FINRA Series 66 License
What is a FINRA Series 66 License?
In the world of financial certifications, the Series 66 license is a pivotal credential. It qualifies us to be investment advisor representatives, combining the tests for both the Series 63 and Series 65 licenses.
Author Note: In my experience, it was much better to get the 66 than both the 63 and 65. You only have to pass one comprehensive exam, instead of two. To me, it is a no-brainer.
To obtain this license, one must pass a comprehensive exam that assesses our knowledge of investment analysis, portfolio management, ethical practices, and fiduciary responsibilities.
Here’s what is necessary for eligibility:
- We must be sponsored by a FINRA member firm or a self-regulatory organization (SRO).
- We typically also need to have passed the Series 7 exam, which focuses on general securities.
| Requirement | Detail |
|---|---|
| Sponsorship | By FINRA member firm or SRO |
| Prerequisite Exam | Series 7 (Generally Required) |
| Exam Content | Economic Factors, Investment Vehicle Characteristics, Client Investment Recommendations and Strategies |
| Regulatory Coverage | Uniform Securities Act, Investment Advisers Act of 1940, and other Federal Regulations |
The Series 66 exam covers topics such as portfolio management strategies and ethical practices. Significantly, it equips us with the authority to advise on securities and to execute certain client transactions.
The breadth of the exam ensures that we understand laws and regulations pertinent to the role of an investment advisor. This foundation is essential in fostering trust and integrity in client relationships and helps us to operate within the bounds of state and federal laws.
To maintain our Series 66 license, we must comply with ongoing professional education and ethics requirements. It is a vital step in our journey to becoming seasoned advisors dedicated to serving clients with excellence.