Series 6 Exam vs. Series 7 Exam: What's the Difference? (2024)

FAQs

Series 6 Exam vs. Series 7 Exam: What's the Difference? ›

Two of the most popular licenses are the Series 6 and Series 7 exams. The Series 6 license allows a registered representative to sell only a specific type of investment products, whereas the Series 7 license allows the rep to sell a wider variety of securities.

The Series 6 exam is moderately difficult, with a recommended study time of 30-60 hours. The Series 7 exam is more challenging and typically takes much longer to both prepare for, with a recommended study time of 75-125 hours.

You will have 3 hours and 45 minutes to complete the exam and must correctly answer 72% (90 questions) of the 125 scorable questions to pass. The Series 7 exam, like other FINRA exams, is presented in a bell curve.

On the Series 6 securities exam, you need to correctly answer at least 70% of the questions to pass. Since the actual exam consists of 50 scored questions, that means you need to get 35 or more questions right.

Is the Series 7 Exam Difficult? Clocking in at 125 questions to be answered in three hours and 45 minutes, the Series 7 exam is considered the most difficult of all the securities licensing exams.

The Series 7—officially, the General Securities Representative Qualification Examination—allows you to sell everything covered under the Series 6, plus stocks, bonds, exchange-traded funds (ETFs), and options.

The Series 7 is no different than any somewhat challenging freshmen level college exam. The content is fairly straight forward but there will be the odd curve ball thrown.

Around 6.5 out of 10 people, or 65%, will pass the Series 7 exam on the first try. The first-time pass rate for the Series 7 has been between 60% and 70% for the past few years. This is an important distinction, as it shows how difficult the exam is and how prepared you need to be in order to pass it.

The Financial Industry Regulatory Authority (FINRA) does not report on a Series 7 exam pass rate, but the Series 7 pass rate is estimated to be around 65%. With 3 hours and 45 minutes to complete 125 questions at a required score of 72%, the Series 7 exam doesn't offer a large margin for error.

When preparing to take the Series 7 exam, you should plan to study for 125-150 hours. Typically, candidates study over the course of 4-6 weeks. The time you need to spend preparing for the exam varies depending on your familiarity with the material.

What is the fail rate for Series 6? ›

So, how hard is the Series 6 Exam? The Series 6 exam could be considered difficult since it only has a pass rate of 59%. If you give yourself an appropriate amount of time to prepare, and follow a solid study plan, you'll likely pass the Series 6 on your first try.

The Series 6 exam is considered to be moderately difficult. Many testers are well prepared to pass on their first attempt, but on average it takes up to two tries.

The Series 6 is a tough exam, especially for those who find it is their first introduction to the world of securities. In this article, we'll give you six additional easy tips on how to approach the information and proven techniques for studying for and taking the test.

The new Series 7 is harder, kind of

One of the fallouts from pulling general industry knowledge questions from all qualification exams is that the Series 7 just became more difficult. The exam no longer includes all the simpler questions that now make up the SIE, yet the passing score is still the same: 72%.

It is a corequisite of the SIE exam, which tests you on general securities topics. By contrast, the questions on the Series 7 exam are detailed and related to the day-to-day activities, responsibilities, and job functions of stockbrokers. Therefore, it can be considered a challenging exam.

Having taken and passed both, I can say that without a doubt the CPA exam is more difficult, and for one primary reason… breadth of subject matter. The Series 7 is 3 hours and 45 minutes, is comprised of 125 questions, and has a pass rate of approximately 70%.

The Apple Watch Series 7's larger display, sturdier design and fresh color options make it a modest but appreciated upgrade from the Series 6. The Series 7's bigger screen is undoubtedly the most dramatic update. Other improvements, including faster charging, feel minor by comparison.

As a result, the Series 66 exam is considered by most to be an easier test. Like the Series 65 exam, it qualifies the individual to act as an IAR and fulfills the requirements for state registration.

Such advisors may only need a Series 6 license if they just sell insurance, annuities, and certain types of mutual funds, not individual stocks. Series 6 holders, however, are not authorized to sell stocks, exchange-traded funds (ETFs), or bonds.

There are multiple ways to a passing score on the examination. The exam is approximately 30% math (e.g. options, margin and convertible bonds). Some candidates feel strong in the math and will plan to score well there, allowing for a slightly weaker performance on the regulations.

Can you use a calculator on the Series 7 exam? ›

When at the testing lab to take the Series 7 exam, you won't be allowed access to any type of reference material. Test administrators will provide you with a four-function calculator, two dry-erase boards and a dry-erase pen.

A passing score on the Series 7 test is 72%, meaning you must get at least 90 questions (out of 125) correct.

Plus the waiting for the results. Any state bar exam as well as the UBE (Uniform Bar Exam) is much more difficult than the Series 7 exam taken to become a stock broker. It takes 3 years of intense study to get through law school after which most take a 2 or 3 month bar review course prior to sitting for the bar exam.

