Become a securities sales pro with the SIE, Series 7 & 63
Securities agents are far more than just salespeople: they hold critical credentials recognized nationwide that validate their financial knowledge and legal responsibility to their customers. These licenses demonstrate that an agent has the expertise, training, and formal qualifications required to execute transactions and close deals safely, knowledgeably, and responsibly. Becoming a registered agent can come with numerous advantages, including:
- Gaining authorization to handle complex, high-value financial transactions with a diverse client base
- Helping clients achieve their long-term financial aspirations through expert guidance on investments and securities
- Collaborating with respected and established financial firms and institutions
- Accessing lucrative career opportunities, often including six-figure salaries for seasoned professionals
Before selling investment products or offering recommendations on constructing diverse financial portfolios, every prospective securities agent must successfully complete a series of essential licensing exams. This includes passing the SIE (Securities Industry Essentials), earning the prestigious Series 7 license, and completing the Series 63. Combined, these three important licenses ensure an agent is legally qualified to sell securities products and equipped with the in-depth product knowledge necessary to help clients navigate investment decisions.
What is the SIE?
The SIE, or Securities Industry Essentials (SIE) exam, serves as a crucial starting point for anyone entering the world of financial services. For those new to the field, successfully passing the SIE exam functions as a gateway toward advanced financial certifications, such as the Series 7. Plus, this 75-question entry-level securities exam is required for many early-career finance roles. Completing the SIE helps candidates stand out in competitive job markets while building a strong foundation for progressing through the full securities rep credentialing track.
Demonstrating proficiency on the SIE indicates that a candidate understands:
- The fundamental features of various investment products
- Core financial regulations and industry compliance requirements
- The basics of securities trading, buying, and selling processes
- Governing rules, responsibilities, and ethical standards in the securities industry
As the first critical step in pursuing a career in securities, the SIE sets future financial professionals apart; many entry-level finance jobs either require or strongly prefer candidates who have passed the SIE exam. There are no strict requirements for taking the SIE, aside from being over 18 and paying the exam fee. Achieving a passing score of 70% or higher is necessary to advance further within the securities industry licensing process and paves the way for subsequent qualifications.
What is the Series 7?
The Series 7 exam, officially known as the General Securities Representative Qualification Examination (GS), is a central requirement for many advisory and investment roles in the securities industry. Earning a Series 7 license demonstrates that an individual can operate as an entry-level registered representative in securities sales and financial advising, completing transactions in an informed and effective way. While the SIE exam covers broad foundational concepts, the Series 7 takes a more in-depth approach to these topics. Compared to the SIE, the Series 7 exam is a much longer and more extensive assessment, featuring 135 questions to be completed within 3 hours and 45 minutes.
The ability to make suitable and compliant investment recommendations lies at the heart of both obtaining your Series 7 license and working as a registered securities representative. Mastery of these requirements is also integral when reviewing the paths to the SIE, Series 7, and Series 63 exams, as passing all three is expected for many financial advisory positions.
What is the Series 63?
The Series 63 exam, formally known as the Uniform Securities Agent State Law Examination, is a key component for those pursuing careers requiring the SIE Series 7 and 63 licenses. This exam evaluates your understanding of state laws governing securities and registered representative activities. The content of the Series 63, along with other North American Securities Administrators Association (NASAA) exams, is standardized to ensure consistency across jurisdictions. Successfully passing the Series 7 and 63 exams allows you to legally perform securities-related duties within a given state.
The Uniform Securities Act (USA) serves as model legislation that guides states in regulating the securities industry. Most states require individuals to pass the Series 63 exam, often in combination with the Series 7, to register as securities representatives. Some candidates choose to complete the Series 63 before the Series 7 to strengthen their credentials, especially if they do not have firm sponsorship. However, it’s generally recommended to prepare for and take the Series 7 and 63 exams separately, as attempting both simultaneously can be challenging.
Can I be registered as a representative in multiple states?
