Securities Representative Licenses
A registered representative sells securities products through a FINRA member firm.
- SIE
- Series 7Needs a firm
- Series 63
SIE
Securities 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.
- Passing score
- 70
- Number of questions
- 80items presented (75 scored, 5 unscored pretest); only the 75 scored items count toward the candidate's result
- Time
- 1 hour 45 minutes
Level
Entry-level / introductory
Format
80 total multiple-choice items (75 scored + 5 unidentified, unscored pretest items randomly distributed throughout), 4 answer choices each, 1 hour 45 minutes (105 minutes), computer-administered, no penalty for guessing
Prerequisites
None. Open to anyone age 18 or older; no association or sponsorship with a FINRA member firm is required to sit for the exam
Who it's for
Anyone 18 or older, including students and career-changers, who wants to demonstrate baseline securities-industry knowledge to prospective employers. It is also a co-requisite for industry professionals: passing the SIE alone does not qualify someone for registration, but it must be paired with a specialized representative-level exam (e.g., Series 6 and 7) once sponsored by a member firm to become fully registered.
Series 7
General 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.
- Passing score
- 72%
- Number of questions
- 125scored questions (135 delivered, including 10 unscored pretest items)
- Time
- 3 hours 45 minutes
Level
Registered representative (entry-level)
Format
125 scored multiple-choice questions (4 answer choices each), delivered by computer with 10 additional unscored pretest items randomly distributed (135 items total); 3 hours 45 minutes
Prerequisites
Must pass the Securities Industry Essentials (SIE) exam as a co-requisite, and be sponsored by a FINRA member firm (or other applicable SRO member firm) to sit for the Series 7.
Who it's for
Entry-level candidates seeking registration as general securities representatives who will sell corporate securities, municipal securities, investment company products, variable annuities, options, direct participation programs, and government securities to customers.
Series 63
Uniform 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.
- Passing score
- 72%(43 of 60 scored questions)
- Number of questions
- 65total questions (60 scored toward the final result, 5 unscored pretest questions interspersed and not identifiable to the candidate)
- Time
- 75 minutes
Level
State registration law exam for broker-dealer agents; no other exam is a prerequisite, and it is typically taken alongside a products exam (e.g., Series 6 or Series 7) to complete state licensing.
Format
65 multiple-choice questions (60 scored, 5 unscored/pretest), 75 minutes, closed-book, computer-based at Prometric test centers
Prerequisites
None. No corequisite FINRA exam is required; candidates are scheduled either by a sponsoring FINRA member firm via Form U4/WebCRD, or independently through FINRA's Test Enrollment Services if not associated with a member firm.
Who it's for
Individuals seeking state registration as a broker-dealer agent (securities salesperson); commonly pursued together with the Series 6 or Series 7 as part of full state licensing.
Side by side
| Fact | SIE | Series 7 | Series 63 |
|---|---|---|---|
| Questions | 80 items presented (75 scored, 5 unscored pretest); only the 75 scored items count toward the candidate's result | 125 scored questions (135 delivered, including 10 unscored pretest items) | 65 total questions (60 scored toward the final result, 5 unscored pretest questions interspersed and not identifiable to the candidate) |
| Duration | 1 hour 45 minutes | 3 hours 45 minutes | 75 minutes |
| Passing score | 70 | 72% | 72% (43 of 60 scored questions) |
| Prerequisites and sponsorship | None. Open to anyone age 18 or older; no association or sponsorship with a FINRA member firm is required to sit for the exam | Must pass the Securities Industry Essentials (SIE) exam as a co-requisite, and be sponsored by a FINRA member firm (or other applicable SRO member firm) to sit for the Series 7. | None. No corequisite FINRA exam is required; candidates are scheduled either by a sponsoring FINRA member firm via Form U4/WebCRD, or independently through FINRA's Test Enrollment Services if not associated with a member firm. |
If you already hold
| If you already hold | Still to take |
|---|---|
| Nothing yet | |
| SIE | |
| Series 7 | |
| Series 65 or 66 | |
| Something else |
- Whether your Series 7 already satisfies the SIE co-requisite on your record.
- If you passed the Series 66, it already covers the securities agent registration, and the Series 63 would not be listed. The Series 65 alone does not.
- Whether the license or designation you hold changes this list. Your firm or state regulator decides what it counts for.
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Wondering what comes after the SIE?
Anyone 18 or older can take the SIE without a sponsor. If you join Parsonex, the firm helps you prepare for the SIE, then sponsors the licence exams your role needs.