What is the difference between Series 7 and Series 63?

The Series 7 exam, also known as the General Securities Representative Examination, is a comprehensive exam that covers a wide range of securities products, investment strategies, and regulatory requirements. It is required for financial professionals who want to sell securities products, provide investment advice, or execute securities transactions.

The Series 63 exam, also known as the Uniform Securities Agent State Law Examination, is focused specifically on state securities laws and regulations. It is required for financial professionals who want to be registered as a securities agent in a particular state.

While the Series 7 exam covers topics such as equity and debt securities, options, mutual funds, and investment strategies, the Series 63 exam focuses on the legal and ethical responsibilities of registered representatives, including rules related to advertising, suitability, and client communications.

The Series 7 exam is a more challenging and comprehensive exam, with a higher passing score requirement than the Series 63 exam. However, both exams are important for financial professionals who want to be licensed and registered to sell securities products and provide investment advice.

Many financial professionals choose to obtain both the Series 7 and Series 63 licenses, as this combination allows them to provide a wider range of services and products to their clients across multiple states.

The Series 7 and Series 63 exams are administered by the Financial Industry Regulatory Authority (FINRA) and are required for financial professionals who want to be registered as broker-dealers or investment advisors.