A: The Securities Industry Essentials (SIE) exam is required to be passed before you enter the securities industry.
Q: Do I need a sponsor to take the SIE exam?
A: No, you may take the SIE exam without being sponsored.
Q: Do I need the SIE exam to sell life insurance or annuities?
A: No, the SIE exam is not required if you sell only “fixed” life insurance and annuity products. To sell “variable” life insurance or variable annuities, you must pass the SIE, Series 6, and Series 63 exams.
Q: When am I eligible to take the SIE exam?
A: You may take the SIE exam once you reach age 18.
Q: What can I do after passing the SIE exam?
A: When you successfully pass the SIE, you can let potential securities and insurance employers know you have passed and are seeking a career in financial services.
Q: How difficult is the SIE exam?
A: The exam is considered “very challenging,” with the pass ratio approximating 73%. Do not take this exam lightly.
Q: How long should I study for the SIE exam?
A: It depends on whether you have experience in the industry. Without experience, studying from 100 to 150 hours is advisable.
Series 6 Exam
Q: What is the Series 6 exam?
A: It is the same as other FINRA exams. Wait 30 days after the first and second attempts; after the third attempt, there is a 180-day waiting period.
Q: How long should I study for the Series 6 exam?
A: You should plan on at least 3 weeks or 70 hours of study.
Q: What is the pass ratio for the Series 6 exam?
A: The pass ratio is approximately 70%.
Q: Is the Series 6 exam harder than the SIE exam?
A: It is called the “top-off” exam, and many consider it easier than the SIE exam.
Q: What can I do after passing the Series 6 exam?
When you successfully pass the Series 6 exam, you may start selling mutual funds, variable life insurance and annuities, unit investment trusts, and municipal fund securities such as 529 plans.
Q: Why must I take the Series 63 exam?
A: After successfully passing the Series 63 exam, you may sell securities in multiple states that you have become registered in.
Q: How difficult is the Series 63 exam?
A: Many consider it easier than the SIE exam. It has approximately 73% pass rate.
Q: What can I do once I pass the Series 63 exam?
A: When you successfully pass the Series 63 exam, you can potentially sell securities and take the Series 7 exam.
Q: What can I do with a Series 7 exam?
A: This license allows you to sell most securities and shows you have extensive financial knowledge.
Q: How difficult is the Series 7 exam?
A: It is considered the most difficult of the exams. It has 125 questions on real-world situations to test your knowledge in 3 hours and 45 minutes. The pass rate is about 65%.
Q: How long should I study for the Series 7 exam?
A: As long as it takes. Each person is different; some also already have experience in the industry. Many suggest 2 to 3 months of study, especially if you are working during this time.