What Finra Licenses Are Needed?
Would like guide to FINRA licenses for when and why to get them. Then I'll repost a "Guide to FINRA Licenses" for those like me that are in college and what to find out which ones we may need one day.
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You get licensed when you have a job that requires a license. For non-SIE, most require a sponsoring firm. My firm provided prep material and paid for the exams, usually you have 90-180 days to get licensed.
If you don't pass the test do you have another chance or is that it your let go?
You have a couple of tries.
I’ve only heard of one person failing it’s pretty rare. They had one chance to retake.
SIE, Series 79, Series 63
I wouldn't get too worried about these... you can't even take anything but the SIE until you have a job. These are very easy, check the box type of exams and college students should not be preoccupied with them, banks literally spoonfeed you all the content and everything is taken care of. Our third-party training company had like a 97% pass rate. Even if you fail you get to take them again. Most places you spend a few weeks working through these and then move on with your life.
TLDR - don't worry about them now.
Ok sounds good, they are always perceived as such a big stress. It is nice to hear something like this lol
People get stressed on here like the week before the exam, especially the type A people who tend to end up in banking... but it's really not a big deal at all I promise. they all pass easily
The 63 can be taken unsponsored as well
Wouldn’t waste your time with a guide. They’re incredibly easy
Sie, series 7 and 63. Or instead of the 7 a series 79 and 63. Can also substitute the 63 with a 66 (highly recommend if that’s an option you never know) or you can take a 63+65 to have the equivalent of a 66.
You may also end up only needing a series 6 or being started with a series 6 before a series 7 but that’s annoying. Usually that only happens for mediocre entry level jobs that know people will jump ship from their inbound call centers right away if they got a 7.
Sie - everyone needs it. Pretty much an abridged series 7. Series 6 - Finra exam mostly for insurance, entry level mutual fund and etf whole sales and support positions in sales. Just a lighter version of the 7 (Dont choose to get this) Series 7 - the topoff exam. The most versatile license to have for a majority of jobs in the industry. Bankers might have this and a 79 or just this depending on their broker dealer type of banking and compliance situation.
Series 79 - the exam for investment banking analysts.
Series 63 - state exam license for sale of securities and general reps across all functions. (Easier than the sie for some)
Series 65 - fiduciary advisor exam (a lot of ria and annual fee only advisors have this) Allows you to make recommendations to clients based on their goals
Series 66 - one exam that combines the 63 and 65 (generally easier than the 65).
Others:
Series 24 - principal exam. A manager of brokers, team partner/head , and high up compliance guy may need this.
Series 99 - back office exam, if you have a 7 you don’t need this to work operations. Only exists cause of Bernie madoff.
Series 3 - permits transacting in commodities and futures contracts
Series 31 - permits sales of managed futures and managed futures types of funds
Series 57 - traders exam for nasdaq broker dealers and other sales oriented trading groups.
Series 86 & 87 - equity research at banks need to take these exams they’re probably the hardest
There’s a bunch more but those are the ones you’ll likely encounter depending on what you do.
So best combo would be SIE, Series 7,79,66
In an ideal world yes. Odds you need both a 7 and 79 or can choose both are low and the odds they’ll give you a 66 over 63 are low too. All that if you’re going into investment banking. Smaller shops might not care if you choose to swap the 63 for a 66.
My first job at a bd was a small place and I asked the managing partner to switch me to a 66 and he was cool with it. I’ve never been an advisor but i won’t have to worry about taking a 65.
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