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The Financial Industry Regulatory Authority (FINRA) requires financial professionals who sell securities products to obtain a Series 7 license. Some states also require these professionals to obtain a Series 63 license.
A Series 7 license allows financial agents or representatives to sell securities. A Series 63 license allows these professionals to sell securities in a specific state. All financial professionals interested in selling securities are required to pass the Series 7 exam. Each state's requirements vary for the Series 63 license.
Although there are no standard educational requirements for these licenses, most candidates interested in obtaining these licenses hold a bachelor's degree.
To receive these licenses, interested candidates must be employed by a Financial Industry Regulatory Authority or exchange member firm for approximately four months, according to the Bureau of Labor Statistics.
Before taking the exams required for each license, interested candidates must submit fingerprints and go through a background check. An exam for each license is then administered and candidates must pass both exams to receive the series 7 and 63 licenses.
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