Licenses Needed to be a Financial Advisor

Here is an overview of the FINRA licenses you need to be a financial advisor in the United States. There are a couple way to go about getting licenses to be a financial advisor and this list touches on some but not all of those ways. The series 7 and series 66 are the traditional exams. But it is important to know about the SIE exam for this process. The series 65 is a possible alternative to these. Then you may need to get the insurance licenses depending on your role and the state you work in.

[@wjlambert]

Thanks for the explanation of the Series Exams. I always wondered about the purpose of the Series 65 exam.

[@Roger-il8iw]

The 65 is fairly difficult and doesn’t require a sponsor. It also allows you to work as a RIA. If you get the sie and 65 you will be very marketable.

[@patrickdean4853]

You need a sponsor to take the 6, 63 (not 66!) & 65 NASAA IAR exam. The 63 is the state/federal “blue sky” … again, not the 66

[@Roger-il8iw]

@ are you drunk?

[@patrickdean4853]

@@Roger-il8iw are you?

[@Roger-il8iw]

@@patrickdean4853 your comment had nothing to do with what I said lol

[@patrickdean4853]

@ that’s funny, as it directly responded to exactly what you sad. Have a nice day👍

[@frosherman]

oh wow AJ you pay me attention! thanks for teachinng us!

[@jmason105]

Great video great information. You were able to give the actual name of these exams what they typically cover. And what role you playing the financial world which ones you will probably need. Great video 10 out of 10.

[@straighttalks-ajsrmek323]

Thanks for the support!

[@bekab83]

That’s wonderful Best explanation So if you do the SIE you don’t have to do the Series 6? 🙏🙏🙏

[@straighttalks-ajsrmek323]

I'm not sure if that is true.

[@pcdihealth]

Thank you for sharing this information...

[@starlord6088]

Perfect shirt for this week.

[@comoelitamelendez8467]

This conundrum reminds me A LOT of TS/SCI, many places will schmooze you if you have this but the only way you can get it is A) Via military B) Via intel agency[if they need a entry role filled---the process is intrusive and takes MONTHS if you are able to pass the poly, psych test/interview, etc OR a employer like Raytheon is ever so kind to sponsor you[UNLESS via nepotism, more than likely will NEVER happen lol]...they like to argue that its "expensive"; they rather YOU incur all the pre-work costs lol. What you describe, actually sounds much easier than what I just described! lol

[@3063259]

Hey AJ! LOVE the content- was just wondering, I passed the SIE, 7, and 66 fairly easily. How comparable are these exams to the CFA in terms of difficulty? I'm in wealth management and know the CFP may be more beneficial however the content in the CFA seems really interesting. Thanks again and keep up the great work!

[@straighttalks-ajsrmek323]

Thanks man! The CFA is definitely interesting. But if I had to put a number on it (which is pretty arbitrary), I would say the CFA is about 30x more difficult than the series 7 and series 66. But the CFP exam is only about 3x as difficult as the 7 and 66.

[@jeffmack4561]

Wats up AJ, good video by the way. Question; what certification do you recommend to take first for starting a career as a financial advisor at a RIA ( aside from series 7 and 66)?Am stuck between starting CFP or just signing up for CFA level 1? Just graduated with a finance degree and no experience in finance btw. Thanks, great content. Keep it up.

[@i123456987654]

i can't wait to take these exams one day

[@ShalmaliAthalye]

What do u need to do to become a fund manager? Btw I love your videos . They are very helpful. Thank you. Love from India ❤️

[@straighttalks-ajsrmek323]

There are different paths. But it usually looks like get a top MBA, get the CFA, then start as an analyst on a mutual fund team.

[@ShalmaliAthalye]

@@straighttalks-ajsrmek323 okay thanks!!

[@bestlyfe4u]

My job at the bank is wanting me to take series 6 and 63 does that limit me? And also if I just got the 7 and 66 would that override those two?

[@straighttalks-ajsrmek323]

If you want to keep your job at the bank, then certainly complete their requirements. None of the licenses will limit or override any of the others.

[@aswadhama]

Thank you very much.

[@JaysonJonesMail]

Thanks for the great videos! I'm new to the financial services industry and starting to study for the SIE exam. Wondering what, if any, postnominals (name credentials) you earn after passing the 7/66?

[@straighttalks-ajsrmek323]

I did the CFA and CFP!

[@JaysonJonesMail]

@@straighttalks-ajsrmek323 That's awesome! I'm considering going for the CFP in the future but that won't be for several years if I do. In the meantime, is there a postnominal that is associated with having a series 7 license?

[@straighttalks-ajsrmek323]

@@JaysonJonesMail Some people get the ChFC or a couple others, but I don't think they are that valuable.

