A financial securities license is a certification that legally authorizes a professional to sell investments or advise clients on securities. For example, the Series 7 license permits buying and selling all types of securities, and the Series 65 license allows fee-based financial advice. These licenses are essential to registering with firms and state regulators.
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What Exactly Are Financial Securities Licenses?
Financial securities licenses are professional certifications that allow individuals to sell specific investment products or offer financial advice. These licenses are regulated by organizations such asFINRA(Financial Industry Regulatory Authority) andNASAA(North American Securities Administrators Association).
If you want to sell mutual funds, stocks, or variable annuities, you can’t simply start tomorrow — you’ll need the proper license. The Series 6 license, Series 7 license, and Series 65 are among the most recognized credentials in the financial industry.
Each one serves a different purpose:
- TheSeries 6 licensecovers packaged investment products like mutual funds and variable contracts.
- TheSeries 7 licenseallows professionals to sell nearly all types of securities, including stocks, bonds, and options.
- TheSeries 65is designed for those who want to offer investment advice for a fee — typically required for investment advisors and financial planners.
These licenses ensure that financial professionals meet the ethical and educational standards required to protect investors and promote transparency.
The Role of FINRA: Series 6 and Series 7 Explained
The Financial Industry Regulatory Authority (FINRA) oversees the Series 6 and Series 7 exams. These licenses are mandatory for professionals who want to sell securities products or represent broker-dealers.
The Series 6 License
The Series 6 license (officially known as the Investment Company and Variable Contracts Products Representative license) authorizes professionals to sell:
- Mutual funds
- Variable annuities
- Unit investment trusts (UITs)
- Municipal fund securities
If you plan to work as a financial representative for a firm offering investment products but not individual stocks or bonds, this license is often enough. It’s a popular starting point for new professionals in the financial services industry who want to build client relationships and gain foundational knowledge.
To earn the Series 6 license, candidates must:
- Pass theSecurities Industry Essentials(SIE) exam
- Pass the Series 6 exam administered by FINRA
- Be sponsored by a FINRA-member firm
The Series 7 License
The Series 7 license (General Securities Representative license) is the gold standard for financial professionals. It provides broader authority, allowing holders to sell almost any type of individual security — including:
- Stocks
- Bonds
- Options
- Mutual funds
- Exchange-traded funds (ETFs)
Compared to the Series 6, the Series 7 license requires deeper knowledge of markets, products, and regulations. Passing this exam demonstrates a comprehensive understanding of how investments work, making it a key milestone for brokers and investment advisors who want to advance their careers.
Candidates must also pass the SIE exam and be sponsored by a FINRA-member firm before taking the Series 7 test.
NASAA and the Series 65 License
While FINRA focuses on brokers and securities sales, the North American Securities Administrators Association (NASAA) handles licensing for investment advisors — most notably, the Series 65 exam.
The Series 65 license, also known as the Uniform Investment Adviser Law Examination, is required for anyone who wants to provide fee-based investment advice. This includes roles such as:
- Registered Investment Advisors (RIAs)
- Financial planners
- Portfolio managers
Unlike theFINRA exams, candidates do not need to be sponsored by a firm to take the Series 65. That makes it appealing for independent advisors or consultants who want to start their own practices.
TheSeries 65exam focuses on topics like:
- Economic and financial reporting
- Investment vehicle characteristics
- Ethics and fiduciary responsibilities
- Client recommendations and portfolio management
In short, the Series 65 allows professionals to give personalized financial advice and charge clients directly for their services — something holders of only a Series 6 or Series 7 license cannot legally do without additional registration.
Salary Growth and Career Opportunities with These Licenses
Earning a Series 6 license, Series 7 license, or Series 65 can significantly impact your career trajectory and income potential. Each license opens doors to different roles within the financial industry.
Here’s a quick overview:
- Series 6 license holders often work as mutual fund representatives, insurance agents, or retirement specialists. Entry-level salaries range from $45,000 to $70,000, with commissions and bonuses increasing total compensation.
- Series 7 license holders can become stockbrokers, wealth managers, or registered representatives, earning anywhere from $60,000 to $120,000+, depending on performance and clientele.
- Series 65 professionals typically work as independent advisors or fiduciary planners. Their earnings vary widely, but experienced advisors can earn six figures or more through client fees and portfolio management.
Many professionals eventually hold multiple licenses to expand their service offerings. For example, someone with a Series 7 license might also earn a Series 65 to legally offer both brokerage services and investment advice — providing a complete suite of financial solutions to clients.
The Takeaway: Building a Strong Financial Career
Whether you’re just starting out or looking to advance in finance, understanding these securities licenses is key.
- TheSeries 6 licenseis ideal for entry-level professionals focusing on mutual funds and variable products.
- TheSeries 7 licenseoffers comprehensive authority for those who want to handle a full range of securities transactions.
- TheSeries 65is essential for financial advisors who wish to provide fee-based investment advice independently.
Each path requires dedication and study, but the rewards are worth it — both in professional credibility and earning potential.
If you’re exploring your options orsearching for licensed advisorsto work with,Sam's Listis the perfect place to start.
Disclosure:This content is for informational purposes only and should not be construed as financial, investment, or legal advice. Sam’s List is an independent directory service that may receive compensation from participating advisors. If you choose to engage an advisor or consultant through Sam’s List, please verify their registration status with the SEC or your state securities regulator.
FAQs
1. What is the best securities license to get?
The best license depends on your career goals. For most financial advisors, the Series 7 (General Securities Representative License) is the most versatile, allowing you to sell a wide range of securities. Those focusing on advisory services often pair it with the Series 66 or Series 65 license to provide investment advice legally.
2. What is a Series 7, 65, and 82 license?
Series 7:Allows professionals to sell stocks, bonds, mutual funds, and other general securities.
Series 65:Authorizes individuals to provide fee-based investment advice without selling securities.
Series 82:Permits limited private securities offerings, typically for investment bankers or boutique firms.
Each license serves a different function depending on whether you plan to advise, trade, or raise capital.
3. What are the four types of financial securities?
The main types of securities are:
Equities– ownership interests like stocks.
Debt securities– loans or bonds issued by companies or governments.
Derivatives– financial contracts based on underlying assets.
Hybrid securities– combine debt and equity features, such as convertible bonds.
4. What is the purpose of a securities license?
A securities license ensures that financial professionals meet regulatory standards and are qualified to advise clients, sell investments, or manage assets. It protects investors by requiring license holders to follow ethical and compliance guidelines set by FINRA and the SEC.
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Author: Gloria Bea
Gloria is a contributor to the Sam’s List team, where she writes about finance, business, and smarter money decisions.
