In the United States, the investment company products/variable life contracts representative exam, is commonly referred to as the Series 6 exam. Individuals passing this multiple choice

exam An examination (exam or evaluation) or test is an educational assessment intended to measure a test-taker's knowledge, skill, aptitude, physical fitness, or classification in many other topics (e.g., beliefs). A test may be administered verba ...

are licensed to sell a limited set of

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

products: *

Mutual fund A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV i ...

s *

Closed-end fund A closed-end fund (CEF) is a fund that raises capital by issuing a fixed number of shares which are not redeemable, and then invest that capital in financial assets such as stocks and bonds. Unlike open-end funds, new shares in a closed-end fund ...

s on the initial offering only *

Unit investment trust In U.S. financial law, a unit investment trust (UIT) is an investment product offering a fixed (unmanaged) portfolio of securities having a definite life. Unlike open-end and closed-end investment companies, a UIT has no board of directors. A UI ...

s * Variable Annuities A Series 6 registered individual is not a

stockbroker A stockbroker is a regulated broker, broker-dealer, or registered investment adviser (in the United States) who may provide financial advisory and investment management services and execute transactions such as the purchase or sale of stocks an ...

since Series 6 license holders cannot sell

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

, other corporate securities, direct participation programs (DPPs), or option products. This exam is administered by the

Financial Industry Regulatory Authority The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets. FINRA is the successor to the National Associati ...

(FINRA, previously known as the NASD). In order to take the exam, an individual must be sponsored by a member firm of either FINRA or a

self-regulatory organization A self-regulatory organization (SRO) is an organization that exercises some degree of regulatory authority over an industry or profession. The regulatory authority could exist in place of government regulation, or applied in addition to governmen ...

(SRO). The cost of the exam is $40.00. Individuals are allowed 90 minutes to complete 50 multiple choice questions. The passing score is 70%, and those who fail this exam must wait thirty days before taking it again. In order to be registered with the Series 6, an individual must also pass the Securities Industry Essentials Exam (The SIE Exam). The table below lists the allocation of exam questions for each main job function of an investment company and variable contracts products representative.

Sources

(http://www.finra.org/industry/series6) * http://www.series6examtutor.com (via FINRA's series 6 content outline) United States securities law Professional certification in finance Standardized tests in the United States {{econ-stub

See also

Sources