Master the Series 6 exam: Your ultimate guide

The Series 6 exam, also known as the Investment Company and Variable Contracts Products Representative Examination, serves as a key gateway for launching a career in the financial services industry. Considered a “Top-Off” assessment, the Series 6 is taken after passing the Securities Industry Essentials (SIE) exam to officially qualify individuals to sell a variety of investment instruments. Many finance professionals, including investment advisors, registered representatives, and those offering variable annuities for mutual funds or insurance companies, use the Series 6 license to legally distribute these specialized products.

This post provides a comprehensive overview of the Series 6 exam, explores Series 6 license requirements, and shares expert study tips so you can prepare thoroughly. By using the Series 6 study guide below, you’ll be on the way to entering the licensing process with confidence.

How hard is the Series 6?

Often taken by those starting their careers in finance, the Series 6 exam is considered moderately challenging relative to other Financial Industry Regulatory Authority (FINRA) licensing tests. However, the overall 58% pass rate reflects the relative inexperience of many test takers. Many entry-level professionals pursue the Series 6 license to expand their qualifications and potentially boost their salary prospects.

If you’re new to finance and preparing for Series 6, give yourself ample time to review all the content and thoroughly prepare. This can make a significant difference in mastering the test and overcoming its difficulty.

What’s on the Series 6?

The Series 6 is a 50-question, 90-minute exam, making it shorter and more approachable than other licensing assessments. The official test includes 5 “experimental” questions that do not count toward your final score.

Exam questions cover content from four key areas, per FINRA’s outline:

Let’s go over each section in more detail:

Seeks Business for the Broker-Dealer from Customers and Potential Customers

12 questions: 24% of the exam

This section covers how to sell your services to existing and potential customers. It contains the standards and required approvals for public communications, including advertisements and social media. It also includes prospectus requirements, which outline how you can share information about investment opportunities with customers and which disclosures are required.

Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives

8 questions: 16% of the exam

This section is about opening customer accounts and the required steps. It includes what types of accounts you must inform customers about and what disclosures you need to make when doing so. It also covers the process for opening customer accounts, including screening customers, obtaining customer records of their securities holdings and other information, and getting internal supervisory approval. “Know your customer” principles (KYC) are required knowledge for this section.

Provides Customers with Information about Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records

25 questions: 50% of the exam

This is the heart of the exam and also of what your role will be as a licensed Series 6 representative. This section requires that you are familiar with key financial terms and their consequences, including diversification, volatility, and portfolio theory. Fundamental tracking and analytical tools are also covered, including balance sheets, annual reports, material risk disclosures, and methods of inventory valuation.

Furthermore, you must understand all of the major types of investment offerings at a typical firm, including:

• Equity securities
• Debt securities
• Options
• Treasury securities
• Government (local and federal) securities
• Investment companies, including ETFs (exchange-traded funds) and UITs (unit investment trusts) (collectively referred to as mutual funds)
• Variable life insurance and annuity contracts
• Municipal fund securities

Most importantly, this section covers the delivery of the right investment opportunities to the customer, also known as “suitability”. Suitability is a key topic in multiple FINRA exams and is at the heart of what FINRA wants you to do as a licensed rep: make the appropriate recommendations for the customer based on their financial situation, goals, and the applicable laws.

Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes, and Confirms Transactions

5 questions: 10% of the exam

This is the nuts and bolts section of the exam, covering how to calculate and deliver current quotes, confirm customer transactions in compliance with all laws and regulations, and resolve errors.

Mastering these areas, especially suitability, requires dedication and time. But these terms, rules, products, and applicable laws are all going to be relevant to your day-to-day job as an investment and variable contracts product rep.

Series 6 vs. Series 7

Both the Series 6 and Series 7 are Top-Off exams administered by FINRA that license professionals to sell investment products in the U.S. However, these exams serve different purposes and align with varying career paths and product specializations.

The Series 6 license is specifically designed for entry-level professionals who want to sell mutual funds, variable annuities, and similar investment products. Compared to the more comprehensive Series 7 exam, the Series 6 covers fewer topics and is shorter in duration, making it an ideal starting point for those new to the finance industry. The Series 7 is better suited for individuals with some experience who wish to broaden their scope to include a wider range of products, such as stocks, bonds, and options.

Many advisors at mutual fund and insurance firms begin their careers by meeting the Series 6 license requirements, as this credential fully supports their initial job functions. Building foundational knowledge through the Series 6 can make future preparation for the Series 7 more manageable, reducing study time and exam stress. Holding the Series 6 allows you to confidently take on roles involving mutual funds and variable contracts, with the flexibility to expand your qualifications as your career develops.

