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This question is about finance advisor.
What degree do you need to be a financial advisor?
You need a bachelor's degree in finance to become a financial advisor. Bachelor's degrees in economics, business, or statistics are also acceptable to be a financial advisor.
In addition to a bachelor's degree, financial advisors have to pass one to several exams for licenses and certifications. The number of exams depends on what type of financial advising they wish to pursue.
The Financial Industry Regulatory Authority (FIRNA) oversees the necessary exams to be a financial advisor. Here is a brief breakdown of some of the licenses needed and exams that must be passed:
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 that may need to be passed to become a financial advisor include the Series 65 exam and the Series 66 exam.
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