Trading Jobs Securities Licensing 1 — Questions and Answers
Question 1: Which FINRA exam must a registered representative pass to sell most securities products?
- Series 6
- Series 7 (Correct answer)
- Series 3
- Series 65
Correct answer: Series 7
The Series 7 (General Securities Representative) exam is required to sell a broad range of securities including stocks, bonds, and options.
Question 2: What is the minimum passing score required for the Series 7 exam?
- 70%
- 72% (Correct answer)
- 75%
- 80%
Correct answer: 72%
FINRA requires a score of at least 72% to pass the Series 7 exam.
Question 3: Which license allows a financial professional to sell variable annuities and mutual funds but NOT individual stocks?
- Series 3
- Series 6 (Correct answer)
- Series 63
- Series 79
Correct answer: Series 6
The Series 6 license is limited to investment company products like mutual funds and variable annuities.
Question 4: The Series 63 exam is administered by which organization?
- FINRA
- SEC
- NASAA (Correct answer)
- CFTC
Correct answer: NASAA
The Series 63 (Uniform Securities Agent State Law Exam) is administered by the North American Securities Administrators Association (NASAA).
Question 5: How long does a FINRA license remain valid after a registered representative leaves a member firm?
- 6 months
- 1 year
- 2 years (Correct answer)
- 5 years
Correct answer: 2 years
A FINRA license has a two-year window after leaving a firm before the representative must re-take qualifying exams.
Question 6: Which series exam is required for individuals who want to become investment adviser representatives?
- Series 7
- Series 65 (Correct answer)
- Series 55
- Series 24
Correct answer: Series 65
The Series 65 (Uniform Investment Adviser Law Exam) is the standard license for investment adviser representatives.
Trading Jobs Securities Licensing 1
Which FINRA exam must a registered representative pass to sell most securities products?