What Licenses Do Financial Advisors Need?
Financial advisors typically need to be registered with FINRA through their firm. A common combination is the Series 7 + Series 66, or the Series 6 + Series 63 — and you must pass the SIE first either way. Some roles also need a state insurance license or a designation like the CFP. Exactly which ones you need depends on what you sell and advise on.
"What licenses do I need to be a financial advisor?" doesn't have one clean answer, because "financial advisor" covers a lot of jobs — from a bank rep who sells mutual funds to a full-service broker to a fee-only planner. What ties almost all of them together is the same first step. Here's how the licensing path actually works, and where to start.
What licenses do financial advisors need?
Most advisors who sell securities or give investment advice register with FINRA (the Financial Industry Regulatory Authority) and/or with state regulators, usually through the firm that hires them. The specific licenses depend on your role and what products you handle, but the path almost always breaks into three layers:
- The foundation — the SIE exam, which everyone on the securities path takes first.
- A securities ("rep") license — commonly the Series 7 for a broad range of products, or the Series 6 for a narrower set like mutual funds and variable products.
- A state law license — often the Series 63, or the Series 66 (which combines a state-law and an advisory component), depending on the role.
On top of that, some advisors add a state insurance license (to sell products like annuities or life insurance) or pursue the CFP designation. Those are described lower down. The key idea: figure out what you'll sell, and the required licenses follow from that — so confirm the exact set with your firm and at finra.org.
Start with the SIE
No matter which combination you end up needing, the Securities Industry Essentials (SIE) exam is Step 1. It's FINRA's foundational, entry-level exam, and it's the one part of the path you don't have to wait for an employer to start. You can take the SIE on your own at 18 or older — no firm sponsorship, no degree, and no prior experience required — and registration costs $100. Passing it before you're hired shows employers you're serious and gets the hardest "blank slate" material out of the way early. The firm-sponsored exams (like the Series 7 or Series 6) generally come after the SIE. Learn more about SIE prep →
Series 7 and Series 66 — the common combo
For advisors who sell a broad range of securities, the Series 7 (General Securities Representative) is the workhorse license, and it's one of the most common credentials in the field. Unlike the SIE, the Series 7 requires sponsorship by a FINRA member firm — you generally take it after you're hired, and after the SIE. As verified exam facts: the Series 7 is 125 questions, runs 3 hours 45 minutes, has a passing score of 72, and costs $395. Pairing it with the Series 66 is a common setup: the Series 66 covers state-law and investment-adviser representative requirements in a single exam, which rounds out an advisor who both sells securities and gives advice. For a closer look at how the SIE feeds into the Series 7, see SIE vs Series 7.
Other paths (Series 6 + 63)
Not every advisor needs the full Series 7. A very common alternative is the Series 6 + Series 63 combination, typical of bank-based reps and others with a narrower product scope. At a high level: the Series 6 is a limited-investment representative license oriented toward products like mutual funds and variable insurance products, and the Series 63 is a state-law (blue-sky) exam covering state securities regulations. Both sit on top of the SIE, just like the Series 7. Which combination fits you comes down to the products your role involves — your firm will tell you which exams it sponsors. See how the FINRA licenses fit together →
Beyond FINRA: insurance & CFP
Securities licenses aren't always the whole picture:
- Insurance licenses — advisors who sell products such as life insurance or annuities typically need a state insurance license, issued by the insurance regulator in each state where they do business. This is separate from FINRA registration.
- CFP (Certified Financial Planner) — a professional designation, not a securities license. Some advisors pursue it to signal financial-planning expertise; it has its own education, exam, experience, and ethics requirements set by the CFP Board.
These are role-dependent add-ons, not universal requirements. Whether you need them depends on what you advise on and sell.
How to begin
If you're aiming for an advisor role, the practical first move is the same regardless of the exact licenses you'll eventually need: pass the SIE. It's the only major exam on the path you can take without an employer, it's inexpensive at $100, and it builds the vocabulary the rep and state-law exams assume you already know. From there, the firm that hires you will guide (and sponsor) the role-specific exams.