Life & Health Insurance License Study Courses

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A securities license is needed by anyone who wants to market and sell investments. The specific type of license depends on what type of investments the person wants to sell, how they expect to get paid, and what level of service they want to be able to provide to their customers.

Complete an SIE Study Course & Pass The Exam

The first step in obtaining a securities license, you will first need to take a Securities Industry Essentials (SIE) study course and then pass the exam through FINRA. FINRA requires that you pass the SIE exam before you can move forward taking any of the series of investment licenses, such as the Series 6, Series 7, etc. 

The SIE exam is a prerequisite for all securities licenses. You cannot obtain any investment/securities licenses until you have passed the SIE exam (unless you were previously and actively licensed prior to 2018).

Find an Agency Sponsor

After passing the exam, you’ll then need to be sponsored by a company or agency that is a member of FINRA in order to move forward with obtaining an investment license - Series 6, Series 7, etc. Some firms, agencies or companies may pay for your next study courses and the fees for taking the exam. At that point, you can register for, study, and pass a FINRA securities license exam (ex; Series 6, Series 7, Series 63, etc.).

 

• The SIE course and exam do not require a FINRA Member Firm or Broker-Dealer to sponsor you before you take the exam. In fact, completing the SIE course and then passing the exam before you search for a firm to work with makes you more marketable because you’ve already completed the important first step in the licensing process and it shows initiative.

 

• Taking, completing, and passing the SIE course and FINRA exam does not permit you a securities license to sell investments, however FINRA requires that you pass the SIE exam before you can move forward taking exams for any series of securities licenses.

 

 

How Do I Schedule My SIE Exam?

 

It's very simple. You’ll just need to create a FINRA account and then schedule your exam at FINRA’s website. You can do this before or after you study for the exam. But make sure you complete the study course before taking your exam. You'll need the knowledge and information in order to successfully pass your exam.

 

 

Securities Industry Essentials Exam Information (FINRA)

 

Minimum Age:  18 years

Number of Questions:  75

Format:  Multiple Choice

Time Allowed:  1 hour and 45 minutes

Passing Score:  70% (or better)

SIE Exam Cost:  $80

 

What Does The SIE Cost?

 

The cost of the FINRA SIE exam is $80.

In order to obtain any securities license, a person must first pass the SIE. 

Cost of other investment license exams;

Series 6: $75

Series 7: $300

Series 3: $140

Series 63: $147

Series 65: $187

Series 66: $177

Keep in mind the cost of a study course to prepare for the exam.

 

 

What Job Can You Get With an Investment License?

 

An investment or securities license allows you to market and sell investment products. Depending on the license you hold, you might have an opportunity as a financial advisor, financial analyst, investment banker, stockbroker, registered representative or an investment advisor.

• The average registered representative salary is $62,693 per year
• The average financial advisor salary is $81,650 per year

 

What if I Fail the Exam?

 

The waiting period for the SIE is the same as that for FINRA’s other exams. After the first and second failed attempts, there is a 30-day waiting period for the third attempt. After the third failed attempt, there is a 180-day waiting period. For any attempts after the third attempt, there is also a 180-day waiting period between each exam attempt.

 

 

How Long Will My SIE Results be Valid?

 

Your Securities Industry Essentials exam results will be valid for 4 years from the date that you pass the exam. This means that if you become employed by a broker-dealer during the four-year period and need to become registered as a general securities representative, you will not need to take the exam again. Beyond 4 years will require you to take and pass the exam again.

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