General Securities Representative Exam (Series 7): Full Comparison
The Series 7 (General Securities Representative Exam) is one of several FINRA and NASAA securities qualification exams, and candidates often need to understand how it relates to the SIE, Series 63, Series 6, and Series 79. Each exam covers a different scope of products or activities, and some are prerequisites or complements to others. This page compares the Series 7 against these related exams so you can map out the right registration path for your role.
The Series 7 is a corequisite-heavy license: it qualifies you to sell a broad range of securities products, but it is paired with other exams depending on where and what you sell. Use the comparison below to see where each exam fits.
Quick reference: the Series 7 at a glance
The Series 7 exam has 125 questions, runs 225 minutes (3 hours and 45 minutes), requires a 72% passing score, and costs $300. Keep these figures in mind as reference points when weighing the exams below.
Scope of each exam
- Series 7 — General Securities Representative: The broadest producing license. It covers stocks, bonds, options, mutual funds, packaged products, direct participation programs, and municipal securities, along with the rules governing customer accounts and recommendations.
- SIE — Securities Industry Essentials: An introductory, foundational exam covering industry basics — products, market structure, regulatory agencies, and prohibited practices. It does not by itself qualify you to transact.
- Series 63 — Uniform Securities Agent State Law: A state-law exam (administered for NASAA) focused on state registration requirements, ethical practices, and fiduciary obligations under the Uniform Securities Act.
- Series 6 — Investment Company and Variable Contracts Products Representative: A narrower producing license limited to mutual funds (investment company products) and variable annuities/variable life contracts.
- Series 79 — Investment Banking Representative: A specialized license for investment banking activities such as advising on or facilitating debt and equity offerings and mergers and acquisitions.
Difficulty
The SIE and Series 63 are generally considered introductory exams with a narrower or more foundational body of knowledge. The Series 6 is moderate but limited in product scope. The Series 7 is widely regarded as one of the more demanding representative-level exams because of its breadth across many product types and its length. The Series 79 is comparable in rigor to the Series 7 but concentrated on investment banking rather than retail products.
Who each is for
- Series 7: Registered representatives who want to sell the full range of securities products to retail and institutional clients.
- SIE: Anyone entering the industry, including students and prospective hires, since it can be taken without firm sponsorship.
- Series 63: Representatives who must be registered to conduct business in states requiring the Uniform Securities Agent registration — typically taken alongside the Series 7 or Series 6.
- Series 6: Representatives whose business is limited to mutual funds and variable insurance products, such as many bank- or insurance-affiliated advisors.
- Series 79: Professionals working on the investment banking side — capital raising and M&A advisory — rather than retail sales.
Prerequisites and how they fit together
- The SIE is a corequisite for the representative-level exams: candidates generally pass the SIE together with a top-off exam such as the Series 7, Series 6, or Series 79 to become fully registered.
- The Series 7 functions as the "top-off" that, combined with the SIE, produces the full General Securities Representative registration.
- The Series 63 is a state-law complement — it is commonly paired with the Series 7 or Series 6 rather than replacing them, because it addresses state registration rather than product knowledge.
- The Series 6 is an alternative, narrower top-off for those who do not need the full Series 7 product range.
- The Series 79 is a separate top-off for the investment banking track, chosen instead of the Series 7 when the role is banking rather than sales.
Frequently asked questions
Do I need the SIE before I can take the Series 7?
The SIE and Series 7 are typically taken as a corequisite pair rather than in a strict order — you generally pass both the SIE and the Series 7 top-off exam to earn the full General Securities Representative registration. Many candidates take the SIE first because it can be attempted without firm sponsorship, but it is the combination of the two that qualifies you.
Should I take the Series 6 or the Series 7?
It depends on what you plan to sell. The Series 6 is limited to mutual funds and variable insurance products, while the Series 7 covers a much broader range including stocks, bonds, options, and municipal securities. If your role involves only packaged investment and variable contract products, the Series 6 may be sufficient; if you need to sell the full securities lineup, the Series 7 is the appropriate license. For reference, the Series 7 has 125 questions and a 72% passing score.
Is the Series 63 a substitute for the Series 7?
No. The Series 63 is a state-law exam covering registration requirements and ethical practices under the Uniform Securities Act, whereas the Series 7 covers securities products and transactions. They serve different purposes and are usually taken together — the Series 7 for product qualification and the Series 63 to meet state registration requirements.