Financial Advisor Series 2

Question 1

Which FINRA Series exam must a registered representative pass to sell variable annuities and variable life insurance?

Accepted Answer

Series 6

Answer

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?

Accepted Answer

Investment Adviser Representative

Answer

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?

Accepted Answer

72%

Answer

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?

Accepted Answer

Series 4

Answer

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?

Accepted Answer

30 days after the first two failures; 180 days after the third failure

Answer

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.

Financial Advisor Practice Test

Financial Advisor Practice Test

Financial Advisor Series 2