How to Become a Financial Advisor: Steps & Licenses (2026)
To become a financial advisor, a bachelor's degree often helps, then you pass the SIE, get hired and sponsored by a firm, and pass the Series 7 + Series 66 (or Series 6 + 63) licenses for your role. Many advisors later add the CFP designation. The first step you can take on your own today is the SIE.
"Financial advisor" covers a range of roles — from wealth managers at big firms to independent planners — so there isn't one rigid checklist. But the path is more predictable than most people expect, and the very first concrete step is an exam you can take on your own, before any firm hires you. Here's the full route, and where to start.
What does a financial advisor do?
A financial advisor helps clients make decisions about their money — things like investing, retirement planning, and managing risk. Depending on the role, that can mean recommending and transacting securities, building financial plans, or advising on insurance and managed accounts. Because advisors deal with the public and with securities, the work is regulated: you generally need to pass qualifying exams and hold the right licenses before you can advise or sell. This page walks through how people typically get there.
Steps to become a financial advisor
A common path looks like this. Your exact route can differ by firm, state, and the products you'll handle — treat this as the typical sequence, not a guarantee:
- Build a foundation (education). A bachelor's degree — often in finance, economics, business, or a related field — is commonly expected and can help your application, though requirements vary by employer.
- Pass the SIE. The Securities Industry Essentials exam is the entry-level FINRA exam. Anyone 18+ can take it on their own — no job, sponsor, or degree required — so it's the step you can start today.
- Get hired and sponsored. Most advisor licensing exams require a sponsoring FINRA member firm, so getting hired is what unlocks the next exams. Passing the SIE first is a credible way to show employers you're serious.
- Pass your licensing exams. Commonly the Series 7 plus the Series 66 (or the Series 6 plus the Series 63), depending on what you'll sell and advise on.
- Consider a certification. Many advisors pursue a designation such as the CFP to deepen their planning credentials over time.
Step 1: Pass the SIE
The Securities Industry Essentials (SIE) exam is the on-ramp to almost every securities career, and it's the one part of this path you can do entirely on your own. You don't need a degree, a job offer, or a firm to sponsor you — anyone 18 or older can register and sit for it. The exam fee is $100, paid to FINRA, and it tests foundational knowledge of products, markets, and regulation rather than the applied, job-specific judgment the later exams demand. Passing it early gives you something concrete to put in front of employers before you're hired.
Want the full breakdown first? See what the SIE is and who can take it — then come back to the rest of the path below.
Licensing: Series 7 + Series 66
Once a firm hires and sponsors you, you'll typically sit for the licensing exams your role requires. A very common pairing for a full-service financial advisor is the Series 7 plus the Series 66:
- Series 7 (General Securities Representative). This is the license that lets you recommend and transact a broad range of securities for clients. It's a longer, harder, applied exam than the SIE: 125 questions over 3 hours 45 minutes, a passing score of 72, and a $395 fee. Crucially, it requires that you've passed the SIE and are sponsored by a FINRA member firm. See SIE vs Series 7 for the full comparison.
- Series 66. This exam is generally taken to qualify as both a state securities agent and an investment adviser representative, which is why it pairs naturally with the Series 7 for advisory work. Like the other registration exams, it requires firm sponsorship.
Some advisors follow a different combination — for example, the Series 6 (a more limited investment-company and variable-products registration) paired with the Series 63 (a state law exam). Which set you need depends on the products you'll handle and how your firm is structured. In every case, the SIE comes first.
Certifications like the CFP
Beyond licensing, many financial advisors pursue a professional designation to deepen their expertise and signal credibility to clients. The best-known is the CFP (Certified Financial Planner), which focuses on comprehensive financial planning. Designations like the CFP are typically optional and sit on top of the required licenses rather than replacing them — they're a longer-term investment in your career, not a starting point.
How long does it take?
There's no single timeline — it depends on your starting point, whether you study full- or part-time, how quickly you land a sponsoring role, and which licenses your job requires. In general, the early steps you control (preparing for and passing the SIE) can move quickly, while the steps that depend on being hired and sponsored are paced by the job market. The most useful thing you can do to shorten the path is to get the part that's entirely in your hands done first: pass the SIE.