What are the qualifications to be a financial analyst?

The qualifications to be a financial analyst are a bachelor's degree, certifications, and passing different financial exams, like the Series six and Series seven exams.

The education requirements of a financial analyst typically consist of a bachelor's degree in economics, finance, or statistics. However, many financial analysts hold advanced degrees in these areas as well.

Most financial analysts have to pass a number of exams for certifications after college on their way to becoming professionals in the field. The Financial Industry Regulatory Authority (FINRA) regulates brokers, dealers, and other financial professionals. It has standards set in place for scores that must be obtained in order to gain certification.

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 1 hour and 40 minutes to complete the exam. The FINRA requires a score of at least 70 to pass.

Series six 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 six exam has 50 multiple-choice questions. You have 1 hour and 30 minutes to complete the exam. The FINRA requires a score of at least 70 to pass.

Series seven 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 seven exam has 125 multiple-choice questions. You have 3 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 analyst without a degree include the Series 63 exam and the Series 66 exam.