The Series 6 (Investment Company and Variable Contracts Products Representative)Securities License is a license regulated by the Financial Industry Regulatory Authority (FINRA). Series 6 is the primary license sought by insurance sales professionals and financial advisors, as it pertains to selling grouped securities that may be tied to insurance products.
Any insurance agent should strive toward achieving their Series 6 license, but if your main product line is life insurance, then this license is an absolute necessity.
The Series 6 license works alongside the Series 63 license, and both must be attained to market and sell securities linked products legally.
Step 1: Securities Industry Essentials Exam
The first step in getting your Series 6 License is taking and passing the Securities Industry Essentials (SIE) Exam.
This exam will be an “open exam”, which means that you will not need a FINRA affiliation before registering to take it (more on that later).
The SIE Exam consists of 75 multiple choice questions that have to be answered in 105 minutes (1 hour and 45 minutes).
The fee for taking the SIE is $60.
To take the exam, you must contact your Local FINRA Testing Center to see what dates the test is offered and schedule your time.
Over 81% of our readers use Kaplan’s online courses — which come with a 93% pass rate — when preparing for their Series 6 exam. For comprehensive study packages, StateRequirement recommends:
Step 2: FINRA Affiliated Sponsorship
Before you can register to take the exam, you must first have sponsorship by a FINRA member.
Generally, this will be the company that you have made an agreement with for employment. Most people have that sorted out by the time they are reading this page, but if you don’t, don’t fret.
Most large “life insurance” companies are always looking to add new faces to their rosters, so just do a little searching around, and you should be able to find a reputable company to sponsor you.
Once you are sponsored, the company may assist you with further registration, and may even offer some cursory education for the exam.
Step 3: Register for the Series 6 Exam
After you have gained sponsorship by a FINRA member, you are ready to register to take your exam.
The fee for registration is $100, and the registration period lasts for one hundred twenty (120) days.
Enroll for the Series 6 license exam on FINRA. You will need to create an account with FINRA. Do not use a “junk email address”, as you will need all of the following correspondence to complete your registration.
Your FINRA Sponsor will schedule your Series 6 Exam. After your sponsor has enrolled you, they will provide more information about the exam, and a FINRA ID Number. Keep all of this information, as you will need it throughout the process.
Recommended: Interested in getting started? We recommend using Kaplan’s online study packages, which come with a 93% pass rate.
Step 4: Schedule for your Series 6 Exam
Once you have registered with FINRA, you may now schedule a time to take your exam.
Note: This is not an exam that anyone off the street can come and pass like a breeze. So why do we at StateRequirement say that scheduling your exam should come before studying? Simple. We are human.
Humans have a bad habit of putting things off to the end. Since you only have 120 days before your registration period ends, we highly recommend that you give yourself a date for the exam, then do your studying. This will allow you to schedule out your studies, and not try to cram near the end of your registration.
Schedule your exam on Prometric, or call them at (800) 578-6273. Have your FINRA ID Number, phone number, and name of the exam (Series 6) ready.
There is no fee due when scheduling the exam with Prometric.
We recommend giving yourself between three weeks and two months to properly study for the exam based upon your familiarity with the material and your ability to absorb new information. Don’t schedule too far in advance, or you will give yourself more opportunity to procrastinate.
Step 5: Series 6 Exam Study
Once you have given yourself a target date in which you will take the exam, you must now prepare yourself to pass the exam on the first attempt.
As we mentioned earlier, this exam is not a walk in the park. The material you will be studying is not common sense, it is in-depth, data-driven material that can be daunting if not taken seriously.
We’re not trying to scare you, just attempting to be sure that you are properly prepared for the exam.
FINRA has created a Series 6 Content Outline that covers all the material in the exam.
The basic outline is as follows:
- Seeks Business for the Broker-Dealer from Customers and Potential Customers (24% – 12 Items)
- Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives (16% – 8 Items)
- Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records (50% – 25 Items)
- Obtains and Verifies Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions (10% – 5 Items)
You will have ninety (90) minutes to answer 50 multiple choice questions. 70% correct answers is a passing score. The exam costs $40.
Be prepared to see double negative questions, charts, consumer scenarios, and many other types of questions on this exam.
We know you can do it.
Series 6 Study Materials
There are many types of study materials available for all types of learners.
FINRA has put together a free Securities Exam Tutorial. Though this is less of a study tool, and more of familiarization to the exam software, it is useful in that you will spend less time learning how the exam will look when the clock is ticking.
Check out our Series 6 & 63 Exam Guide. It’s extremely in-depth and will help you pass the first time.
Step 6: Take the Series 6 Exam
Once you have studied to the point of full comprehension, you are ready to take the exam.
Arrive 30 minutes early to your Prometric location, and bring your FINRA ID Number and any other materials requested.
Give the exam your all. You’ve got this.
We knew you could do it.
Your results will be sent to your FINRA sponsor within three (3) business days of your successful test.
Now that you’ve passed the Series 6 exam, we assume you will be moving on to the Series 63 license, as you will also need this license to be able to market and sell securities products in your state.
What happens if you don’t pass on the first try?
The Series 6 exam follows the 30/30/180 rule.
After a failed attempt, you must wait 30 days to try again. If you do not pass on the second attempt, there is another 30-day waiting period.
In the event of a third non-pass, there will be a 180-day term until you can attempt the exam again.
FINRA Contact Information
1735 K Street, Northwest
Washington, DC, 20006
Phone: (301) 590-6500