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Which securities license do I need?

Last verified against FINRA, NASAA, CFP Board, CFA Institute and The American College pages.

It depends on what you want to do. Selling securities generally takes the SIE, the Series 7 and the Series 63. Giving investment advice generally takes the Series 65. Doing both generally takes the SIE, the Series 7 and the Series 66. Supervising generally takes the Series 24 on top of a representative-level registration. Your firm and state regulator confirm exactly what you need.

The usual order for each goal

  1. Sell securities
    1. SIE
    2. Series 7Needs a firm
    3. Series 63
    Needs a sponsoring firm. Yes, for the Series 7
  2. Give investment advice
    1. Series 65
    Needs a sponsoring firm. No
  3. Sell securities and give investment advice
    1. SIE
    2. Series 7Needs a firm
    3. Series 66
    Needs a sponsoring firm. Yes, for the Series 7
  4. Supervise others
    1. SIE
    2. Series 7Needs a firm
    3. Series 24Needs a firm
    Needs a sponsoring firm. Yes, for the Series 7 and Series 24

Representative: selling securities

A registered representative sells securities products through a FINRA member firm.

  1. SIESecurities Industry Essentials (SIE) Exam

    Open to anyone 18 or older, with no firm sponsorship. It is a co-requisite for representative-level exams, and passing it alone does not qualify you for registration.

  2. Series 7General Securities Representative Qualification Examination (Series 7)

    Covers a broad range of securities products. Needs the SIE as a co-requisite and sponsorship by a FINRA member firm. The Series 6 is a narrower representative exam with the same SIE co-requisite and sponsorship.

  3. Series 63Uniform Securities Agent State Law Examination (Series 63)

    State law exam for securities agents, administered by FINRA on behalf of NASAA. No prerequisite, and candidates without a sponsor can enroll through FINRA.

Investment adviser representative: giving advice

Investment adviser representatives are registered with state regulators to give investment advice. Most states use the Series 65 as the exam requirement.

  1. Series 65Uniform Investment Adviser Law Examination (Series 65)

    No prerequisite, and no sponsor is needed to sit it. Some states accept certain professional designations in place of the exam.

  2. Series 66Uniform Combined State Law Examination (Series 66)

    An alternative that qualifies you as both a securities agent and an investment adviser representative. No prerequisite to sit it; the SIE and the Series 7 are co-requisites for registering with it.

Choose the Series 65 or the Series 66; they are two routes, not two steps.

Supervisory principal: supervising

A general securities principal supervises a FINRA member firm's securities activities. The principal registration builds on a representative-level one.

  1. SIESecurities Industry Essentials (SIE) Exam

    Required for the representative-level registrations that come first.

  2. Series 7General Securities Representative Qualification Examination (Series 7)

    One of the representative-level exams FINRA accepts alongside the Series 24; the Series 57, 79, 82 and the Series 86 and 87 pair are others, and the Series 16 is an alternative for research principals.

  3. Series 24General Securities Principal Qualification Examination (Series 24)

    Needs association with and sponsorship by a FINRA member firm. The general securities principal qualification does not cover municipal securities or options.

Designations: planning and investment credentials

Designations are voluntary credentials from CFP Board, CFA Institute and The American College of Financial Services. They are not securities registrations, and none is an order of steps on its own.

  1. CFPCFP Certification Examination

    A voluntary financial-planning certification from CFP Board, not a government license.

  2. ChFCChartered Financial Consultant (ChFC)

    Completed through 8 required courses, each with its own proctored exam.

  3. CLUChartered Life Underwriter (CLU)

    Completed through 4 required courses (2 for candidates who already hold the CFP or ChFC).

  4. CFA Level ICFA Program Level I Exam

    The first of three sequential exams required for the CFA charter.

Pick the designation that fits your work; they are separate options.