Checked 29 September 2026. Fees from FINRA's 2024-2029 schedule and exam table; sponsorship and co-requisite rules from Rule 1210 and FINRA's exam pages. The no-sponsor rule for the NASAA exams is from NASAA's Exam FAQ, read as indexed because nasaa.org refused direct requests. The registrations a job needs follow from its functions; your firm files them, and state regulators set state licensing.
People new to US securities licensing usually ask two questions: which exam do I take first, and which one can I take without a job? The answers are simpler than prep-company funnels make them look. The SIE is the common half of every FINRA representative registration and the only FINRA exam open without a sponsor. The Series 7, 6, 79 and other representative exams are the job-specific halves and all need a sponsoring firm. The Series 63, 65 and 66 are not FINRA exams at all; they belong to NASAA, the association of state regulators, and FINRA only administers them. This guide lays out the rules, the costs and the clock, with a chooser that never suggests an exam you cannot yet sit. ProSyllabus is an independent study site, not part of FINRA, NASAA or Prometric. Every rule here is quoted or summarised from FINRA's own pages, rule filings and the SIE content outline; FINRA, and for the NASAA exams the state regulators, decide every individual case.
Where other pages get this wrong
The SIE is a co-requisite of the Series 7, not a prerequisite, and the Series 65 is a NASAA exam.
Commonly published instead: "Pass the SIE before you can take the Series 7" and "FINRA Series 65".
FINRA's SIE FAQ: "To become a registered representative, you must pass both the SIE and the Series 7 exam. The order in which you pass the exams does not matter." FINRA's Series 65 page calls it "a North American Securities Administrators Association (NASAA) exam administered by FINRA"; the same is true of the Series 63 and 66.
The exams compared
| Exam | Owner | Items (scored) | Time | Fee 2026 (USD) | Needs a sponsor | Link to the SIE | Pass mark | Online |
|---|---|---|---|---|---|---|---|---|
| SIE | FINRA | 75 (+5 pretest) | 1 h 45 min | 100 | No | n/a | Scaled 70 | Yes, for any SIE candidate |
| Series 6 | FINRA | 50 | 1 h 30 min | 100 | Yes | Co-requisite | Not on the page read | Only with an approved accommodation |
| Series 7 | FINRA | 125 | 3 h 45 min | 395 | Yes | Co-requisite | Not on the page read | Only with an approved accommodation |
| Series 57 | FINRA | 50 | 1 h 45 min | 105 | Yes | Co-requisite (listed after the SIE) | Not on the page read | Only with an approved accommodation |
| Series 79 | FINRA | 75 | 2 h 30 min | 395 | Yes | Co-requisite | Not on the page read | Only with an approved accommodation |
| Series 63 | NASAA (FINRA administers) | 60 (+5 unscored) | 1 h 15 min | 147 | No (NASAA FAQ) | No | 43 of 60 | Only with a testing accommodation |
| Series 65 | NASAA (FINRA administers) | 130 (+10 unscored) | 3 h | 187 | No (NASAA FAQ) | No | 92 of 130 | Only with a testing accommodation |
| Series 66 | NASAA (FINRA administers) | 100 (+10 unscored) | 2 h 30 min | 177 | No to sit it (NASAA FAQ); its co-requisite Series 7 does | Indirect: its co-requisite, the Series 7, needs the SIE | 73 of 100 | Only with a testing accommodation |
All figures are from FINRA's Qualification Exams table and exam pages, except the sponsor column for the Series 63, 65 and 66, which is from NASAA's Exam FAQ. The Series 6, 7, 57 and 79 pages read for this guide state item counts but no pass marks. Fees are the 2026 figures, fixed until 2029 by FINRA's fee schedule.
