The Series 6 and Series 7 are both FINRA representative-level exams, and both require you to also pass the Securities Industry Essentials (SIE) exam. The difference is scope: the Series 6 is a limited license for packaged products, while the Series 7 is the full general securities license.
Side by side
| Series 6 | Series 7 | |
|---|---|---|
| Full name | Investment Company and Variable Contracts Products Representative | General Securities Representative |
| What you can sell | Mutual funds, variable annuities and similar packaged products | Most securities, including stocks, bonds, options, municipal securities and investment company products |
| Scored questions | 50 (multiple choice) | 125 (multiple choice) |
| Time | 1 hour 30 minutes | 3 hours 45 minutes |
| Passing score | 70 | 72 |
| FINRA fee | $100 | $395 |
| Corequisite | SIE | SIE |
Both exams also include a few unscored pretest questions mixed in with the scored ones, so you will see slightly more questions on screen than the counts above. Figures are from FINRA's qualification exam pages.
Which one do you need?
For both exams you must be sponsored by a FINRA member firm, so in practice your firm decides. Banks, insurance companies and firms that only sell mutual funds and variable products often sponsor the Series 6. Full-service broker-dealers and wealth management firms usually require the Series 7. Most roles also require a state exam such as the Series 63 or Series 66.
If you expect to move into a broader advisory role, the Series 7 covers everything the Series 6 does and much more. If your job is focused on packaged products, the Series 6 is shorter and quicker to prepare for.
How they differ in difficulty
The Series 7 is two and a half times as long and covers far more products, especially options, which many candidates find the hardest topic. Most of the Series 7 exam (91 of 125 questions) falls in one job function: giving customers information about investments, making recommendations and maintaining records. The Series 6 goes deeper on fewer products: mutual fund structure, variable annuities, suitability and sales rules.
How to prepare
- Pass the SIE first if you can. It is a corequisite for both, and its foundation makes the top-off exam easier.
- Use FINRA's content outline as your checklist. Weight your study time by the number of questions in each function.
- For the Series 7, give options and suitability extra time; work every calculation by hand.
- Take full-length timed practice tests, and review every miss until you can explain why the right answer is right.
Practice both, then decide
If you are still choosing, a short set of questions from each exam is the fastest way to feel the difference. TTP Prep has free practice questions for both:
- Free Series 6 practice questions · full Series 6 prep
- Free Series 7 practice questions · full Series 7 prep
Each exam on TTP Prep includes a study guide, two full-length practice tests with an explanation for every answer, flashcards and a cheat sheet. The first three chapters, 10 practice questions and 30 flashcards are free, with no card needed.
Exam details change. Always confirm fees, rules and requirements with FINRA and your sponsoring firm before you register. Exam names are trademarks of their owners; TTP Prep by Test Treasure Publication is not affiliated with them.