Financial Advisor Series 2 — Questions and Answers
Question 1: Which FINRA Series exam must a registered representative pass to sell variable annuities and variable life insurance?
- Series 6 (Correct answer)
- Series 3
- Series 22
- Series 57
Correct answer: Series 6
The Series 6 license (Investment Company and Variable Contracts Products Representative) allows sale of mutual funds, variable annuities, and variable life insurance.
Question 2: A candidate who passes the Series 65 exam becomes licensed as which of the following?
- Investment Adviser Representative (Correct answer)
- General Securities Representative
- Futures Commission Merchant
- Municipal Securities Representative
Correct answer: Investment Adviser Representative
The Series 65 (Uniform Investment Adviser Law Exam) qualifies individuals to act as Investment Adviser Representatives (IARs) and charge fees for advice.
Question 3: What is the minimum passing score for the Series 7 General Securities Representative exam?
- 72% (Correct answer)
- 70%
- 75%
- 65%
Correct answer: 72%
FINRA requires a minimum score of 72% (180 out of 250 questions) to pass the Series 7 exam.
Question 4: Which Series exam is required specifically for individuals who want to trade options on behalf of clients?
- Series 4 (Correct answer)
- Series 9/10
- Series 42
- Series 55
Correct answer: Series 4
The Series 4 (Registered Options Principal) qualifies individuals to supervise options activities, while Series 9/10 is for general securities sales supervisors.
Question 5: How long is the window to pass the Series 63 (Uniform Securities Agent State Law Exam) after failing?
- 30 days after the first two failures; 180 days after the third failure (Correct answer)
- 30 days after each failure
- 90 days after each failure
- No waiting period applies to Series 63
Correct answer: 30 days after the first two failures; 180 days after the third failure
FINRA rules require a 30-day wait after the first two failures and a 180-day wait after a third failure before retaking a qualification exam.
Question 6: The Series 66 exam combines the content of which two exams?
- Series 63 and Series 65 (Correct answer)
- Series 63 and Series 7
- Series 65 and Series 7
- Series 63 and Series 6
Correct answer: Series 63 and Series 65
The Series 66 (Uniform Combined State Law Exam) combines the content of Series 63 and Series 65, qualifying candidates as both securities agents and investment adviser representatives.
Question 7: Which Series exam is specifically required for individuals who engage in proprietary trading of equity securities?
- Series 57 (Correct answer)
- Series 7
- Series 47
- Series 24
Correct answer: Series 57
The Series 57 (Securities Trader Representative) is required for individuals engaged in proprietary trading of equity securities or debt.
Financial Advisor Series 2
Which FINRA Series exam must a registered representative pass to sell variable annuities and variable life insurance?