Series 6

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Key takeaways

  • The FINRA Series 6 license permits a registered representative to sell certain packaged investment products: mutual funds, variable annuities, variable life insurance, unit investment trusts (UITs), and municipal fund securities.
  • Candidates must pass the Series 6 exam and be sponsored by a FINRA member firm or other self-regulatory organization (SRO).
  • The Series 6 is limited—holders cannot sell individual stocks, corporate or municipal bonds, options, ETFs, or be a general securities representative.

What is the Series 6 license?

The Series 6 (Investment Company/Variable Contracts Products Limited Representative) is a securities license that qualifies an individual to sell packaged retail investment products such as mutual funds, variable annuities, variable life insurance, UITs, and municipal fund securities (for example, 529 college savings plans). It does not authorize sales of individual equities, most bonds, options, or other uncovered securities.

Who typically holds a Series 6?

Common roles that use the Series 6 include:
* Financial advisors and investment representatives focusing on mutual funds and annuities
* Retirement plan specialists
* Private bankers and insurance-linked investment representatives
Holders often work for broker-dealers, banks, insurance companies, or other financial institutions.

Exam and registration requirements

  • Sponsorship: To take the Series 6 exam, candidates must be sponsored by a FINRA member firm or another SRO. The Securities Industry Essentials (SIE) exam is a co-requisite (but does not require sponsorship).
  • Exam administration: FINRA administers the exam; testing is available online (Prometric) and requires specialized software and remote proctoring cameras.
  • Registration: After passing, candidates must be registered with FINRA through their sponsoring firm to transact the authorized securities.

Exam format and content

  • Length and passing score:
  • 50 scored questions (plus 5 unscored pretest questions) — 55 total
  • 90 minutes to complete
  • Passing score: 70% (at least 35 of the 50 scored questions)
  • Cost: $75 (current as of 2024)
  • No reference materials allowed during the exam
  • Content areas and weights:
  • Seeks business for the broker-dealer from customers and potential customers — 12 questions (24%)
  • Opens accounts after obtaining and evaluating customers’ financial profiles and investment objectives — 8 questions (16%)
  • Provides customers with information about investments, makes suitable recommendations, transfers assets, and maintains records — 25 questions (50%)
  • Obtains and verifies customers’ purchase and sale instructions; processes, completes, and confirms transactions — 5 questions (10%)

Series 6 vs. Series 7

  • Series 6: Limited representative license for mutual funds, variable products, UITs, and certain municipal fund securities. Shorter exam, lower cost, narrower product scope.
  • Series 7: General securities representative license that permits sales of stocks, bonds, ETFs, options, and a broader range of products. The Series 7 exam is longer and more comprehensive and may open more job opportunities in the securities industry.

Continuing education and license validity

  • Continuing education: Registered individuals must meet FINRA continuing education requirements, which include a regulatory element (completion deadlines specified by FINRA) and a firm element (employer-provided training).
  • Validity and inactivity:
  • The Series 6 registration can lapse if not associated with a sponsoring firm; an inactive registration for two years can be administratively terminated.
  • The SIE exam result is valid for up to four years.

Bottom line

The Series 6 license enables professionals to sell packaged investment products—mutual funds, variable annuities, variable life insurance, UITs, and municipal fund securities—but is limited compared with the Series 7. Candidates must pass the Series 6 exam, be sponsored by a FINRA-member firm, and meet ongoing continuing education and registration requirements to maintain active status.