I used TC for 63, but not the 66 (didn't have to take it), but the 63 is a joke anyway. “Receiving the Series 7 and 66 licenses allows us to present additional opportunities to our clients.”. The series 63 is an exam on "blue sky" or state laws. You must also register with your state or the SEC, depending on your firm's level of assets under management (AUM). Whether you want to be a registered representative (RR) or an investment advisor, the first step in either process is obtaining the proper securities license. TD Ameritrade Institutional, division of TD Ameritrade, Inc., member FINRA/SIPC. I wholeheartedly recommend Training Consultants for for the 7. But, I’m good with rules. Series 7 and 66 Licenses In an increasingly regulated U.S. economy, licenses are required to do many things that a few generations ago no one would have thought required government regulation. Principals who supervise representatives holding a Series 6 license must obtain the Series 26 license in addition to having already obtained the Series 6. FINRA's Series 7 exam is a co-requisite of the Series 66, which means it needs to be successfully completed along with the Series 66 before a candidate may … The relevant exam for prospective advisors is the Series 65 exam. A career as a financial advisor carries many benefits. What does one young financial advisor do when he becomes frustrated with the industry barriers? It would be nice if there were a work-around, but there really isn't. They'll also put you through some time-consuming hoops to determine if you've broken any other FINRA regulations. Visit www.hpg.com., HPG Partners Earn Series 7 and 66 Licenses. Representatives that carry the Series 3 license tend to specialize in commodities and often do little or no other business of any type. In an increasingly regulated U.S. economy, licenses are required to do many things that a few generations ago no one would have thought required government regulation. Contact: Brian Van Norman Email: firstname.lastname@example.org Phone: 919.232.5008, For more than 30 years, HPG, an independent, North Carolina CPA firm, has served the needs of local, multistate, and international businesses.… More, Website Designed and Developed by New Media Campaigns,
For more than 30 years, HPG, an independent, North Carolina CPA firm, has served the needs of local, multistate, and international businesses. I am needing some advice and insight into the series 7 and 66 licenses tests. The North American Securities Administrators Association (NASAA) oversees the licensing requirements of three key licenses: The Series 63 license, known as the Uniform Securities Agent license, is required by each state and authorizes licensees to transact business within the state. Most securities exams administered by both FINRA and the NASAA have a passing score of 70%, except for the Series 7, 63, and 65, which have passing scores of 72%, and Series 66, which has a passing score of 73%. If you put a solid two weeks into it (as in 6 hours per day) you should be perfectly fine if you have a reasonably good memory and can do some algebra. The exam for this license is a 180-minute exam that covers the rules and regulations pertaining to registered investment advisors, as well as various investment vehicles and disciplines, economics, ethics, and analysis. Much of the material is covered on the Series 7 exam as well, as many of the advisors who sit for this exam are not, and may never become, Series 7 licensed and therefore need exposure to the investment material covered therein. Gupton also leads the firm’s life science practice and has served as the start-up CEO for seven biopharmaceutical companies in the Research Triangle area. I got an 88%. “Our ability to serve clients depends on understanding what resources they need and what are available,” says Gupton. I prepared for the series 7 over 6 weeks and for the 66 over 3 weeks. All tests are now given via computer at approved proctor testing sites. Yes, my firm paid for the book and lecture videos. I can’t speak for the Series 66, but I did take and pass the series 7 to become a broker. Obviously I cannot get sponsored if I am just looking to start my own business. Long answer: Series 7 is a 6 hour test covering a good bit of material. The Series 7 license is known as the general securities representative (GS) license. He joined HPG in 1992 and centers his practice on entrepreneurial businesses, owner-managed businesses and investor-financed technology companies in the Triangle. These include white papers, government data, original reporting, and interviews with industry experts. Passing the Series 7 is required to become a stockbroker, and as such, it's an important credential for financial professionals who want to work for a broker-dealer. It authorizes licensees to sell virtually any type of individual security. The trick to these exams is to do thousands of practice problems, and research the areas you are lacking. I am a retired Registered Investment Advisor with 12 years experience as head of an investment management firm. It's important to note that passing the exam alone does not enable you to be an Independent Advisor Representative (IAR). The offers that appear in this table are from partnerships from which Investopedia receives compensation. Gupton has more than 35 years of public accounting experience. So, you've decided to sell investments. Once you become a licensed broker, you do not have to take the exam again. This test also contains some experimental questions that the NASAA uses to gauge future relevance. Also, I used STC interactive to prepare for both. Passing the Series 7 exam alone will not qualify you to become an advisor working for an RIA. Good luck! Gupton has more than 35 years of public accounting experience. But is it necessary, or allowed, for registered investment advisors (RIAs)? Nearly 30 Percent of Workers in the U.S. FINRA also requires anyone working at a brokerage and handling securities (which, if you're a broker representative, is pretty much inevitable) to pass the less-rigorous Series 66 exam as well. Talk to one of our experienced consultants today. © 2019 TD Ameritrade. I took a completely different approach (used training consultants). Can a Hair Stylist Be Considered an Independent Contractor? Let's review some of the top reasons why you might want to consider becoming an independent RIA. Registered Investment Advisors do not need to associate themselves with a broker-dealer. Series 6 – Investment Company and Variable Contracts Products Representative Exam. To sit for the Series 65 exam, you do not need to be sponsored by a broker-dealer (as in the Series 7). The Series 3 license authorizes representatives to sell commodity futures contracts, which are generally considered the riskiest publicly traded investments available.