Series 63 license salary: Career insights and more

Are you eager to launch your career in the finance industry? If you aspire to become a stockbroker, insurance agent, or financial advisor, passing the Series 63 exam is an important milestone you must achieve. The Series 63 exam serves as a critical qualification for professionals seeking to register as securities agents at the state level. Successfully passing the Series 63 exam demonstrates your understanding of state securities regulations and ethical standards, making it a non-negotiable requirement for many finance roles.

What is the FINRA 63 exam?

The Series 63 exam (formally called the Uniform Securities Agent State Law Exam) is often a key step for anyone pursuing a career in finance. Consisting of 60 scored questions and 5 unscored items, the Series 63 assesses your understanding of state securities regulations and ethical standards. To earn a Series 63 license, candidates must score at least 43 out of 60 points on the exam, or approximately 72%. Most U.S. states mandate obtaining a Series 63 license for those seeking financial services positions related to securities and investment advice.

Developed to protect investors, the Series 63 exam sets the standard for financial professionals who transact various financial instruments. Passing this licensing exam demonstrates that you have the legal knowledge and ethical awareness required in today’s fast-moving industry. Holding a Series 63 license shows your commitment to expertise, integrity, and strict compliance, which are cornerstones for anyone serving clients in the U.S. securities market.

Expected salary range

Moving on to a major consideration for many future professionals: the salary range associated with a Series 63 license. The Series 63 license salary can vary significantly based on experience and role within the financial industry. Here’s a general overview:

The average annual salary for entry-level positions requiring a Series 63 license is approximately $69,000. With increased experience, Series 63 license holders can see their earnings rise, with seasoned professionals often earning around $149,000 or more per year. It’s important to note that these base salaries frequently do not include bonuses, commissions, or other performance-based incentives, which can substantially increase total compensation. For instance, a top-performing financial advisor or stockbroker holding a Series 63 may nearly double their base salary through client commissions and incentive programs.

Here’s a list of jobs commonly held by Series 63 license holders, along with average annual salaries in the U.S.:

• Financial advisor: Provides personalized advice, recommendations, and portfolio management services to clients.
  • Average salary: $102,140 (for personal financial advisors, according to the U.S. Bureau of Labor Statistics (BLS)
  • Please note that to become a financial advisor, candidates must also hold a Series 65 (Uniform Investment Adviser Law Exam) license.
• Investment advisor representative (IAR): A financial advisor who provides investment and financial planning advice as a representative of a financial advisory firm.
  • Average salary: $196,000 (Glassdoor)
• Securities agent: Commonly known as “stockbrokers.” Trades securities on behalf of customers or for their own accounts, and can work either independently or as part of a brokerage firm.
  • Average salary: $78,140 (BLS)
• Broker-dealer agent: Buys and sells securities on behalf of clients as representatives of a broker-dealer firm.
  • Average salary: $72,491 (Ziprecruiter)
• Insurance sales agent: Works with customers to sell insurance products and recommend different policies.
  • Average salary: $60,370 (BLS)

The Series 63 enables access to a range of well-paid and ultra-lucrative opportunities, with financial advisors representing top earners among licensees. How much you can make with a Series 63 license also depends on how long you’ve been in the industry, where you live, and your compensation structure.

Factors that influence your salary

Just like in any other field, your salary is determined by a multitude of factors.

Experience

Entry-level workers tend to receive a lower salary, while more experienced workers can demand higher pay.

Location

Areas that serve as major financial hubs (e.g., New York City, San Francisco, and Chicago) usually offer higher salaries to account for the higher cost of living. These areas also have increased competition in the job market, so standing out can be more challenging. Location benefits and drawbacks are important to consider when deciding which state to get licensed in.

Job responsibilities

Not all positions are made equal. A licensed financial advisor managing large accounts typically earns more than someone in a support or entry-level role. Jobs involving client advising, portfolio oversight, or investment strategy carry more responsibility, leading to higher compensation.

Market conditions

The state of the economy also plays a huge role. During a booming market, firms may offer larger salaries and bonuses to attract and retain top talent. During economic downturns, those same firms may freeze hiring or reduce compensation.

Employer type

Working at a large investment firm, bank, or brokerage house might garner a higher salary and more benefits than working at a smaller, independent firm. On the other hand, smaller firms might offer greater flexibility or a faster path to promotion.

Final thoughts

If you’re serious about a career in finance, earning your Series 63 license is a strategic step forward. Passing the Series 63 exam not only opens the door to a broad spectrum of professional opportunities in the financial services industry but also distinguishes you as a knowledgeable, ethical, and trustworthy candidate who understands legal standards.

Whether you’re seeking your first position at a financial firm or mapping out your journey toward a senior advisory role, the Series 63 license serves as a crucial foundation for long-term success. With thorough preparation and determination, achieving your Series 63 certification will not only help you pass the exam but also position you for a rewarding, well-paying career.