Pass the FINRA Series exam in the first attempt-

Last Updated On: April 2024

Table of Contents

Pass the FINRA Series exam in the first attempt-

How many are a series of FINRA exams?

In general, there are in total of nine series conducted by FINRA, you can earn this license but for that, you need a sponsor or have work for a broker-dealer.

  • Series 6: If you want to sell common funds, variable annuities, and other investment packages, you’ll need this license.
  • Series 7: If you’d like to be a stockbroker, this is the license for you. Administered by FINRA and known as the general securities representative license.
  • Series 3: If you want to sell commodity contracts, you need the Series 3 license.
  • Series 31: If you want to sell managed futures, which are pooled groups of commodities futures, you’ll need the Series 31 license.
  • Series 63: If you have a Series 6 license or a Series 7 license, and you want to do business as a stockbroker, you need this license. Administered by NASAA, Series 63 is known as the Uniform Securities Agent license.
  • Series 65: If you want to be a financial planner or another financial representative who deals with managed-money accounts, you’ll need this license. It’s also administered by NASAA.
  • Series 66: If you have a Series 7 license, you have already answered a good portion of the Series 65 exam, so instead of earning Series 63 and Series 65 separately, you can choose to hold this license instead.
  • Series 79: If you want to offer, you’ll need this license.
  • Series 99: If you plan to be a senior manager, you need this license.

What is the exam format?

The series of the exam have different formats but one point is the same, all are the and they are as followed;

  • Series 6: it consists of 25 questions, covering 50% of the exam.
  • Series 7: it consists of 135 questions.
  • Series 3: it has 120 questions in total.
  • Series 31: This portion contains 45 scored questions.
  • Series 63: consists of 60 multiple-choice questions. There are 36 questions about state securities acts and their related rules and regulations and 24 questions about ethical practices and fiduciary obligations.
  • Series 65: consists of 130 multiple-choice questions.
  • Series 66: contents include 100 multiple choice questions that are scored and 10 those questions which are not scored.
  • Series 79: it has 175 questions with +10 experimental questions.
  • Series 99: This portion consists of 110 questions.

What are the Eligibility Requirements?

There are no long requirements needed to be a part of these extraordinary exam series, you need to be associated and sponsored by FINRA or by other applicable self-regulatory organization member firm to be eligible to take FINRA representative-level qualification exams.

For SIE or series 7 exam, Candidates must stream both the Series 7 exam and the SIE exam to get the General Securities registration.

Registration of a new candidate

The association allows anyone to be a part of an exam who has engaged in the security of business of the firm by filling the appropriate application form.

What is the price of the exam?

The listing of price can be referred from the official website which is linked below;

How to study for the exam?

Put in time

Studying can be easy for one who is marketing it but to study with proper time for the proper preparation, one needs to put the right amount of time and effort.

Conceptual thinking

This kind of exams do not require more memorization but instead needs your solid grip over the subject and you thinking out of the box. In order to pass the exam, try to learn and understand the concept more than memorizing it.

Learn the rules

The very famous rule which comes in the last 25 questions is the bell curve rule.

Up to date knowledge

Planning to study for the exam but do not know how to? Well, keep this very minute thing in mind, always keep yourself updated with the new concepts and knowledge in the market to pass the exam safely.

Practice more

Nothing can be achieved if you haven’t practiced it well, keep in mind to score more in the practice tests so you can stand out in the exam. Be an active part of the test series to know where you stand.

No need for technical study

If you are thinking you will have to learn all the technical concepts then you are at more chances to fail it other than nailing it. Keep your concepts straight and forward. Stay up to date with the wittiness of knowledge.

What is the ideal passing rate?

Back in 2017 the passing rate for the FINRA exam series, they set to 70%. As the different series have different criteria, here is it follows;

  • Series 6: The passing score for the exam is 70%.
  • Series 7: On average, the pass rate for the Series 7 exam is around 65%. On a whole, about 86% of candidates pass the Series 63 on their first attempt.
  • Series 3: Although there is no official pass rate published by FINRA, it is widely accepted that the pass rate for the Series 3 exam is around 70%.
  • Series 31: the passing score is 70%.
  • Series 63: Passing Score 72% which means answering 43 of 60 questions correctly.
  • Series 65: must correctly answer at least 94 of the 130 scored questions.
  • Series 66: must correctly answer at least 73 of the 100 scored questions.
  • Series 79: Passing score 73% which means answering 55 questions correctly.
  • Series 99: a score of 68 percent is required to pass the examination.

How can you measure the difficulty of the exam?

Considering the amount of time to solve the 125 questions and clocking around them, well the query is answered, it is the most difficult exam for security licensing, though the passing rate is 70% which makes it easy for one to have a clear path.

What time is given to solve the exam?

As it is already discussed that FINRA series exams are entirely given for different reasons, the time allowed is also different for every series. Here is the breakage of it;

  • Series 6: two hours and fifteen minutes.
  • Series 7: three-hours and 45 minutes.
  • Series 3: two hours and 30 minutes to complete the exam.
  • Series 31: one hour to complete the exam.
  • Series 63: Exam takes 75 minutes to complete.
  • Series 65: Candidates have 180 minutes to complete the exam.
  • Series 66: Candidates have 150 minutes to complete the exam.
  • Series 79: The time allowed to complete the exam is two hours and thirty minutes.
  • Series 99: the test time is 1 hour and 30 minutes.

What experts say about study time?

Well the odds say, it depends on the person who is asking for the exam study time and how they see study planning. The ideal time proposed is something between 100 hours to 150 hours. This time is required before taking the exam, still one need not agonize that if they have studied for lesser time. It solely depends on the study plan and the materials you have gathered for yourself.

What are the possible job options available for you after exam clearance?

Considering to have a career in security, you need to get a license for the exam, though there are exams other than the FINRA the most valued is this one. This can be an open option for you to opt for safe entry in a job world;

  • Chief Security Officer (CSO).
  • Security Consultant.
  • Director of Security.

What are the possible alternates to this exam?

In order to consider other exams that can provide you licensed jobs in the future other than this FINRA series exam, you can opt for these but should always consider the price, time period, policies, terms and conditions, and lastly how valued is the license of these are in the industry.

  • International professional security association exam.
  • Security Industry Authority (SIA) exam.

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