Yes, you can hold a Series 63 in multiple states; in fact, many representatives are certified in a broader jurisdictional area than just a single state. After passing the test, your firm will file Form U4 on your behalf with the required state(s). If your registration needs to be updated, your firm can fill out an amendment to the original form. Though you’ll be able to be registered in multiple locations, you are generally not allowed to register with more than one broker-dealer or issuer.
SIE, Series 7 and 63: The winning combo
The three certifications together make up the qualifications needed to become a registered representative who can legally sell securities in an ethical and responsible way. With all three, you can facilitate transactions across nearly all types of securities, from stocks to bonds to mutual funds.
Recommended study times
Each exam requires a different time commitment for preparedness:
- SIE: 4-6 weeks
- Series 7: 6-12 weeks
- Series 63: 2 weeks
Of course, each person’s study schedule will look different based on their background. Overall, you should expect it to take about 3 to 6 months to earn your certifications.
What can you do with a Series 63?
The Series 63 certification sequence is designed to prepare individuals for sales roles at wealth management advisory firms who work exclusively with clients residing in the areas they’re registered in. Some common job titles include:
- Financial Advisor
- Registered Client Service Associate
- Broker-Dealer Agent
- Compliance Officer
- Financial Consultant
In most cases, the Series 63 is all you need to perform most securities sales and compliance roles in a given state, but some people pair it with additional licenses (like the Series 65).
Series 63 vs. 65 vs. 66
Besides the Series 63, other key NASAA exams include the Series 65 (Uniform Investment Adviser Law Examination) and the Series 66 (Uniform Combined State Law Examination). This series is often referred to as the “blue sky” exams because they are designed to protect investors from “speculative schemes which have no more basis than so many feet of 'blue sky’.” The Series 65 designation enables individuals who aim to become investment advisor representatives to provide clients with guidance on financial planning and future investments. The Series 66 combines elements of both the Series 63 and Series 65, allowing professionals not only to sell securities but also to offer investment advice, provided they have already passed the Series 7 exam.
The Series 7 is a foundational requirement for many in the industry, as it qualifies individuals to engage in the broadest range of securities sales activities. Taking the SIE, Series 7, and 63 exams is a common pathway for those starting a finance career, with the Series 7 and 63 combination positioning candidates for a diverse array of broker-dealer roles. However, the 65 and 66 open up other potential career paths, like becoming an investment advisor rep.
Here’s a quick comparison table:
| Exame name: | Series 63 | Series 65 | Series 66 |
|---|---|---|---|
| Purpose | Register as a securities agent in many states | Register as an investment adviser representative (IAR) | Acts as a “combined” state law exam for agent + IAR |
| Corequisite | None | None | Series 7 is a required |
| Exam info | 75 minutes, 65 questions | 180 minutes, 140 questions | 150 minutes, 110 questions |
| Firm sponsorship required to take the exam? | Generally no (can self-enroll via Form U10 if not U4-registered) | Generally no (can self-enroll via Form U10 if not U4-registered) | Technically no, but Series 7 requires firm sponsorship |
There is no universal “best” exam sequence; choosing between the SIE, Series 7, and 63, or pursuing the Series 7 and 66, will depend on your professional aspirations in wealth management or securities sales. While many choose the combined Series 7 and 66 approach for a broader range of services, holding the Series 7 and 63 still opens doors for those primarily interested in state securities agent roles. Additionally, although the exam material can be complex, the Series 63 is about half the length of the Series 65 and Series 66, making it often more manageable for new candidates.
Wrapping up
Like any career in finance, becoming a securities agent demands more than just a degree or past professional experience. To lawfully perform the responsibilities of this role, you must successfully complete three exams overseen by a leading financial regulatory authority. This process includes passing the SIE, Series 7, and Series 63 exams, each requiring dedicated preparation and a strategic study approach. We recommend spreading out your study schedule to ensure you devote ample time to mastering the material and reinforcing your understanding.
If you’re drawn to a profession in securities sales, earning your licenses opens the door to a dynamic and rewarding career within the broader financial services industry. With your certifications complete, your potential is as wide as the “blue sky.”