Who needs a sponsor, and why the SIE does not
FINRA's representative-exam pages all say the same: "Candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm". The SIE FAQ confirms that anyone taking "any qualification exams, such as the General Securities Exam (Series 7)" must be associated with a broker-dealer. The SIE was designed the other way. When FINRA restructured its exams on 1 October 2018, it moved general knowledge out of the representative exams into the SIE, which is why the Series 7 fell from 250 questions to 125 and the Series 79 from 175 to 75, and it opened the SIE to anyone aged 18 or over, whether or not they are associated with a firm.
Routes by goal
| Goal | Exams | Sponsor needed for |
|---|---|---|
| General securities representative | SIE + Series 7 | Series 7 |
| Mutual funds and variable annuities representative | SIE + Series 6 | Series 6 |
| Investment banking representative | SIE + Series 79 (or Series 82 for private offerings only) | Series 79 or 82 |
| Securities trader | SIE + Series 57 | Series 57 |
| Operations professional | SIE + Series 99 | Series 99 |
| Research analyst | SIE + Series 86 and 87 | Series 86/87 |
| State investment adviser representative | Series 65 (NASAA); or Series 66 with the Series 7 as its co-requisite | Series 7 on the 66 route; not for the Series 65 or 66 themselves (NASAA FAQ) |
| Broker-dealer agent registered in a US state | Series 63 (NASAA) where the state requires it, alongside the FINRA registration; check the state's securities regulator | Not for the Series 63 itself (NASAA FAQ); yes for the FINRA representative exam |
Which exam can you take first?
Pick the job you are aiming at and whether a FINRA member firm (or other SRO member) has agreed to sponsor you. The answer never suggests an exam you are not yet allowed to sit.
Built from FINRA's SIE, Series 6/7/79 and NASAA exam pages, Rule 1210.03 and NASAA's Exam FAQ. The registrations a job needs follow from its functions under FINRA rules; your firm files them, and state regulators set state licensing.
The SIE and the Series 7 in practice
Because the two are co-requisites, a sponsored candidate can take them in either order and even on the same day. FINRA's FAQ: persons associated with a broker-dealer "are permitted to take both the SIE and a qualification exam on the same day", as separate sessions, subject to Prometric having a seat for both; and a Series 7 pass counts even if the SIE is failed that day. The Series 7 itself is a job exam built around four functions: seeking business (9 items), opening accounts (11), providing information and recommendations and maintaining records (91), and processing and confirming transactions (14), for 125 items in 3 hours 45 minutes. A rep who later moves to another representative category does not retake the SIE (Rule 1210.03).
The Series 63, 65 and 66 are a different system
FINRA's pages for the three NASAA exams set no SIE requirement. The Series 66 has "no prerequisite", but "the Series 7 exam is a co-requisite to the Series 66 exam", so using the 66 runs through a sponsor after all, even though you may sit the 66 itself first. The Series 65 is the exam an unsponsored person most often asks about. NASAA's own Exam FAQ answers the question "Do I need to have a sponsor before I take the Series 63, 65, or 66?" with "No": a candidate not registered or affiliated with a firm through Web CRD opens an enrolment window through FINRA and pays for the exam. FINRA's Enroll page matches that, with its own Enroll button for the NASAA exams for people "seeking to become licensed by a state regulator". Passing is not a registration: the state regulator decides that. (NASAA's site refused our direct requests on 29 September 2026; we read its FAQ as indexed by a search engine.) Two practical differences for a candidate in India: FINRA says the NASAA exams "will only be available online for candidates requiring a testing accommodation", unlike the SIE, and FINRA's June 2026 cut in retake waits does not cover them. NASAA has made its own change: the wait after a third failure falls from 180 to 60 days from 4 January 2027, while the 30-day wait after a first or second failure stays.