[@shinichihiroshi5328]

I hope you still respond back!: So, I'm a little confused about these two certificates. I googled a lot but couldn't much out of it. In my country there's something called ''Financial Supervision Act'' Certificate (WFT in my country) and apparently needed to give advise to people financially. I first thought, that this was the same as CFP certificate but I don't think that's true due to the fact you don't necessarily need to have worked X hours before doing the exam.

[@straighttalks-ajsrmek323]

That is something different from the CFP exam.

[@jessicanoelwagoner6149]

Your content is helpful, thanks for posting! I am a recent MSc Finance graduate (with very little financial experience), and because of the economy my job prospects are practically inexistent. Could full-commission 'financial representative' roles ever be a positive move for someone trying to get experience in the industry?

[@straighttalks-ajsrmek323]

Yes they could be positive moves! But I don't think they are usually the optimal move. So it just depends on where you are at in your career.

[@gregorybainathsah7284]

Could you do a video on the personality traits you need to be successful in various fields of investing? I imagine a financial planner needs to be charismatic and extroverted while a typical analyst is the opposite

[@straighttalks-ajsrmek323]

This could be a very interesting topic. But it would take some work to formulate thoughts. I might just do it, thanks.

[@ShalmaliAthalye]

What are other options (degrees + certificate) in finance industry.

[@RevCashLewis]

How can I get series 7 sponsorship through an FMO? Im a licensed agent. I dont want to recruit. I only want to be a single member agency. Im stuck!

[@straighttalks-ajsrmek323]

Pass the SIE, then get someone to hire you for just a few months while you do the 7.

[@stephenswensen5886]

AJ, as always I enjoy the content. Does having the CFA Charter offer any exceptions from the FINRA licenses? Especially if you wanted to start an RIA. I'm a CFA Level 2 Candidate.

[@straighttalks-ajsrmek323]

Thanks, Stephen! I do think the CFA means you don't need the series 65 if you were going that route, but I'm not sure. Best of luck with the CFA and be careful of the phrase "CFA L2"!

[@stephenswensen5886]

@@straighttalks-ajsrmek323 right you are

[@aperson1181]

What prep courses would you recommend? Also, could you show us the basics of portfolio construction? Which metrics are most important? I know it really depends on your financial and age group, but if it were you, would you put all in an index or pick the tech?

[@straighttalks-ajsrmek323]

Wiley! And yes, I might do a video on this!

[@jbdmb]

Can you do a video on the series 99? I'm studying for the sie amd you said that the sie accounts for about 70% of the series 7? Does that mean there is 70% overlap in content in between all the series exams?

[@straighttalks-ajsrmek323]

No sorry I don't know much about the series 99. But yes the SIE has a lot of overlap with the old series 7.

[@terryzhou1995]

Can I ask about the role of RIA and license for becoming one?

[@straighttalks-ajsrmek323]

To become your own RIA? I'm not sure but there are good resources online about this topic.

[@tyb00gie007]

Since the financial industry is becoming more digitalized, would being a financial advisor be potentially digital?

[@straighttalks-ajsrmek323]

I don't think so. I have a separate video about this topic.

[@saiprashanth209]

Hi ! is CFA and US CPA a good combination? I’m a CFA L3 candidate. I don’t hold any elite masters degree for that matter, thinking to pursue US CPA soon. Your two cents please. Thanks

[@straighttalks-ajsrmek323]

Yes it is a great combination if you want to work with taxes or equity valuation! Best of luck with L3!

[@monasa4711]

Thank you for posting this! 😊

[@Speedaholics]

Not really sure what you mean by "hands-off" in regards to the 65. Nothing hands-off about managing an account using Inst class funds / ETF's / individual securities for an asset-based fee as opposed to using A or C-share funds, or even worse, using a brokerage account to create trading fees and have the potential for churning. You'd only need the 7/66 to sell commissionable products, which in most cases (not all) is not best for the client, and for many reasons is a dying practice. Series 65 / RIA Fee-only is the future of the industry, as opposed to commisionable products. If you can't see this then you're just blind to the changes occurring in the industry. Even for advisors who are hybrid (both RIA & registered rep), typically 80-90% of their revenue comes from RIA fees (unless their practice is maybe more insurance based)

[@kamallamccain4665]

Thanks for this! I was trying to understand the tests I actually “need” to be considered a Financial Advisor. One company offers pretty much all of the above but another only suggests 65 and SIE. I just want to know what is required to be “legit” so I can choose the best company to work with for the long term. You provided some insight! Thanks!!

[@alfredoarenas8616]

I am a mortgage broker but I had always been interested in getting my series 7. Recently someone from Primerica aproched me and I joined Primerica. I just passed the SEI and I am about to take the test for the series 6. But I want the 7 so I can work for Fidelity or Shwabb. But I just hear that none of these firms will allow me to keep doing mortgage brokerage on the side. How can I get sponsored to get the series 7? Any recommendations? I really want that license!

[@straighttalks-ajsrmek323]

You might have to get into an asset management role, if only starting off in customer service.

[@Fab_Moments]

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