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Financial advisor license requirements: which securities exams you need, in what order, and what they cost

Name: Financial advisor license requirements: which securities exams you need, in what order, and what they cost
Published: 2026-09-15
License: Free to reuse and cite with attribution to Every Exam Prep and a link to the report URL.

Written by Every Exam Prep Editorial TeamSource and review policy

Last verified September 15, 202619 official sourcesFree to cite with attribution

A tab-flagged candidate handbook, a desk calendar and a blue folder on a desk — securities licensing exams. — Every FINRA, NASAA, MSRB and NFA exam, in the order the rules impose, with the fees added up.Illustration · AI-generated

Exams in the table

Enrol without a firm

$642

Fees, SIE → Series 7 → Series 63

Job paths mapped

32 rows, machine-readable: JSON · CSV. Free to reuse and cite with attribution to Every Exam Prep and a link to the report URL.

There is no single "financial advisor license". Securities licensing is a sequence: an entry exam anyone can sit, a representative exam a firm has to sponsor, and a state-law exam most states add on top — and which sequence you need depends on what you will actually do: sell funds, sell everything, give advice for a fee, supervise, underwrite, trade. The regulators publish the rules for each step in different places; this page puts them in one, with the fees, the enrollment windows, the retake waits and what a prep course adds.

The finder takes a job and returns the exams in the order the rules impose, with each exam's question count, time limit, passing standard and fee from the regulator's own page, and the totals across the path. The full-service path — SIE, Series 7, Series 63 — costs $642 in exam fees and needs a sponsor for one exam of the three.

Below the finder is every exam FINRA lists on its qualification-exams page — its own representative- and principal-level exams, the NASAA state-law exams, the MSRB municipal exams and the NFA futures exams — 32 in all, with a source link on every row and the two rules that decide a candidate's route: whether the SIE is a co-requisite, and whether the exam can be enrolled for without a firm. 14 of the 32 can.

Every securities licensing exam, with the regulator's numbers

Grouped as FINRA groups them. "Enrol without a firm" means FINRA's enrollment page lets an individual request the exam directly; a FINRA representative- or principal-level exam is opened by a sponsoring member firm's Form U4 filing. "SIE co-requisite" is FINRA's rule for its representative-level exams, and NASAA's for the Series 66.

Order and sponsorship as the regulators state them; the table below carries each exam's numbers and the source for every row.