How long a pass lasts
The SIE lasts longer than any representative exam. FINRA's FAQ: "The SIE will be valid for four years from the date that you pass the exam", and if you register with a broker-dealer and later terminate, "the SIE will be valid for four years from the termination date". Rule 1210.08 measures it from whichever came last, the SIE pass or the end of the last representative registration, against the date FINRA receives a new application. A representative exam lapses after two years out of registration. The SIE on its own cannot be kept alive: FINRA's MQP FAQ says "The SIE exam alone does not confer a registration status or a qualification that can be maintained."
| Scenario (our worked examples) | SIE credit runs until about (ours) | Rule applied |
|---|---|---|
| Passed the SIE on 15 Sep 2026, never registered | 15 Sep 2030 | Four years from the pass |
| Passed 15 Sep 2026, hired and registered 2028, still registered | No expiry while registered | The clock restarts only when the registration ends |
| Passed 15 Sep 2026, registered, terminated 30 Jun 2029 | 30 Jun 2033 | Four years from termination, the later date |
| Formerly registered, then entered US active military service | Tolled during service | Rule 1210 military provisions |
When does your SIE run out?
Enter your SIE pass date and your registration history. Rule 1210.08 counts four years from whichever happened last: passing the SIE or ending a representative registration.
Our date arithmetic on Rule 1210.08 and the SIE FAQ. Active US military service can toll the four years (Rule 1210, military provisions); that is not modelled. A representative exam itself lapses after two years out of registration unless kept under MQP.
| Credential | Lapses after | Can be maintained without registration |
|---|---|---|
| SIE | 4 years (from pass or end of registration) | No (MQP FAQ) |
| FINRA representative exams (Series 6, 7, 79 ...) | 2 years out of registration | Yes, through FINRA's Maintaining Qualifications Program, if eligible |
| Series 63 and 65 (NASAA) | Set by the states; FINRA's pages do not state the baseline | Up to 5 years through NASAA's EVEP, in states that adopt it |
| Series 66 (NASAA) | Set by the states | Under EVEP, only by enrolling both its Series 63 and Series 65 credits (FINRA's Series 66 page) |
What the fees did in 2026
FINRA raised most exam fees on 1 January 2026 under a schedule filed in 2024, and fixed them through 2029. The SIE went from $80 to $100, the Series 7 and Series 79 from $300 to $395, and the Series 6 from $75 to $100. Many third-party pages still print the 2025 prices. The NASAA exams are priced separately; FINRA's table shows $147, $187 and $177 for the Series 63, 65 and 66.
| Exam | 2024 (USD) | 2025 (USD) | 2026 to 2029 (USD) |
|---|---|---|---|
| SIE | 80 | 80 | 100 |
| Series 6 | 75 | 75 | 100 |
| Series 7 | 300 | 300 | 395 |
| Series 57 | 80 | 80 | 105 |
| Series 79 | 300 | 300 | 395 |
In rupees at the ECB rate of 28 September 2026 (USD 1 = INR 95.98, our conversion), the SIE is about Rs 9,598, the Series 7 about Rs 37,912 and the Series 65 about Rs 17,948. For a candidate in India without a sponsor, the realistic sequence is the SIE first, then the representative exam only once a firm has agreed to sponsor you inside the SIE's four years. Nothing on this page is investment advice: securities products appear here only as exam content.
Do I have to pass the SIE before the Series 7?
No. They are co-requisites. You need both to register as a general securities representative, and FINRA says the order does not matter. A sponsored candidate can even take both on the same day.
Can I take the Series 7 without a sponsor?
No. FINRA requires candidates for representative-level exams to be associated with and sponsored by a FINRA member firm or other SRO member firm.
Is the Series 65 a FINRA exam?
It is a NASAA exam that FINRA administers. The same applies to the Series 63 and 66.
Do I need the SIE for the Series 65?
FINRA's pages set no SIE requirement for the Series 65, 63 or 66. The Series 66 does need the Series 7 as a co-requisite.
Can I take the Series 65 without a sponsor?
Yes. NASAA's Exam FAQ says no sponsor is needed for the Series 63, 65 or 66: an unaffiliated candidate opens an enrolment window through FINRA and pays for the exam. Passing is not a registration; the state regulator decides that.
