The Series 6 (Investment Company and Variable Contracts Products Representative)Securities License is a a license regulated by the Financial Industry Regulatory Authority (FINRA). The 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.
How to Get the Series 6 License
Securities Industry Essentials Exam
Note: Prior to October 1st, 2018, the SIE Exam is not yet in place. Skip to step 2.
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).
We will have more information available as the opening of the SIE comes closer.
FINRA Affiliated Sponsorship
Before you can register to take the exam, you must first have a 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.
Register for your 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 120 days.
Enroll for the Series 6 license exam on the FINRA website. 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.
After you have enrolled, you will receive more information about the exam, and a FINRA ID#. Keep all of this information, as you will need it throughout the process.
Schedule 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 the Prometric website, or call them at (800) 578-6273. Have your FINRA ID#, 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.
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:
- Basic regulatory rules and business-related scenarios (22%)
- Ability to determine a customer's investment needs by evaluating their objectives (47%)
- Account administration and information regarding the archiving of account records (21%)
- Purchase confirmation and retaining client records properly (10%)
You will have one hundred thirty-five (135) minutes to answer 100 multiple choice questions. 70% correct answers is a passing score.
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.
StateRequirement recommends Kaplan Education Company, as it is able to provide a 93% pass rate to its students on the Series 6 Exam.
They offer live and on demand classes that cover all the information that you need to pass the exam, along with self study materials for people who are already familiar with securities content.
FINRA has also put together a free Securities Exam Tutorial. Though this is less of a study tool, and more of a 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.
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# 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.
Information on this page has been gathered by a multitude of sources, and was most recently updated in April 2018.
Any Information on this site is not guaranteed or warranted to be correct, accurate, or up to date. Huge Hammer LLC and its members and affiliates are not responsible for any losses, monetary or otherwise. For more information, please contact your state's authority on insurance.
Disclosure: StateRequirement has an affiliation with Kaplan Education company, and may receive compensation based on user activity on this site. We truly believe that Kaplan offers excellent products and services, and compliments the mission of StateRequirement.