Series 6 exam
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 are licensed to sell a limited set of securities products:
- Mutual funds
- Closed-end funds on the initial offering only
- Unit investment trusts
- Variable Annuities
A Series 6 registered individual is not a stockbroker since Series 6 license holders cannot sell stock, other corporate securities, direct participation programs (DPPs), or option products.
This exam is administered by the Financial Industry Regulatory Authority (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 (SRO). The cost of the exam is $100.00. Individuals are allowed two hours and fifteen minutes to complete 100 multiple choice questions. The passing score is 70%, and those who fail this exam must wait thirty days before taking it again.
The table below lists the allocation of exam questions for each main job function of an investment company and variable contracts products representative.
| Job Functions | Number of Questions |
|---|---|
| Function 1 – Regulatory fundamentals and business development | 22 |
| Function 2 – Evaluate customers’ financial information, identify investment objectives, provide information on investment products, and make suitable recommendations | 47 |
| Function 3 – Open, maintain, close, and transfer accounts and retain appropriate account records | 21 |
| Function 4 – Obtain, verify, and confirm customer purchase and sale instructions | 10 |
See also
- List of securities examinations
- Series 7 exam
- Series 24 exam
- Series 63 exam
- Financial Industry Regulatory Authority (FINRA)