Disqualification of a Series 7 License

You are convicted of certain misdemeanors and any felony within a period of ten years from the date of conviction. A court of competent jurisdiction issued against you a temporary or permanent injunction involving a broad range of unlawful investment activities.

The Financial Industry Regulatory Authority (FINRA) administers the exam. The organization has not placed any limits on the number of times you can attempt to pass the Series 7 exam, and there is no specific education required to take the exam.

While the Series 7 is required by all securities representatives at the entry-level, the Series 79 exam is a requirement for anyone who wants to work as an entry-level investment banker.

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 FINRA representative-level qualification exams.

All that said, at its core, the Apple Watch Series 6 is as powerful as the Series 8, which means it will serve you well for many more years to come. If you want to save a few bucks, you can just look for a deal on a Series 6 and shop confidently.

Candidates will be allowed 1 hour and 30 minutes to complete the Series 6 exam.

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 FINRA representative-level qualification exams.

How many times can you fail a series exam? ›

There is a 30/30/180-day rule with respect to the SIE and other FINRA exams. This means that you must wait 30 days after the first time you fail, and another 30 days if you fail again. If you fail a third time or more, you'll have to wait 180 days to retake the exam.

Therefore, each candidate's exam consists of a total of 135 items (125 scored and 10 unscored). There is no penalty for guessing. Therefore, candidates should attempt to answer all items. Candidates will be allowed 3 hours and 45 minutes to complete the Series 7 exam.

In 2021, Apple unveiled the Apple Watch Series 7, including features like taller casing sizes with larger displays, slimmer bezels, improved durability, and faster charging technology.

In fact, it's the best smartwatch you can buy. It does everything the Series 6 did only slightly better, with a larger screen, a sleeker look, better durability and faster charging.

The Series 7 Exam: A Passing Score and How Many Times You Can Take It. A passing score on the Series 7 exam is 72%. The exam has 125 multiple choice questions, costs $245 and lasts 225 minutes.

Of the 50 or so options-related questions on the Series 7 exam, approximately 35 deal specifically with options strategies.

Tax Accounting: Usually some of the most difficult classes for an accounting major as they delve into the minutia of tax codes, though this knowledge is a major source of income for accounting graduates.

GRE (Graduate Record Examination)

Owned and administered by the Educational Testing Service (ETS), GRE is among the world's most difficult exams. The exam is administered both online and in person. As a standardized test, GRE measures the overall academic readiness of students who want to attend graduate school.

Which qualification is harder, CIMA or ACCA? The CIMA qualification is more demanding, as it does not let you move forward until you pass one set of exams, compared with ACCA which allows you to study towards multiple sets of exams simultaneously.

Generally, it takes people longer to train to take the Series 7 licensing exam, as the exam has more questions. Many people find the Series 66 exam easier, as they've already taken the Series 7 exam by the time they take the Series 66 exam. You can prepare for both exams by using online resources and study materials.

Is Series 7 harder than Series 65? ›

For students who have recently completed the Series 7, this is a moderately difficult exam. The Series 65 is more challenging for students who have not completed the Series 7. It's recommended that students learn through a variety of methods, such as reading, as well as continuous practice exams.

The Series 7 license stands out in the industry because practitioners must pass one of the longest and most rigorous exams in the industry to obtain it. This license not only allows them to sell most securities, but it also means they have extensive knowledge of financial topics.

Most financial institutions will provide new hires with Series 7 study materials and will encourage them to allocate about 1 week of dedicated study time. In reality, test takers should spend close to 100 hours, of which at least 20-30 hours should be dedicated to practice exams and questions.

It is a corequisite of the SIE exam, which tests you on general securities topics. By contrast, the questions on the Series 7 exam are detailed and related to the day-to-day activities, responsibilities, and job functions of stockbrokers. Therefore, it can be considered a challenging exam.

In 2021, Apple unveiled the Apple Watch Series 7, including features like taller casing sizes with larger displays, slimmer bezels, improved durability, and faster charging technology.

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 FINRA representative-level qualification exams.

Plus the waiting for the results. Any state bar exam as well as the UBE (Uniform Bar Exam) is much more difficult than the Series 7 exam taken to become a stock broker. It takes 3 years of intense study to get through law school after which most take a 2 or 3 month bar review course prior to sitting for the bar exam.

The FINRA Series 7 Top-Off is harder than the old, pre-SIE version of the Series 7 Exam. In the words of one of our corporate clients, it is as if they split all of the easy questions into the FINRA SIE and the more difficult questions into the Series 7 Top-Off.

You can be employed as a financial analyst, for example, without a CFA charter. The Series 7 is a license, comparable to those you have to earn to sell real estate or insurance. Anyone who is a stockbroker must hold the Series 7 license.

While ZipRecruiter is seeing annual salaries as high as $117,500 and as low as $23,000, the majority of Series 7 salaries currently range between $38,500 (25th percentile) to $65,500 (75th percentile) with top earners (90th percentile) making $87,500 annually across the United States.