Check out the full course outline on FINRA’s website if you want more info. Once you pass, you’re qualified to trade on the Nasdaq exchange.
You’ll need to know about specific trading activities and regulations, as well as how to keep records and reports of each trade. Once you’ve met the requirements, the test asks you to prove competency in the essential functions of a securities trader.
Because of this, you probably won’t be able to take this exam without earning some other FINRA certifications first.
In order to take the Series 57 certification test, a FINRA member firm or self-regulatory organization (SRO) member firm must sponsor you.
However, you’ll definitely want to consult a study guide and get some professional experience before your first attempt. If you’re already a uniform securities agent, they’re great for advancing your career and increasing your salary. From this point on, they get much harder to complete.
There’s something you should know about the remaining exams on this list. Plus, it fills in gaps in your knowledge and qualifies you for investment advisor positions. Completing the Series 66 exam in addition to the Series 7 allows you to act as an asset manager with fiduciary responsibility for a client’s funds. Recommendation: Take the Series 66 NextĪ good complimentary certification for Series 7 is the Series 66 license. 4 For the most part, you’ll work in an investment firm, though you may be able to work independently or for a different kind of company. 3 This is slightly less growth than insurance sales, but the tradeoff is a higher average salary- $44,000 a year.
Despite that, the Series 7 license can’t be used to sell life insurance or real estate products, which is why the most common career path for these license holders is a stockbroker.ĭemand for Stockbrokers is projected to grow 4% in the next 10 years due to economic growth, so there should be plenty of professional opportunities for you in the near future. Naturally, that opens up many more options when combined with the Series 6 certification.Īs previously mentioned, candidates who pass the Series 7 exam are qualified to trade stocks, mutual funds, options, municipal securities, and variable contracts. That’s because a Series 63 license allows you to solicit orders for any type of security in a particular state. If you’re interested in multiple certifications, then Series 63 compliments Series 6 nicely. For instance, home and family insurance positions typically make more than auto insurance jobs. 2 It doesn’t sound like much- but keep in mind that your salary is greatly affected by the type of insurance you sell. In terms of earning, insurance sales positions tend to make an average of $39,000 a year. 1 This is largely due to a steady stream of new customers as people grow older. Currently, the demand for insurance sales is expected to grow by 5% in the next 10 years. Typically, people with a Series 6 certification work in the insurance sales industry. FINRA has a full Series 6 content outline you can read for more info. In order to prove competence, you need to demonstrate a working knowledge of investments, asset transfers, purchases and sales, accounts, and record keeping. The Series 6 certification signifies that you’re qualified to work in life insurance sales, mutual funds, and annuities. In order to help you avoid that, I’ve broken down the best FINRA licenses and securities exams you can take for the most popular (and rewarding) careersĮach certification has its place in the professional world to help narrow down your choices, I’ve ranked the certifications based on their yearly salary, employment prospects, and overall career opportunities.Īnd since a true professional never stops learning, I’ve also added some recommendations for other FINRA Series exams to take alongside them. Making the right decision is the first step to starting your career in finance the alternative is wasted time or an unfulfilling career. But which ones do you need? The answer will vary depending on your specific career goals, but there’s more to it than that.Ĭonsidering all of the options at your disposal from the Financial Industry Regulatory Authority (FINRA), making an informed decision is important. If you’ve decided to work in finance, then you’ll need to earn one or more securities certifications.