Answers to your Frequently Asked Questions
Which financial exams do you provide training for?
Solomon Exam Prep offers a full line of financial test prep for candidates seeking to earn a Series 6, 7, 65, 66, 63, 79, 82, 62, 99, 24 or 26 license as described below. FINRA and NASAA update these exams and their corresponding outlines sometimes, so please visit our Exam Updates page to keep up with the most current information for these exams. Additionally, follow our BLOG to receive up-to-date exam alerts about our new products and FINRA & NASAA news! And of course, always check with your firm’s compliance officer or the appropriate agency itself to ensure that you are registering for the correct license for your practice!
Series 6--FINRA Investment Company Products/Variable Contracts Representative Exam
A Series 6 license qualifies you to solicit, purchase and/or sell securities of companies registered under the Investment Company Act of 1940, including mutual funds, closed-end companies and variable contracts. It consists of 100 questions plus 5 additional un-scored questions that the exam committee is testing. These 5 un-scored questions are randomly distributed so test-takers do not know which ones they are. Candidates must score at least a 70% to pass the exam. For more information about our Series 6 exam study materials, please click here.
Series 7--FINRA General Securities Representative Exam
A Series 7 license qualifies you to solicit, purchase, and/or sell all securities products, including corporate and municipal securities, options, direct participation programs, mutual funds and variable contracts. The Series 7 exam was recently updated by FINRA, effective November 7, 2011 (access the revised FINRA outline here). The Series 7 exam is the longest exam FINRA offers, as it is broken-up into two 3-hour sessions. It consists of 250 questions plus 10 additional un-scored questions that the exam committee is testing. These 10 un-scored questions are randomly distributed so test-takers do not know which ones they are. As of November 7, 2011, the new passing score for the Series 7 was raised from 70% to 72%. For more information about our Series 7 exam study materials, please click here.
Series 65--NASAA Uniform Investment Adviser Law Exam
A Series 65 license qualifies you as an investment adviser representative, enabling you to provide investment advice to clients. The exam consists of 130 questions plus 10 additional un-scored questions that the exam committee is testing. These 10 un-scored questions are randomly distributed so test-takers do not know which ones they are. A candidate must get at least 72% of the questions correct to pass. For more information about our Series 65 exam study materials, please click here.
Series 66--NASAA Uniform Combined State Law Exam
A Series 66 license qualifies you as both a securities agent and an investment advisor representative. The exam consists of 110 questions and candidates have 150 minutes to complete the exam. The FINRA Series 7 exam is a co-requisite to the Series 66, meaning that you must pass both exams (it doesn’t matter which one you take first) in order to apply to register with the state. The Series 66 exam is one of the most difficult exams to pass as it demands a passing score of 75% - the highest passing score out of all the exams listed here. For more information about our study materials for the Series 66, please click here.
Series 63--NASAA Uniform Securities Agent State Law Exam
A Series 63 license qualifies you as a securities agent. It covers the principles of state securities regulation. One of the shortest exams offered, candidates have 75 minutes to complete the test. It consists of 60 questions plus five additional un-scored questions that the exam committee is testing. These five un-scored questions are randomly distributed so test-takers do not know which ones they are. Candidates must pass the exam with a score of at least 72%. For more information about our study materials for the Series 63 exam, please click here.
Series 79--FINRA Limited Representative Investment Banking Exam
A Series 79 license qualifies an individual to advise on or facilitate debt or equity offerings through a private placement or public offering or to advise or facilitate mergers or acquisitions, tender offers, financial restructurings, asset sales, divestitures or other corporate reorganizations or business combination transactions. The Series 79 proves one of the most difficult exams offered by FINRA, even for the most experienced students. One of the longest exams FINRA administers, candidates are given five hours to complete the test. It consists of 175 questions plus 10 additional un-scored questions that the exam committee is testing. These 10 un-scored questions are randomly distributed so test-takers do not know which ones they are. Currently, FINRA does not have a set passing score for the Series 79 but it generally varies between 70-75%. For more information about our Series 79 exam study materials, please click here.
Series 82--FINRA Private Securities Offerings Qualifications Exam
A Series 82 license qualifies an individual for the sale of private placement securities as part of a primary offering; it does not permit the sale of public offerings or municipal or government securities. In order to sit for the Series 82, aka the “Limited Representative – Private Securities Offerings” exam, you must be an associated person of a member firm. Candidates have 150 minutes to complete the 100 questions. The passing score is 70%. For more information about our study materials for the Series 82, please click here.
Series 62--FINRA Corporate Securities Qualification Exam
The Series 62 license qualifies you as a representative for the sale of public offerings and/or private placements of corporate stocks, corporate bonds, rights, warrants, real estate investment trusts, collateralized mortgage obligations, and securities of closed-end companies registered pursuant to the Investment Company Act of 1940, repos and certificates of accrual on corporate securities; securities traders; mergers and acquisitions; venture capital; corporate financing; ETFs and hedge funds. Candidates must answer 115 questions within 150 minutes and the passing score is 70%. For more information about our Series 62 exam study materials, please click here.