Exam	Questions	Time	To pass	Fee	Enrol without a firm?	SIE co-requisite?	Source
The entry exam (FINRA)
SIE	75	1 h 45 min	70%	$100	Yes	—	finra.org
FINRA representative-level exams
Series 6	50	1 h 30 min	70%	$100	Sponsor required	Yes	finra.org
Series 7	125	3 h 45 min	72%	$395	Sponsor required	Yes	finra.org
Series 22	50	1 h 30 min	70%	$100	Sponsor required	Yes	finra.org
Series 57	50	1 h 45 min	70%	$105	Sponsor required	Yes	finra.org
Series 79	75	2 h 30 min	73%	$395	Sponsor required	Yes	finra.org
Series 82	50	1 h 30 min	70%	$100	Sponsor required	Yes	finra.org
Series 86/87	two parts	two parts	73% (Series 86) / 74% (Series 87)	$295	Sponsor required	Yes	finra.org
Series 99	50	1 h 30 min	68%	$100	Sponsor required	Yes	finra.org
FINRA principal-level exams
Series 4	125	3 h 15 min	72%	$200	Sponsor required	No	finra.org
Series 9/10	200	5 h 30 min	70% each part	$410	Sponsor required	No	finra.org
Series 14	110	3 h	70%	$450	Sponsor required	No	finra.org
Series 16	two parts	two parts	72% (Part 1) / 74% (Part 2)	$325	Sponsor required	No	finra.org
Series 23	100	2 h 30 min	70%	$135	Sponsor required	No	finra.org
Series 24	150	3 h 45 min	70%	$235	Sponsor required	No	finra.org
Series 26	110	2 h 45 min	70%	$200	Sponsor required	No	finra.org
Series 27	145	3 h 45 min	69%	$235	Sponsor required	No	finra.org
Series 28	95	2 h	69%	$195	Sponsor required	No	finra.org
Series 39	100	2 h 15 min	70%	$200	Sponsor required	No	finra.org
NASAA state-law exams
Series 63	65	1 h 15 min	72%	$147	Yes	No	nasaa.org
Series 65	130	3 h	92 of 130 (71%)	$187	Yes	No	finra.org
Series 66	100	2 h 30 min	73%	$177	Yes	Yes	finra.org
MSRB municipal securities exams
Series 50	100	3 h	71%	$265	Yes	No	msrb.org
Series 51	60	1 h 45 min	70%	$255	Yes	No	finra.org
Series 52	75	2 h 30 min	70%	$260	Yes	No	finra.org
Series 53	100	3 h 15 min	70%	$265	Yes	No	finra.org
Series 54	100	3 h	70%	$265	Yes	No	finra.org
NFA futures exams
Series 3	120	2 h 30 min	70% each part	$140	Yes	No	finra.org
Series 30	50	1 h	70%	$90	Yes	No	finra.org
Series 31	45	1 h	70%	$90	Yes	No	finra.org
Series 32	35	45 min	70%	$90	Yes	No	finra.org
Series 34	40	1 h	70%	$90	Yes	No	finra.org

Questions, time, passing standard and fee are the figures each regulator publishes for the exam, as of the verification date; two-part exams (Series 16, Series 86/87) publish them per part. Fees are the exam fee alone.

Start from the job

The sequences the finder uses, with the exam fees added up. The state-law step is marked where it depends on the state: NASAA's guidance is that most states require the Series 63 in addition to FINRA's exams, and a candidate who will also be registered as an investment adviser representative takes the Series 66 in its place.

Job	Exams, in order	Exam fees	Sponsor needed for
Sell mutual funds, variable annuities and UITs	SIE → Series 6 → Series 63 (where the state requires it)	$347	Series 6
Full-service registered representative (stocks, bonds, options, funds)	SIE → Series 7 → Series 63	$642	Series 7
Investment adviser representative at an RIA (fee-based advice)	Series 65	$187	None — every exam can be enrolled without a firm
Broker-dealer representative who also gives advice (dual registration)	SIE → Series 7 → Series 66	$672	Series 7
Investment banking (underwriting, M&A advisory)	SIE → Series 79 → Series 63 (where the state requires it)	$642	Series 79
Proprietary or agency equity trader	SIE → Series 57	$205	Series 57
Supervise registered representatives (principal)	SIE → Series 7 → Series 24	$730	Series 7, Series 24
Municipal securities representative	SIE → Series 52 → Series 63 (where the state requires it)	$507	None — every exam can be enrolled without a firm
Futures and commodities (introducing broker, CTA, associated person)	Series 3 → Series 34 (where the state requires it)	$230	None — every exam can be enrolled without a firm
Private placements only	SIE → Series 82 → Series 63 (where the state requires it)	$347	Series 82
Operations professional (back office)	SIE → Series 99	$200	Series 99

Each regulator's current exam fee, by step; registration, fingerprinting, state filing fees and any course are on top.

How long you have, and how long you wait

Three clocks run on every path: the window to sit once enrolled, the wait after a failed attempt, and how long a pass stays valid before it has to be used. Each regulator sets its own, and most prep sites still quote FINRA's old 30- and 180-day waits — FINRA's Rule 1210 now says 15 and 60. NASAA's waits stay at 30 and 180 until exam windows opened on or after January 4, 2027, when the third-failure wait drops to 60.

