 is not the “highest” license. It is the broadest representative license. Principal exams such as the Series 24 sit above it for supervisory roles, and the adviser exams cover a separate line of business. Professional credentials such as the Chartered Financial Analyst (CFA) designation are not licenses at all, although some states accept certain designations in place of the Series 65.
How to Get a Series 7 and Series 63
- Pass the SIE. You can take it independently, which makes you a more attractive hire.
- Join a FINRA member firm. The firm sponsors you for the Series 7 by filing a registration request on your behalf.
- Pass the Series 7. Most candidates study with a commercial prep course for several weeks because of the exam’s breadth.
- Pass the Series 63 (or the Series 66 if your role includes advice). You don’t need a sponsor for the state exam, but your firm handles the state registrations.
- Complete registration. The firm registers you with FINRA and with each state where you will do business. Background checks and fingerprinting are part of this step, and you cannot solicit clients until the registrations are effective.
If you leave the industry, your qualifications do not last indefinitely. FINRA representative exams generally lapse if you go two years without being registered through a firm. FINRA’s Maintaining Qualifications Program can extend that window if you complete annual continuing education.
Do You Need a License to Day Trade?
No license is needed to trade your own money. Individuals who day trade through a retail brokerage account are customers of a broker-dealer, not registered representatives. Securities licenses apply when you trade or sell securities on behalf of others, take compensation for securities recommendations, or work for a firm in a registered role.
The picture changes if you join a proprietary trading firm that is a FINRA member. Traders there typically need the SIE and the Series 57 (Securities Trader) to trade the firm’s capital, and futures work for clients brings in the Series 3.
Careers and Pay
U.S. Bureau of Labor Statistics data put the 2024 median annual pay for securities, commodities and financial services sales agents at $78,140, with employment projected to grow 3% from 2024 through 2034. Personal financial advisors had a 2024 median of $102,140 and a projected 10% growth rate over the same period.
Licensed representatives register through a broker-dealer, which holds the firm registration, supervises their transactions and typically keeps a share of commission revenue. Advisers may instead work with a registered investment adviser (RIA), a firm registered with the SEC or a state securities authority depending on its principal office location and assets under management.
FAQs
Do you need a securities license to sell life insurance?
Not for traditional life insurance, which is regulated under state insurance licensing. Variable life insurance and variable annuities are securities, so selling them requires a securities license (usually the Series 6 or 7) in addition to an insurance license.
How do you check whether someone is licensed?
FINRA's BrokerCheck database shows a representative's registrations, exams passed, employment history and disclosures. Investment adviser representatives also appear in the SEC's Investment Adviser Public Disclosure database.
The Bottom Line
Anyone planning to sell securities, give paid investment advice or supervise representatives needs the license set that fits the role. For most stockbrokers that means passing the SIE, getting hired by a FINRA member firm and then passing the Series 7 and Series 63 before registering in each client state. Advisers who charge fees follow the Series 65 or 66 path, and people trading only their own money need no license.