Series 24--FINRA General Principal Qualification Examination
The Series 24 license qualifies you to manage or supervise the member's investment banking or securities business for corporate securities, direct participation programs and investment company products/variable contracts. However, there are several positions that a Series 24 exam will not qualify you for, which you can review on the FINRA website. The exam consists of 150 questions plus five additional un-scored questions that the exam committee is testing. These five un-scored questions are randomly distributed so test-takers do not know which ones they are. The passing score for the Series 24 exam is 70%. For more information about our Series 24 exam study materials, please click here.
Series 26--Investment Company Products/Variable Contracts Limited Principal Exam
A Series 26 license will qualify you to function as a principal for the solicitation, purchase, and/or sale of redeemable securities of companies registered pursuant to the Investment Company Act of 1940; securities of closed-end companies registered pursuant to the Investment Company Act of 1940 during the period of original distribution only; and variable contracts and insurance premium funding programs and other contracts issued by an insurance company. The exam is 150 minutes and consists of 110 questions plus five additional un-scored questions that the exam committee is testing. These five un-scored questions are randomly distributed so test-takers do not know which ones they are. The passing score for the Series 26 exam is 70%. For more information about our Series 26 exam study materials, please click here.
Series 99--FINRA Operations Professionals Exam
FINRA’s newest exam, the Series 99, took effect on October 17, 2011 and is required for those considered “covered persons” by FINRA (which you can read more about here). The exam is 150 minutes and consists of 100 questions plus ten additional un-scored questions that the exam committee is testing. These ten un-scored questions are randomly distributed so test-takers do not know which ones they are.
Students currently report the passing score to be 68%. We will update this page with any changes as we continue to monitor this new exam closely to provide you the most current and accurate exam information.
For more information about our Series 99 exam study materials, please click here.
Series 55--FINRA Equity Trader Limited Representative Exam
The Series 55 will qualify you to trade equity and convertible debt securities on a principal or agency basis. The exam is three hours and consists of 100 questions plus five additional un-scored questions that the exam committee is testing. These five un-scored questions are randomly distributed so test-takers do not know which ones they are. The passing score is 70%. Make sure you are registered under either the Series 62 or Series 7 exams before applying for the Series 55, as at least one of those is required as a prerequisite. For more information about our Series 55 exam study materials, please click here.
Can anyone take the exams in order to obtain a securities license?
Many exams, including the Series 6, 7, 79, 62, 79, 99, 24 or 26 exam, require you to be sponsored by a FINRA affiliated member firm (usually your employer). The member registers you by filing a U-4 form with FINRA, and coordinates the other steps necessary to obtain your license, such as a background check, fingerprinting and payment of fees.
If you intend to earn a Series 6 or Series 7 license, be aware that most states will also require you to pass the Series 63.
For the Series 63, Series 65 and Series 66, you do not need a sponsor. Simply complete and file a Form U-10 (enter “none” where the form requests the name of a sponsoring firm).
To earn a Series 66 license, you must also pass the Series 7 exam. The Series 66 qualifies you as if you had passed both the 63 and 65.
Can I file a U-4 or U-10 form if I don’t have a Social Security number?
From the FINRA website:
For the U-4: "If the individual does not have a CRD number or a Social Security number, please contact FINRA's Gateway Call Center."
For the U-10: "Candidates without a Social Security Number (SSN) will be required to provide Mother’s Maiden Name."
Where do I take the exam?
There are several testing centers around the country that can help you sit for the exam. Use this link to find a testing center near you.
How often are the exams given?
The exams are given daily, except Sundays and holidays.
What score do I need in order to pass the exam? *
Series 6 - 70%
Series 7 - 72%
Series 65 - 72%
Series 66 - 75%
Series 63 - 72%
Series 79 - 73%**
Series 62 - 70%
Series 24 - 70%
Series 26 - 70%
Series 99 - 68%***
*Note that your score will be rounded down to the lowest whole number (e.g. a score of 71.9% on the Series 63 would be a failing score as it would be rounded down to 71%).
**Be aware that the passing score for the Series 79 could fluctuate
***Students currently report the passing score for this new exam to be 68%. We will keep this page updated with any changes as needed.
What do the exams cost?
The costs below apply only to the exams; there may be other costs associated with obtaining a securities license.
Series 6 -- $95
Series 7 -- $290
Series 65 -- $135
Series 66 -- $128
Series 63 -- $96
Series 79 -- $290
Series 62 -- $90
Series 24 -- $115
Series 26 -- $95
Series 55 -- $105
Series 99 -- $125
Once the fees are paid and the paperwork is filed, when can I take the exam?
Once your application is accepted by FINRA (the Financial Industry Regulatory Authority), you will have 120 days during which you can take the exam.
