How to become a financial advisor without a degree

Question

Zippia Team · Accepted Answer

You must obtain certain licenses by passing exams, such as the Series 6 exam and the Securities Industry Essentials exam in order to become a financial advisor without a degree.

The first step in becoming a financial advisor without a degree is to figure out what type of financial advising you want to provide. This helps to determine what licenses and certifications you should pursue. For instance, the license to advise on stocks is different from the license to advise on mutual funds.

Next, you should explore online course options. You need to prepare yourself for the license exams you are going to take, so do some heavy research on the financial industry. You can source your information online or from textbooks; however, online finance courses are specifically designed to prepare you for these tests.

Then you must pass your exams to earn your license(s). The Financial Industry Regulatory Authority (FIRNA) oversees these exams.

Here is a brief breakdown of some of the licenses you may need to get and exams you may need to pass:

Securities Industries Essentials exam (SIE)

This exam covers general securities industry information, concepts, products, agencies, and practices. Many licenses require the passing of the SIE exam as a corequisite to other license exams.

The SIE exam includes 75 multiple-choice questions. You have one hour and 45 minutes to complete the exam. The FINRA requires a score of at least 70 to pass.

Series 6 exam

This exam is on the functions of investment companies and their contracts. Passing this exam, along with the SIE, qualifies you to sell, solicit, and purchase security products, such as unit investment trusts, mutual funds, variable annuities, municipal fund securities, and variable life insurance.

The Series 6 exam has 50 multiple-choice questions. You have one hour and 30 minutes to complete the exam. The FINRA requires a score of at least 70 to pass.

Series 7 exam

This is a FINRA entry-level exam and assesses your ability to work as a general securities representative. Passing this exam, and the SIE, allows you to sell, purchase, or solicit all security products, like options, direct participation programs, corporate securities, investment company products, variable contracts, and municipal fund securities.

The Series 7 exam has 125 multiple-choice questions. You have three hours and 45 minutes to complete the exam. The FINRA requires a score of at least 72 to pass.

Other exams you may need to pass on your journey to becoming a financial advisor without a degree include the Series 65 exam and the Series 66 exam.

After passing your exams and obtaining your license(s), some states require additional certifications. These certifications are likely going to be related to the type of financial advising you wish to practice. Earning these certifications may require you to pass more exams or complete training courses.

Next, you should seek out an internship or entry-level financial advising position. In both these scenarios, it would be highly advantageous to then find a mentor who can help guide you and hopefully jump-start your career as a financial advisor without a degree.