Exams	Window to sit once enrolled	Wait after a failed attempt	After three failures in two years	How long a pass stays valid	Source
SIE	120 days	15 calendar days	60 calendar days (three or more fails in succession within two years)	4 years from the pass	finra.org
FINRA representative and principal exams (Series 6, 7, 22, 57, 79, 82, 86/87, 99; 4, 9/10, 14, 16, 23, 24, 26, 27, 28, 39)	120 days	15 calendar days	60 calendar days (three or more fails in succession within two years)	2 years after the registration it supports is terminated	finra.org
NASAA Series 63, 65, 66	120 days	30 days (after the first and after the second failed attempt)	180 days; 60 days for exam windows opened on or after January 4, 2027	Most states: 2 years to become registered, then valid while registered	nasaa.org
MSRB Series 50, 51, 52, 53, 54	120 days	30 days	180 calendar days (three or more fails in succession within two years)	2 years after the registration it supports is terminated	msrb.org
NFA Series 3, 30, 31, 32, 34	120 days	30 days (after the first and after the second failed attempt)	180 days after the third failure, and after each failure thereafter	2 years: the pass must fall within two years of the registration application	nfa.futures.org

The linked source on each row is the rule that sets the waiting periods, the figure most often misquoted; the window and validity sentences are listed under Sources. "Valid" means usable for a registration: FINRA's four-year SIE clock runs from the pass, its two-year clock for the other exams runs from the end of a registration, NASAA's two-year rule runs from the pass until first registration.

Blue: the wait after any failed attempt. Red: the wait once an exam has been failed three or more times in succession within two years. FINRA's figures come from Rule 1210; NASAA's, MSRB's and NFA's from their own rules, linked in the table.

What a prep course adds to the bill

Exam fees are the smallest part of the cost and the easiest to state exactly; a course is the larger, optional part. These are the prices printed on the providers' own pages, read on the dates shown, for the two exams on nearly every path — the SIE, which sits before every FINRA representative exam, and the Series 7. The free route is the practice bank, study guide and cheat sheet on this site; the 11 paths above cost $187 to $730 in exam fees before any course.

Exam	Course price range	Providers and prices	Exam fee	Exam + course, cheapest to priciest	Source
Series 7	$199–$1,110	Achievable $199; Kaplan $279–$309; Knopman Marks $480–$1,110 (prices read 2026-08-19)	$395	$594–$1,505	achievable.me
SIE	$99–$895	Achievable $99; ExamFX $129–$249; STC $129–$293; Kaplan $149; Knopman Marks $265–$895 (prices read 2026-07-23)	$100	$199–$995	achievable.me

List prices as printed, not sale prices; access periods differ (Kaplan 5 months, Achievable and Knopman 12). Registration, fingerprinting and state filing fees are separate and usually paid by the sponsoring firm.

Method

— Exam facts (questions, time, passing standard, fee) are the verified entity facts behind this site's 32 securities exam hubs, each bound to the regulator's page for that exam; the table's Source column is that page. Verified 2026-09-15.
— Classification — FINRA representative-level, FINRA principal-level, MSRB, NFA, NASAA — is copied from the headings of FINRA's qualification-exams page as read on the verification date, not inferred from the exam's name.
— The sponsor rule is FINRA's enrollment page: exams offered for direct individual enrollment there (SIE, NASAA, NFA, MSRB) are marked as enrollable without a firm; FINRA representative- and principal-level exams are marked as sponsor-required. NASAA's exam FAQ is cited for the Series 63/65/66 answer and for the Series 66 co-requisites.
— The clock table binds each cell to the regulator's sentence: FINRA's schedule-exam page for the 120-day window, Rule 1210 Supplementary Material .06 for FINRA's 15- and 60-day waits, NASAA's exam FAQ for its 30- and 180-day waits and the January 4, 2027 change, MSRB Rule G-3 and NFA's study-outlines page for theirs, and each regulator's validity statement.
— Prep-course prices are the verified provider price facts behind this site's best-courses articles — each a quoted span of the provider's page on the date read — reduced to a range per exam; no price is estimated.
— The job paths are the regulators' sequences (SIE before a FINRA representative exam; the state-law exam where the state requires it), not career advice; where a step has an accepted alternative the finder shows both and the table names the default. The finder adds fees, questions and minutes from the table — it computes nothing else.