If I am not prepared to take the test by my test date, can I get my money back?
Sorry, once you sign up for exam, the exam fee is not refundable.
How long are the exams?
Series 6 Exam -- There are 100 questions, plus an additional 5 unidentified sample questions that will not count toward your score. You will have 2 hours and 15 minutes to complete the exam.
Series 7 Exam – There are 250 questions, plus an additional 10 unidentified sample questions that will not count toward your score. The exam is 6 hours long, but there is an hour break between each 3 hour segment.
Series 62 Exam – There are 115 questions. You will have 2 hours and 30 minutes to complete the exam.
Series 63 Exam –There are 60 multiple choice questions plus an additional 5 unidentified sample questions that will not count toward your score. You will have 1 hour and 15 minutes to complete the exam.
Series 65 Exam – There are 130 multiple choice questions plus 10 unidentified sample questions that will not count toward your score. You will have 3 hours to complete the exam.
Series 66 Exam – There are 100 multiple choice questions plus 10 unidentified sample questions that will not count toward your score. You will have 2-1/2 hours to complete the exam.
Series 79 Exam – There are 175 multiple choice questions plus 10 unidentified sample questions that will not count toward your score. You will have 5 hours to complete the exam.
Series 99 Exam – There are 100 multiple-choice questions plus 10 unidentified sample questions that will not count toward your score. You will have 2 hours and 30 minutes to complete the exam.
Series 24 Exam - There are 150 questions, plus an additional 5 unidentified sample questions that will not count toward your score. You will have 3 hours and 30 minutes to complete the exam.
Series 26 Exam - There are 110 questions, plus an additional 5 unidentified sample questions that will not count toward your score. You will have 2 hours and 30 minutes to complete the exam
Series 55 Exam - There are 100 questions, plus an additional 5 unidentified sample questions that will not count toward your score. You will have 3 hours to complete the exam
If I don’t pass, can I take the exam again?
There is a 30-day waiting period between failing an exam and rescheduling your next one. If you have failed the same test three times, the waiting period is 6 months.
How often are the exams updated?
Generally, exams are reviewed and updated annually by a group of industry professionals. The purpose of updating the exams is to ensure they are current and to discourage retesters from memorizing the questions.
Once I earn a securities license, how long does it remain effective?
Your license remains effective for as long as you are registered. If you leave your job, your employer will file a U-5 with FINRA, which terminates your license and registration at the same time as your employment. You then have two years to be re-registered before you would be required to retake the examination. In the case of the Series 6 and Series 7, a broker-dealer must maintain your registration.
Are there continuing education requirements necessary to keep up my license?
FINRA has established two types of continuing education: Regulatory Element and Firm Element. All Series 6 and Series 7 licensees must undergo Regulatory Element education after their first two years following registration. This continuing education requirement is then required every three years for as long as you are registered. The Regulatory Element involves completing an online tutorial that covers essential rules and regulations, compliance, sales and communication issues. Your sponsoring broker-dealer should notify you when you are due to participate in continuing education; however, it is ultimately your responsibility to keep up with all mandated continuing education training.
Broker-dealers are required by FINRA to establish Firm Element training depending on the needs of each individual firm. Registered persons must complete Firm Element continuing education based upon the plan designed by their individual firms.
If my Series 6 or 7 license has lapsed for more than two years, can I avoid retesting?
In some cases, FINRA will waive the requirement to retest if it’s been more than two years since your registration was terminated, but you have to meet certain criteria, such as working in the industry. For more information please contact FINRA directly.
What is FINRA?
FINRA stands for the Financial Industry Regulatory Authority, and it is the largest non-government regulator of securities firms in the United States. It was formed in July 2007 when the NASD (National Association of Securities Dealers) merged with the member regulation, enforcement and arbitration functions of the New York Stock Exchange. It is FINRA’s job to help protect investors and uphold market integrity through regulation, compliance and technology.
What should I expect at the exam?
Testing centers are typically very warm. Wear layers so you can adjust your clothing accordingly.
Calculators are available at all testing sites and you are not allowed to bring your own. Don’t expect a financial calculator, though – it will be a basic calculator with simple math capabilities.
Scratch paper is often not provided. Instead, you will likely be provided a small erasable white board to use.
If you don’t know the answer to a question when it first pops up, you can skip the question and move on to the next one. Then, after you’ve finished all the questions, you can come back to any skipped questions. Don’t spend too long on one question – this may cause you to run out of time and not get to other questions you know.
Come to the exam hydrated and full – no food or drinks (including water bottles) are allowed in the testing room. Neither are watches – your computer screen will have a timer at the top left-hand corner to remind you of the time.
Map out where the testing center is the night before! If you’re close enough to do a test run, do it. If you’re not, make sure you have directions printed out the night before and place them next to your keys (along with your ID!).
Series 79 test takers: You will be given an exhibit book with your test. You may not write in it and you may not take it with you after the exam.
