FINRA Exam & FINRA Certification Info
What is the FINRA?
The Financial Industry Regulatory Authority (FINRA) is a non-profit organization authorized by Congress to protect America’s investors by making sure the broker-dealer industry operates fairly and honestly. It does this by writing and enforcing rules governing the activities of 3,700 broker-dealers with 630,000 brokers, examining firms for compliance with those rules, fostering market transparency, and educating investors.
Where do you take their certification exams?
FINRA certification exams are typically taken at a Prometric testing center. Prometric operates a network of thousands of test centers in 160 countries making it easy for candidates to test virtually anywhere in the world.
Step 1: Eligibility and Application
You need to be sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm to be eligible to take FINRA exams. Once your sponsoring firm opens an exam window, you can then apply for the exam. This can be done through FINRA's Test Enrollment Services System (TESS).
Step 2: Scheduling the Exam
Once your application is approved, you will receive an email notification with a 120-day window to schedule your exam. You can schedule your exam online or by phone through Prometric. It’s recommended to schedule your exam as far in advance as possible to get your preferred date and time.
Step 3: Taking the Exam
On the day of the exam, arrive at the testing center at least 30 minutes early to check-in. You will need to present a valid, government-issued ID. The exam will be administered via computer at the testing center.
Location Information and Website
To find a Prometric testing center near you, you can use the 'Locate a Test Center' tool on the Prometric website. For more information on FINRA exams, you can visit the FINRA website.
- Prometric website: https://www.prometric.com/
- FINRA website: https://www.finra.org/
Financial Industry Regulatory Authority
FINRA is dedicated to investor protection and market integrity through effective and efficient regulation of the securities industry.
FINRA is not part of the government. We’re an independent, not-for-profit organization authorized by Congress to protect America’s investors by making sure the securities industry operates fairly and honestly.
Series Exams
The Series 6 Invest Company Variable Contracts Exam is a certification test administered by the Financial Industry Regulatory Authority (FINRA). It assesses the candidate's knowledge and competency to function as an entry-level representative of investment companies and variable contracts products. The test covers topics like securities, tax regulations, retirement plans, and insurance products. Candidates have to answer 50 multiple-choice questions within 90 minutes. Passing this exam qualifies an individual to sell mutual funds, variable annuities, and variable life insurance products.
Evaluates customers’ financial information, identifies investment objectives, provides information on investment products, and makes suitable recommendations - 47%
Opens, maintains, transfers and closes accounts and retains appropriate account records - 21%
Obtains, verifies, and confirms customer purchase and sale instructions - 10%
The Series 63 Uniform Securities Agent State Law Exam is a standardized test for financial professionals seeking to sell securities. Administered by the Financial Industry Regulatory Authority (FINRA), the exam assesses understanding of state securities regulations and ethical practices. It consists of 65 multiple-choice questions, with 60 being scored and 5 unscored, to be completed within 75 minutes. Applicants must achieve a 72% or higher to pass. The Series 63 is typically taken after the Series 7 exam and is required for securities agents in most U.S. states. The test is updated periodically to reflect changes in laws and regulations.
Regulation of Investment Advisers, including state registered and federal covered advisers
Regulation of Investment Adviser Representatives
Regulation of Broker-dealers (e.g., Definition, Registration, Post-Registration requirements)
Regulations of Securities and Issuers
Remedies and Administrative Provisions
Ethical practices and fiduciary obligations - 40%
communications with clients and prospects
compensation
client funds and securities
conflicts of interest and other fiduciary issues
The Series 65 Uniform Registered Investment Adviser Law Exam is a qualification examination regulated by FINRA. It is primarily designed for professionals seeking to become licensed investment adviser representatives. The exam assesses candidates' understanding of investing principles, fiduciary obligations, financial planning, and state securities laws. It consists of 130 multiple-choice questions, covering topics such as economics, investments, retirement planning, portfolio management, and ethics. The test duration is 180 minutes and a score of 72% is required to pass. This certification is mandatory for providing financial advice and managing investment portfolios in the United States.
Basic economic concepts
Financial reporting
Quantitative methods
Types of risk
Investment Vehicle Characteristics - 24%
Types and characteristics of cash and cash equivalents
Types and characteristics of fixed income securities
Methods used to determine the value of fixed income securities
Types and characteristics of equity securities
Methods used to determine the value of equity securities
Types and characteristics of pooled investments
Methods used to determine the value of pooled investments
Types and characteristics of derivative securities
Alternative Investments
Insurance-based products
Client Investment Recommendations and Strategies - 31%
Types and characteristics of cash and cash equivalents
Types and characteristics of fixed income securities
Methods used to determine the value of fixed income securities
Types and characteristics of equity securities
Methods used to determine the value of equity securities
Types and characteristics of pooled investments
Methods used to determine the value of pooled investments
Types and characteristics of derivative securities
Alternative Investments
Insurance-based products
Client Investment Recommendations and Strategies - 31%
Type of client
Client profile
Capital Market Theory
Portfolio management styles and strategies
Portfolio management techniques
Tax Considerations
Retirement plans
ERISA issues
Special types of accounts
Trading securities
Performance measures
Laws, Regulations, and Guidelines, including Prohibition on Unethical Business Practices - 31%
State and Federal Securities Acts and related rules and regulations
Ethical practices and fiduciary obligations
The Series 66 NASAA Uniform Combined State Law Examination is a North American securities certification exam administered by the Financial Industry Regulatory Authority (FINRA). The test combines elements of the Series 63 and Series 65 exams and is designed to qualify candidates as investment advisor representatives or securities agents. It covers topics such as economic factors, investment vehicle characteristics, client investment recommendations, and laws, regulations, and guidelines. The exam consists of 110 multiple-choice questions and requires a 73% score to pass.
Investment Vehicle Characteristics - 15%
Client Investment Recommendations and Strategies - 30%
Laws, Regulations, and Guidelines, including Prohibition on Unethical Business Practices - 50%
The Series 7 General Securities Representative Exam is a certification test administered by the Financial Industry Regulatory Authority (FINRA). It's designed to assess the competency of entry-level representatives in the U.S. securities industry. The exam covers various topics including equity and debt instruments, investment risk, taxation, retirement plans, and interactions with clients. Successful completion of the 125-question test grants the Series 7 license, qualifying individuals to sell a broad range of securities products. This certification is a prerequisite for many advanced roles in finance and investment.
Evaluates Customers’ Other Security Holdings, Financial Situation and Needs, Financial Status, Tax Status, and Investment Objectives - 11%
Opens Accounts, Transfers Assets, and Maintains Appropriate Account Records - 11%
Provides Customers with Information on Investments and Makes Suitable Recommendations - 28%
Obtains and Verifies Customer’s Purchase and Sales Instructions, Enters Orders, and Follows Up - 23%