Purpose and Content
The Series 6 exam, administered by FINRA (Financial Industry Regulatory Authority), assesses candidates’ knowledge in performing the functions of an investment company and variable contract products representative. The exam comprises 50 multiple-choice questions to be completed within 90 minutes, with a passing score of 70%. The content is divided into four main areas:
Key Facts
- Purpose: The Series 6 exam measures the degree to which a candidate possesses the knowledge needed to perform the critical functions of an investment company and variable contract products representative, including sales of mutual funds and variable annuities.
- Exam Content: The exam consists of 50 multiple-choice questions, which must be completed within 90 minutes. The passing score is 70%. The exam is divided into four major topic areas, each focusing on the main functions of an investment company and variable contracts products representative.
- Eligibility: Candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm to be eligible to take the Series 6 exam. Additionally, candidates must pass the Securities Industry Essentials (SIE) exam, which is a corequisite for the Series 6 exam.
- Permitted Activities: Upon passing the Series 6 exam, individuals are qualified to solicit, purchase, and/or sell securities products such as mutual funds (closed-end funds on the initial offering only), variable annuities, variable life insurance, unit investment trusts (UITs), and municipal fund securities.
- Seeking Business for the Broker-Dealer12 questions
- Opening Accounts8 questions
- Providing Customer Information25 questions
- Obtaining and Verifying Purchase and Sales Instructions5 questions
Eligibility
To be eligible for the Series 6 exam, candidates must:
- Be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm
- Have passed the Securities Industry Essentials (SIE) exam
Permitted Activities
Upon passing the Series 6 exam, individuals are authorized to:
- Solicit, purchase, and/or sell mutual funds (except closed-end funds except at their IPO)
- Variable annuities
- Variable life insurance
- Unit investment trusts (UITs)
- Municipal fund securities
Sources
- FINRA: Series 6 Qualification Exam
- Investopedia: Tips for Passing the Series 6 Exam
- Mometrix: Free Series 6 Exam Practice Test
FAQs
What is the purpose of the Series 6 license exam?
The Series 6 license exam assesses candidates’ knowledge and skills in performing the functions of an investment company and variable contract products representative.
Who should take the Series 6 license exam?
Individuals who wish to solicit, purchase, and/or sell certain securities products, such as mutual funds, variable annuities, and variable life insurance, must pass the Series 6 license exam.
What are the eligibility requirements for the Series 6 license exam?
Candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm. Additionally, candidates must have passed the Securities Industry Essentials (SIE) exam.
What is the format of the Series 6 license exam?
The Series 6 license exam consists of 50 multiple-choice questions to be completed within 90 minutes. The passing score is 70%.
What are the main topics covered on the Series 6 license exam?
The main topics covered on the Series 6 license exam include seeking business for the broker-dealer, opening accounts, providing customer information, and obtaining and verifying purchase and sales instructions.
How can I prepare for the Series 6 license exam?
There are various ways to prepare for the Series 6 license exam, including studying the official FINRA study materials, taking practice exams, and attending preparatory courses.
What are the benefits of obtaining a Series 6 license?
Obtaining a Series 6 license allows individuals to work in the securities industry and offer a wider range of investment products and services to their clients.
How do I maintain my Series 6 license?
Series 6 license holders must complete continuing education requirements and receive sponsorship from a FINRA registered company to maintain their licenses.