Sources

The documents this page was checked against, with the date each was read. Every number above traces to one of them.

1
Qualification Exams — FINRA, read September 15, 2026.The grouping of every exam — FINRA representative-level, FINRA principal-level, MSRB, NFA, NASAA — and the SIE co-requisite rule for representative-level exams.
2
Enroll for an Exam — FINRA, read September 15, 2026.Which exams an individual can enroll for directly (SIE, NASAA, NFA, MSRB) and that a firm files Form U4 to open FINRA representative- and principal-level exams.
3
Exam FAQs — Series 63, 65 and 66 — North American Securities Administrators Association (NASAA), read September 15, 2026."Do I need to have a sponsor before I take the Series 63, 65, or 66? No."; the 120-day enrollment window; the SIE and Series 7 as Series 66 co-requisites; most states requiring the Series 63 alongside FINRA's exams.
4
FINRA Rule 1210 — Registration Requirements — FINRA, read September 15, 2026.Eligibility of non-associated persons for the SIE, that passing the SIE alone does not qualify anyone for registration, and the retake waiting periods (Supplementary Material .06).
5
Professional Qualification — Municipal Securities Rulemaking Board (MSRB), read September 15, 2026.The Series 50–54 qualification program under MSRB Rule G-3.
6
Proficiency Requirements — National Futures Association (NFA), read September 15, 2026.Registration Rule 401 and the Series 3 as the proficiency requirement, with the Series 30, 31, 32 and 34 alternatives.
7
Schedule an Exam — FINRA, read July 18, 2026."FINRA posts a 120-day window in which the exam must be taken."
8
Securities Industry Essentials (SIE) Exam — FINRA, read September 15, 2026."the result remains valid for four years".
9
Qualification Exams FAQ — FINRA, read August 9, 2026."All other exams are valid for two years after your registration has been terminated."
10
MSRB Rule G-3 — Professional Qualification Requirements — MSRB, read August 9, 2026."permitted to take the examination again after a period of 30 days has elapsed"; "three or more times in succession within a two-year period … 180 calendar days".
11
Study Outlines — exam waiting periods and windows — NFA, read August 9, 2026."The candidate will have 120 days to schedule and take the exam"; "A minimum of 30 days after failing the first exam"; "A minimum of 180 days after failing the exam for the third time".
12
Achievable — Series 7 course pricing — Achievable, read August 19, 2026.Course price $199 as printed on the provider's page.
13
Kaplan — Series 7 course pricing — Kaplan, read August 19, 2026.Course price $279–$309 as printed on the provider's page.
14
Knopman Marks — Series 7 course pricing — Knopman Marks, read August 19, 2026.Course price $480–$1,110 as printed on the provider's page.
15
Achievable — SIE course pricing — Achievable, read July 23, 2026.Course price $99 as printed on the provider's page.
16
ExamFX — SIE course pricing — ExamFX, read July 23, 2026.Course price $129–$249 as printed on the provider's page.
17
STC — SIE course pricing — STC, read July 23, 2026.Course price $129–$293 as printed on the provider's page.
18
Kaplan — SIE course pricing — Kaplan, read July 23, 2026.Course price $149 as printed on the provider's page.
19
Knopman Marks — SIE course pricing — Knopman Marks, read July 23, 2026.Course price $265–$895 as printed on the provider's page.

