Securities licensing exams explained: SIE, Series 7, 63, 65 and 66
Last checked October 16, 2026 · Sources: FINRA qualification exams table and SIE FAQ; NASAA’s 2023 Series 63/65/66 update as reported by Achievable and Knopman Marks
Securities licensing exams in the US usually start with the FINRA SIE ($100, 75 questions), which anyone can take without an employer. To become a registered representative you also need a top-off exam such as the Series 7 ($395), which requires a sponsoring firm, and most states also require a NASAA state law exam: the Series 63, 65 or 66.
The main securities licensing exams
| Exam | Who writes it | Time | Questions | Fee | To pass |
|---|---|---|---|---|---|
| SIE: Securities Industry Essentials | FINRA | 1 hr 45 min | 75 | $100 | 70 |
| Series 6: Investment Company and Variable Contracts | FINRA | 1 hr 30 min | 50 | $100 | Not covered here |
| Series 7: General Securities Representative | FINRA | 3 hr 45 min | 125 | $395 | 72%, per prep providers |
| Series 63: Uniform Securities Agent State Law | NASAA | 1 hr 15 min | 60 | $147 | 43 of 60 (72%) |
| Series 65: Uniform Investment Adviser Law | NASAA | 3 hr | 130 | $187 | 92 of 130 (about 70.8%) |
| Series 66: Uniform Combined State Law | NASAA | 2 hr 30 min | 100 | $177 | 73 of 100 (73%) |
Duration, scored questions and fees from FINRA’s qualification exams table; passing scores from FINRA (SIE) and NASAA’s 2023 update as reported by prep providers. Checked October 16, 2026.
FINRA notes that appointment times include an extra 30 minutes for the tutorial and post-exam survey, and that some exams also include unscored pretest questions. Our formats and scoring guide covers each exam in detail.
How the licensing path works
Anyone can enroll; FINRA says you don't need to be associated with a firm. A pass is valid for four years.
A FINRA member firm sponsors you for a representative exam such as the Series 7. FINRA says you must pass both the SIE and the Series 7 to become a general securities representative.
Most states require a state law exam. The Series 63 covers state law for securities agents, the Series 65 covers investment adviser law, and the Series 66 combines them for candidates who also hold the Series 7.
Which state exam do you need?
The answer depends on your role and your firm. Brokers selling securities typically pair the Series 7 with the Series 63. People who will give investment advice for a fee as investment adviser representatives typically take the Series 65. The Series 66 combines state securities law with investment adviser law and is taken alongside the Series 7. Your sponsoring firm will tell you which registrations it needs, and state rules apply.
Study strategy and tips
Plan by FINRA’s published weights: products and risks are 44% of the SIE, and making suitable recommendations is 73% of the Series 7. Most candidates take the SIE, then the Series 7 soon after while the shared material is fresh, then a state law exam.
Week-by-week plans weighted by FINRA's outlines.
→What to bring, and test center vs online.
→What your score report shows, and what to do next.
→Things that actually move your score
FINRA's free SIE practice test shows the style before you spend anything.
Use each content outline as a checklist, giving the most time to the biggest sections.
Take full-length practice exams at the real time limits before you book.
The 120-day testing window starts when enrollment is processed, so enroll when you're close to ready.
If you fail, your report's section profile tells you exactly where to rework.
Where candidates talk about these exams
r/Series7 and r/FinancialCareers are the most active communities, useful for study plans and motivation. Fees and rules posted there often predate the 2026 fee increases and the 2027 retake changes, so check them on FINRA’s and NASAA’s pages. Our community guide lists outdated claims to watch for.
Our securities licensing guides
Sections, fee, passing score, no sponsor needed.
→Four functions, $395, sponsorship.
→Funds and variable products: 50 questions, $100.
→State law for agents: 60 questions, $147.
→Adviser law: 92 of 130 to pass, $187.
→Combined state law with the Series 7, $177.
→Principal exam: 150 questions, $235.
→NFA futures exam: 70% on each part.
→ID, check-in, test center vs online.
→Score reports, CRD and retakes.
→SIE, top-off and state law, week by week.
→Shorter retake waits from January 2027.
→Fees for every exam and common paths.
→Formats, passing scores and paths.
→Self-enroll for the SIE; Series 7 via a firm.
→FINRA's free SIE practice test and outlines.
→Achievable, Kaplan, WebCE and ExamFX.
→Head-to-head on price and features.
→From free outlines to $99.
→Partner pricing and expired codes.
→Weighing a different credential? See our guides to insurance licensing, the CFA and the CMT, and our official FINRA and NASAA links.
Common questions about securities licensing exams
Can I take these exams without an employer?
The SIE, yes: FINRA says you don’t need to be associated with a firm to take it. The Series 7 and other FINRA representative exams need a sponsoring FINRA member firm.
How much does the SIE cost?
$100, according to FINRA. Older sites may still list $80.
How long is an SIE pass valid?
Four years from the date you pass, according to FINRA.
Does passing the SIE let me work in securities?
No. FINRA says passing the SIE alone doesn’t qualify you for registration or to do securities business, and you won’t appear in BrokerCheck from the SIE alone.
How much does the Series 7 cost?
$395, according to FINRA. Your sponsoring firm usually handles enrollment.
We first checked these sources on October 12, 2026 and rechecked them on October 16, 2026. MockTestPrep is independent and is not affiliated with FINRA or NASAA.