How to study for the Series 6 Top-Off exam

Review exam requirements.

Before beginning your preparation, there are certain eligibility requirements you must meet to be able to sit for the Series 6 exam:

1. Age: You must be at least 18 years old.
2. SIE Exam: If you haven’t already, you must pass the FINRA Securities Industry Essentials (SIE) exam. This foundational exam can be taken without sponsorship and prepares you for advanced financial licenses.
3. Sponsorship: You cannot register for Series 6 on your own; you must be sponsored by a FINRA-member firm or a self-regulatory organization (SRO). Therefore, employment in the financial industry is a necessary condition for the Series 6.
4. Form U4: The sponsor files the Uniform Application for Security Industry Registration or Transfer (Form U4) on your behalf. This form registers you with FINRA and officially begins the background check and fingerprinting processes.
5. Exam fee: Once you’ve completed the prerequisites, you must schedule your exam at a Prometric test center near you and pay the fee. The Series 6 costs $75.

Analyze the content and rate your knowledge

When preparing for the Series 6 exam, start by reviewing each section before finalizing your plan. Work through a handful of practice questions in every area to pinpoint both your strengths and the topics that need extra attention. As you progress, track your confidence level for each section: this will help highlight where to focus your efforts. Taking a full-length Series 6 practice exam at the onset of your prep is one of the best ways to evaluate your readiness and fine-tune your overall study strategy.

Prepare a study schedule

To cross the finish line with your Series 6 license in hand, you’ll need to dedicate between 50 - 60 hours of study time, diving deep into the five product types the exam licenses you for: mutual funds, variable contracts, unit investment trusts (UITs), and municipal fund securities. Candidates should be able to demonstrate their understanding of the regulations surrounding these products, purchasing procedures, risks and rewards, and more. Test takers with substantial experience in finance may need less time to prepare, but should dedicate their efforts to understanding the test format and question wording. Achievable’s interactive, tech-forward study planner makes it easy to plan a Series 6 study schedule for candidates of all levels.

Use quality study materials

Investing in quality educational materials and reputable prep courses can make all the difference when preparing yourself for the Series 6. These resources help optimize your study time by showing you exactly what you need to know to pass the test exam. They can also provide structure, making it easier to set realistic goals, digest information, and stick to your study plan.

Choose a study program that provides comprehensive tools and a pass guarantee, so you can feel confident that you’ll be fully prepared on the test day. Jump-start your Series 6 prep with Achievable’s extensive library of resources, featuring free videos, podcast episodes, and reference sheets.

Practice under real conditions

One of the most effective ways to prepare is by taking realistic practice exams under timed conditions. This approach helps you get comfortable with the test format and ensures you can complete all the questions within the time limit.

The Series 6 exam lasts 90 minutes, which works out to having just over 30 seconds per question. You’ll need a solid command of the material, familiarity with how questions are phrased, and the ability to apply your knowledge quickly. As you study, keep an error log of your mistakes and review key topics at the end of each week to identify and strengthen weak areas.

Prepare for exam day

On exam day, be sure to bring a valid government-issued ID, such as a driver’s license or passport. Plan to arrive at the testing center at least 30 minutes early to avoid any check-in hiccups. Skip the last-minute cramming: take a quick review of your notes, get a full night’s rest, and approach the exam calm, focused, and ready to perform your best.

Series 6 retake policy

If you fail the Series 6, you can retake it after waiting at least 30 days, but you will need to re-register and pay the exam fee again. If you retake the test and fail three times in a row, you must then wait another 180 days to qualify for another retake.

Registering your license

Upon receiving a passing grade on your exam, the next step in getting your Series 6 license is to register it with your sponsoring broker-dealer firm, making your Series 6 registration official within FINRA. If you do not register your Series 6 license within two years of passing the exam, you will be required to retake the test to become licensed. Once your sponsoring firm receives your test results and you complete the registration process, your Series 6 license will remain valid as long as you are employed by or affiliated with that broker-dealer. This ongoing association is crucial for maintaining your eligibility to work as an investment and variable contracts representative.

Final thoughts

FINRA licensing and Top-Off exams are important milestones in a finance career. Although preparing for the Series 6 exam and committing various investments and contracts to memory may seem daunting, a well-structured study plan can make the process manageable and effective. With the right approach, you’ll be set up to pass the Series 6 on your first attempt.

Achievable offers exceptional, personalized prep courses for the FINRA Series 6 Top-Off Exam or FINRA SIE Exam. Try them for free and see if they’re right for you.