How long is the SIE valid?
Four years from the pass date, or four years from the end of a later representative registration, whichever is later.
Can I keep my SIE valid without a job at a firm?
No. FINRA's MQP FAQ says the SIE alone does not confer a qualification that can be maintained. Once four years pass without registration, you would sit it again.
Do I retake the SIE if I switch from Series 6 to Series 7?
No. Rule 1210.03 says a registered representative who changes to another representative category needs only the new representative exam.
How much does the Series 7 cost?
$395 from 2026 (it was $300 in 2024 and 2025), for 125 items in 3 hours 45 minutes.
Which exam should someone in India without a US employer take?
The SIE is the only FINRA exam open to you without a sponsor. The representative exams wait until a member firm sponsors you.
Sources
- official — FINRA — SIE Exam and Exam Restructuring FAQ (age, citizenship, SSN or mother's maiden name, co-requisite, scoring, waiting periods, validity, BrokerCheck and CRD)
- official — FINRA — Securities Industry Essentials (SIE) Exam page ("At a glance": 75 questions, 1 hour 45 minutes, passing score 70, cost $100; enrolment routes; exams taken after the SIE)
- official — FINRA Rule 1210 — Registration Requirements (.03 SIE plus representative exam; .05 SIE Rules of Conduct; .06 waiting periods as amended by SR-FINRA-2026-014; .08 lapse and SIE expiry; military tolling)
- official — FINRA — Series 7 exam page (SIE is a co-requisite; sponsorship required; F1 to F4 item counts)
- official — FINRA — Series 6 exam page
- official — FINRA — Series 79 exam page
- official — FINRA — Series 63 page (a NASAA exam administered by FINRA; 60 scored + 5 unscored; pass 43)
- official — FINRA — Series 65 page (a NASAA exam administered by FINRA; 130 scored + 10 unscored; pass 92)
- official — FINRA — Series 66 page (a NASAA exam; 100 scored + 10 unscored; pass 73; Series 7 is a co-requisite)
- official — FINRA — Qualification Exams (duration, questions and cost of every exam FINRA administers; appointments add 30 minutes for tutorial and survey)
- official — FINRA — Fee Adjustment Schedule under SR-FINRA-2024-019 (exam fees 2024 to 2029)
- official — FINRA — Enroll for an Exam (window opens the day after enrolment; NASAA exams online only with an accommodation)
- official — FINRA — Maintaining Qualifications Program FAQ ("The SIE exam alone does not confer a registration status or a qualification that can be maintained")
- official — FINRA — Exam Restructuring (SIE from 1 October 2018; old and new question counts)
- official — FINRA — Frequently Asked Questions about TESS (profile details, SSN or mother's maiden name, payment methods, no refunds, 120 calendar days, results within 72 hours)
- official — FINRA — SR-FINRA-2026-014, proposed rule change to reduce retake waiting periods, with 2024 pass and retake data (PDF)
- official — NASAA — Exam FAQs ("Do I need to have a sponsor before I take the Series 63, 65, or 66?" No; unsponsored candidates open an enrolment window through FINRA). nasaa.org refused our direct requests on 29 Sep 2026 (HTTP 403); the answer was read from the page as indexed by a search engine
- official — NASAA — "NASAA Approves Updated Waiting Period for Series 63, 65 and 66 Exam Retests" (10 Aug 2026: wait after a third failure 180 to 60 days from 4 Jan 2027; 30 days after a first or second failure unchanged). Read as indexed; nasaa.org returned 403 to us
- reported — Frankfurter API relaying the European Central Bank reference rate for 28 Sep 2026: USD 1 = INR 95.98 (used only for our own rupee conversions)
official = a document published by the conducting body. reported = a news or coaching site we could not check against an original. Where sources disagree this page says so rather than picking one.
