Comments (6)

May 15, 2020

Only one you can take without being sponsored is the SIE. The 79 is for IB analysts.

May 17, 2020

you don't need to be sponsored for the 63 either...

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May 18, 2020

Here's a basic breakdown of the Industry Series Licenses and their typical use in the industry.

SIE- general investment knowledge, previously material tested within other test. Now serves a benchmark for candidates seeking sponsorship for other exams. No sponsorship required. Examination is provided through FINRA

6 is a limited brokers license, allows holders to engage in transactions for mutual funds, variable annuities, unit investment trusts. 7 allows the previously listed plus stocks, bonds, direct participation plans, and options. Generally referred to as the Stock Broker License, and they both require sponsorship. Examination is provided through FINRA

57 is for securities traders. 79 is the IB rep exam, it permits you to render advice for M&A, debt/equity public and private offerings, tender offers, etc. and both require sponsorship. Examination is provided through FINRA

86/87 are research analyst exams 86 is the first part, and the 87 is the second. They present competency standards for the role. Both require sponsorship. CMT and CFA holders can request exemption from the 86, but will still require the 87. Examination is provided through FINRA

9/10 is basically the supervisory equivalent of the 6. The 24 is the same for the 7, and is known as the general securities principal. They require sponsorship. Examination is provided through FINRA

52 is municipal underwriting exam, used to be included in the 7 prior to 2008. Requires sponsorship. Examination is provided through the MSRB

63 allows your to solicit the sale of securities, 65 allows you to provide investment advice for a fee, the 66 is the combination of the 63 & 65. The 63 and 65 do not require sponsorship, the 66 does not require sponsorship, but does require you to hold an active 6/7. RIA typically have 63/65, IA reps with brokerages usually have 66. Examination is provided through NASAA

Every firm has their own requirements for series licensure, but generally it is reflective of the role you will be serving for them. IB reps working internally don't require the 79 license as they aren't directly providing advice to clients. Client facing reps would be subject to the requirement. Anyone executing order tickets on behalf the client directly would be subject to the 6. Order tickets processed on behalf of a licensed rep do not require licensure as this would be considered administrative service logged under their license #.

Simply put if your not directly engaging with the client licensure is not required legally, but firms may sponsor examination to provide future opportunities for your services.

    • 4
May 28, 2020

This is a great post, can I follow up with you about sharing the contents on our blog (giving you full credit)?

Founder, Achievable - smart, modern FINRA prep for the FINRA SIE. Chapter 1 is free to try: Achievable.me

May 28, 2020

Sure thing

May 28, 2020
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Founder, Achievable - smart, modern FINRA prep for the FINRA SIE. Chapter 1 is free to try: Achievable.me