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 or 63 license, as described below.
Series 6--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.
Series 7--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.
Series 65--NASAA Uniform Investment Advisor Law Exam
A Series 65 license qualifies you as an investment advisor representative, enabling you to provide investment advice to clients.
Series 66--NASAA Uniform Combined State Law Exam
A Series 66 license qualifies you as both a securities agent and an investment advisor representative.
Series 63--Uniform Securities Agent State Law Exam
A Series 63 license qualifies you as a securities agent. It covers the principles of state securities regulation.
Series 79--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.
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.
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.
Series 26--Investment Company Products/Variable Contracts Limited Principal Exam
Can anyone take the exams in order to obtain a securities license?
To sit for either the Series 6, 7 or 79 exam, you must be sponsored by a FINRA affiliated broker-dealer (usually your employer). The broker-dealer 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.
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 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 -- $85
Series 7 -- $265
Series 65 -- $135
Series 66 -- $128
Series 63 -- $96
Series 79 -- $265
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 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
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?
All Series 6 and Series 7 licensees must undergo continuing 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 continuing education 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.
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.
Can I bring a calculator to the exam?
Calculators are available at all testing sites. You cannot bring your own.
