Series 6 vs Series 7
The Series 6 is a 'limited' license for selling packaged products like mutual funds and variable annuities. The Series 7 is the 'full' securities license that allows you to sell everything including individual stocks, bonds, and options.
Side-by-Side Comparison
| Feature | Series 6 | Series 7 |
|---|---|---|
| Full Name | Investment Company Products Representative | General Securities Representative |
| Exam Cost | $47 | $245 |
| Passing Score | 70% | 72% |
| Questions | 50 (45 scored) | 125 (115 scored) |
| Time Limit | 1 hr 30 min | 3 hr 45 min |
| Study Time | 30-50 hours | 80-120 hours |
| Difficulty | Intermediate | Challenging |
| Prerequisites | SIE exam + firm sponsorship | SIE exam + firm sponsorship |
| Exam Body | FINRA | FINRA |
Key Differences
- 1Series 6 is limited to packaged products; Series 7 covers all securities
- 2Series 6 costs $47; Series 7 costs $245
- 3Series 6 has 50 questions; Series 7 has 125 questions
- 4Series 7 includes options and individual securities
- 5Series 7 holders can 'do everything' Series 6 holders can do
What Each Exam Allows You To Do
Series 6
- Sell mutual funds
- Sell variable annuities
- Sell variable life insurance
- Sell 529 education plans
Series 7
- Everything Series 6 allows, PLUS:
- Sell individual stocks and bonds
- Trade options
- Recommend direct investments
- Full securities representative license
Who Should Take Each Exam?
Take the Series 6 if you...
- →Insurance agents adding securities
- →Bank investment representatives
- →Those focused on packaged products only
Take the Series 7 if you...
- →Aspiring stockbrokers
- →Full-service financial advisors
- →Those wanting maximum flexibility
Which Should You Take First?
If your job only requires selling mutual funds and annuities (like at a bank or insurance company), the Series 6 is faster and cheaper. If you want full flexibility or plan to work at a full-service brokerage, go straight for the Series 7 - it covers everything.
Frequently Asked Questions
QCan I upgrade from Series 6 to Series 7?
Yes, but you have to take the full Series 7 exam - there's no partial upgrade. Many people start with Series 6 and later add Series 7 as their career expands.
QWhich is more valuable in the job market?
Generally, the Series 7 opens more doors because it's the full license. However, many bank and insurance positions only require the Series 6, so it depends on your target industry.
QDo both require the SIE?
Yes, both the Series 6 and Series 7 require you to pass the SIE exam first. You also need firm sponsorship for both.
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