Fees and rules
Which exams does your job need?
Pick the work you are aiming at: the finder lists the exams in the order they are usually taken, what they cost in 2026 and which need a sponsoring firm.
Which exams does my job need?
Exams to pass
SIE + Series 7 + Series 63
| Exam fees, 2026 | $642 |
| Scored questions in all | 260 |
| Seat time in all | 6.8 hours |
| Firm sponsorship | needed for Series 7 |
Series 7 needs a sponsoring firm; most states then ask for the Series 63 to act as an agent.
In the US securities industry, the license is really a combination of registrations, and each registration requires one or more qualification exams. FINRA sets the representative categories in Rule 1220: a general securities representative, who can sell almost any security, passes the SIE and the Series 7; an investment company and variable contracts products representative, limited to mutual funds, variable annuities and similar products, passes the SIE and the Series 6. On top of that, most states require their own registration for securities agents, usually based on the Series 63, while people who give investment advice for a fee register as investment adviser representatives, usually with the Series 65. The Series 66 combines the 63 and the 65, but only for candidates who also hold the Series 7. The SIE and the NASAA exams need no sponsor; the Series 7 and Series 6 do, since a firm must enroll you. Fees in 2026 range from $100 for the SIE to $395 for the Series 7.
Your score · Series 63
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| Pass: 43 of 60 correct, so 4 of 5 here |
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Practice questions written by Radif Partners from the official outline topics. They are not questions from the real exam. Progress is kept in this browser only (local storage) and never sent.
Questions, formats and fees by Radif Partners · Editorial policy · Method
Jobs and their exams
| Work | Exams | Fees 2026 | Sponsor |
|---|---|---|---|
| Student or career changer, before a job | SIE | $100 | no |
| Stockbroker, general securities | SIE + Series 7 + Series 63 | $642 | for the Series 7 |
| Mutual funds and variable annuities only | SIE + Series 6 + Series 63 | $347 | for the Series 6 |
| Investment adviser representative | Series 65 | $187 | no |
| Broker and adviser representative | SIE + Series 7 + Series 66 | $672 | for the Series 7 |
The FINRA representative exams
The Series 7 is the broadest: 125 scored questions over 3 hours 45 minutes, covering equities, debt, options, funds, municipal securities and the rules around them. The Series 6 is narrower and shorter, 50 questions in 90 minutes, for representatives who sell only packaged products. Both have the SIE as a corequisite: you can take them in either order, but the registration is approved only when both are passed (Series 7 page, Series 6 page).
Choosing between the 6 and the 7
The Series 6 is easier to pass but limits what you can sell. Many firms that start new hires on the Series 6 later sponsor them for the Series 7 when their business grows; the SIE pass counts for both. If your employer offers a choice, look at the products you will actually handle in the first two years.
The state exams written by NASAA
NASAA writes three exams that FINRA delivers (Series 63, Series 65, Series 66). The Series 63 tests state securities law for agents. The Series 65 tests investment knowledge and state law for adviser representatives, and needs no other exam. The Series 66 merges the two state roles but requires the Series 7. None of them needs a sponsor to enroll, though the state registration itself is filed through a firm.
Order and timing
Most people take the SIE first, then the representative exam once hired, then the state exam, often within the first months at the firm. The fee calculator adds up a whole path including retakes, and the sponsorship page explains what the firm files and when. The five questions above come from the agents section of the Series 63, which deals with exactly these state registrations.
Common mistakes when choosing
Three errors come up often. The first is taking the Series 65 when the job will involve commissions: the 65 alone does not allow a person to sell securities as a broker-dealer agent. The second is taking the Series 6 for a role that will soon include individual stocks or bonds, which then means a second representative exam. The third is sitting the Series 63 and the Series 65 separately when the Series 7 is also in the plan, where the single Series 66 would cover both state roles. Before enrolling, ask the firm which registrations it will file for you; the exams follow from that list, not the other way round.
Whatever the path, the practice tools of this site cover all six exams: pick the exam in the menu of the home page quiz, or go straight to its own page.