Questions

What are the different types of securities licenses?: Five groups, 32 exams in all, as FINRA lists them: the SIE entry exam; FINRA representative-level exams (Series 6, 7, 22, 57, 79, 82, 86/87, 99); FINRA principal-level exams (Series 4, 9/10, 14, 16, 23, 24, 26, 27, 28, 39); the NASAA state-law exams (Series 63, 65, 66); the MSRB municipal exams (Series 50–54); and the NFA futures exams (Series 3, 30, 31, 32, 34). The table above gives each one's format and fee.
Who needs a securities license?: Anyone who sells securities or is paid for investment advice. A person associated with a broker-dealer registers with FINRA through a qualification exam (Rule 1210); an agent selling in a state registers with that state, usually through the Series 63; an investment adviser representative registers through the Series 65 or 66. Work that is purely clerical or that never touches a securities transaction or recommendation does not require one.
What license do you need to be a financial advisor?: It depends on how you are paid. Advice for a fee at a registered investment adviser needs the NASAA Series 65, which requires no sponsor and no SIE. Selling securities at a broker-dealer needs the SIE plus a FINRA representative exam — the Series 7 for a full product range — and usually the Series 63; a representative who does both takes the Series 66 in place of the 63.
Do I need the SIE before the Series 7?: The SIE is a co-requisite: both must be passed for the Series 7 registration to be effective, and FINRA lets the SIE be taken first, without a sponsor, by anyone 18 or older. Most candidates sit it before they are hired.
Which securities exams can I take without a sponsoring firm?: 14 of the 32 in the table: the SIE, the NASAA Series 63, 65 and 66, the NFA Series 3, 30, 31, 32 and 34, and the MSRB Series 50 to 54 can all be enrolled for directly through FINRA. Every FINRA representative- and principal-level exam is opened by a sponsoring firm's Form U4.
What licenses do most financial advisors have?: The common combinations follow the employer. At a broker-dealer or wirehouse: the SIE, the Series 7 and the Series 66 (or the Series 63 alone where the representative gives no advice). At an independent registered investment adviser: the Series 65 by itself. A CFP® or other designation is a credential, not a license, and does not replace the exams.
Is the Series 7 worth getting?: It is required, not optional, for anyone who will sell general securities — stocks, bonds, options, funds — as a representative of a broker-dealer, and it cannot be taken without a sponsoring firm. It costs $395 in exam fees, runs 125 scored questions in 3 hours 45 minutes and needs 72% to pass. A candidate heading for a fee-only adviser role at an RIA does not need it; the Series 65 is that path.
How long is the SIE valid, and how long do I wait to retake a failed exam?: A passed SIE stays valid for four years. Under FINRA Rule 1210 a failed SIE or FINRA representative or principal exam can be retaken after 15 calendar days, or 60 after three failures in succession within two years. NASAA's Series 63, 65 and 66 carry 30-day waits after the first two failures and 180 days after the third — 60 days for windows opened on or after January 4, 2027. MSRB and NFA exams wait 30 days, then 180.
How long does it take to get a financial advisor license?: The regulators set windows, not durations: 120 days to sit once an exam is enrolled, so a two-exam path can be finished inside one window each, and a candidate who already holds the SIE — valid four years — shortens the sponsored stretch to one exam. Study time is the variable the regulators do not publish; the practice pages linked from each step carry the question counts to plan against.
Series 65 or Series 66 — which one?: The Series 65 stands alone and qualifies an investment adviser representative with no other exam. The Series 66 combines the Series 63 and 65 but, per NASAA, is valid for registration only together with the SIE and the Series 7 — so it is the choice for a broker-dealer representative who will also give advice, not for an RIA-only career.
How much do the securities exams cost in total?: In exam fees alone: $642 for SIE, Series 7 and Series 63; $347 for SIE, Series 6 and Series 63; $187 for the Series 65 by itself. Registration, fingerprinting and state fees are separate.

Citing this page? Link to https://www.everyexamprep.com/reports/financial-advisor-license-requirements and include the verification date — fees and exam formats change on the regulators' schedules, not ours.