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Series 6 License Frequently asked questions / FAQs
The majority of people who obtain the series 6 license will be required to pass the exam by their employer. Often times as a condition of employment, individuals are required to obtain the series 6 license to function in their job. The firm’s compliance department, home office or HR will notify individuals directly or through their managers as to the time frame for taking the exam. Insurance companies, banks and limited broker dealers all require their agents to obtain the series 6 license
A series 6 license will allow you to transact business in open end investment company products and closed end investment company shares on the initial offering only. You will not be allowed to trade closed end funds or ETFs in the secondary market. Once you have obtained a series 6 license, if you wish to conduct business in variable annuity and variable life contracts you will be required to obtain a life and health insurance license in your state. Most agents who obtain a series 6 license will wish to conduct business in variable annuities and will pursue an insurance license, if they have not already done so.
Obtaining a series 6 license takes focus and dedication to the exam preparation process. It should not be taken lightly and students who prepare to take the exam should prepare thoroughly for the exam. There are no shortcuts and students should make studying a priority. We recommend at least 60 hours of preparation to ensure you pass your series 6 exam and become licensed to sell investment company products and variable annuity contracts.
While in practice it feels like your series 6 license is indeed transferable, in actuality it is not. If you wish to change employers your series 6 registration / license must be terminated by your current employer. Your former employer / the firm that you are leaving will fill out and submit a Form U5 to FINRA. This will terminate your employment and your registration with that firm. When you arrive at your new firm you must fill out and submit a new Form U4. This will begin your registration with your new firm and your series 6 license will become active at your new firm upon receiving notice from FINRA and the states where you conduct business.
Obtaining a series 6 license will require many people to make an investment in their professional development. Your series 6 license will empower your to conduct a significant amount of business and will put many people on the road to a lucrative and successful career. The good news is for those who have to pay for it out of pocket, the costs are relatively low when compared to other types of training, certification and college expenses. Some employers pick up or reimburse the costs of training and the testing and registration fees. Even for these people many obtain additional resources such as additional test questions, books or videos to ensure they pass their exam. For those who have to pay all of the expenses out of pocket, it usually only costs a few hundred dollars for the testing and registration fees and the training materials.
Once you have obtained your series 6 license you will be required to meet certain continuing educational requirements. Every year your firm will have you attend a seminar, webinar or take an online course to satisfy the firm element continuing education requirement. You will also be required to complete the regulatory continuing education requirement which is administered by FINRA. You will be required to complete this continuing education requirement by successfully completing the S106 course based on your date of association with a FINRA member. Your date of association for most people will be the date you passed your exam. You will be required to complete the S106 on the second anniversary of passing your exam and every three years thereafter. The S106 course may be completed at an approved facility or on FINRA’s continuing education portal
In addition to passing the series 6 exam you must also pass the SIE exam to be fully registered with FINRA to sell open end investment company shares and variable contracts. Most states also require that agents obtain a series 63 license in addition to the series 6 license to conduct business within their state and with state residents. You can think of your series 6 license as your product license and your license to represent your employing broker dealer. Your series 63 license can be thought of as your license to transact business with your clients or with people. The series 63 license is in addition to the life and health insurance license you will need if you wish to sell variable contracts.
This is a question we get asked on a daily basis. And the answer isn’t as simple as you might think. Because the truth is that everyone learns differently. Some people love to study while others need a more help to master the information. However, we have learned over time that there are some key steps every candidate needs to take in order to successfully pass their Series 6 Exam. First, obtaining and studying the Series 6 textbook is the foundation of your exam prep. To us, this textbook is essential and can often be the difference between success and failure. So read the book. Study the book. And take notes on everything you are going over. From there make the time to take as many practice exams for the Series 6 as you possibly can. This is where the Series 6 Exam Prep software becomes crucial. Working closely with the software will help you master the material and effectively prepare for you exam.
Passing the Series 6 exam requires a minimum score of 70%. Candidates who score lower than 70% will need to re-take the exam at a later date. Candidates who do not pass must wait at least 30 days prior to retaking the exam.
We get this question a lot . The short answer is no. We strongly recommend that candidates take the SIE exam first without even looking at the series 6 material. Once the SIE exam has been successfully completed. We suggest candidates take a few days off, no more than a week, and then while the SIE material is still fresh, start preparing to pass the series 6 exam.
We hope that this answers many of your frequently asked questions about the series 6 license. If you have any additional questions please call or email us.
Good luck on your exam.
The Securities Institute of America, Inc.
Series 6 Important Concepts
An investor may purchase an annuity contract in one of three ways. They are:
With a single payment deferred annuity, the investor funds the contract completely with one payment and defers receiving payments from the contract until some point in the future, usually after retirement. Money being invested in a single payment deferred annuity is used to purchase accumulation units.
Read moreMutual funds must determine the net asset value of the fund’s shares at least once per business day. Most mutual funds will price their shares at the close of business of the NYSE (4 p.m. EST). The mutual fund prospectus will provide the best answer as to when the fund calculates the price of its shares. The calculation is required to determine both the redemption price (NAV) and the purchase price (POP) of the fund’s shares. The price that is received by an investor who is redeeming shares and the price that is paid by an investor who is purchasing shares will be based on the price that is next calculated after the fund has received the investor’s order. This is known as forward pricing. To calculate the fund’s NAV use the following formula:
Read moreAn annuity is a contract between an individual and an insurance company. Once the contract is entered into, the individual becomes known as the annuitant. There are three basic types of annuities that are designed to meet different objectives. They are:
While all three types allow the investor’s money to grow tax deferred, the type of investments made and how the money is invested varies according to the type of annuity.
Read moreAn investment company is organized as either a corporation or as a trust. Individual investors’ money is then pooled together in a single account and used to purchase securities that will have the greatest chance of helping the investment company reach its objectives. All investors jointly own the portfolio that is created through these pooled funds, and each investor has an undivided interest in the securities. No single shareholder has any right or claim that exceeds the rights or claims of any other shareholder regardless of the size of the investment. Investment companies offer individual investors the opportunity to have their money managed by professionals who may otherwise only offer their services to large institutions. Through diversification, the investor may participate in the future growth or income generated from the large number of different securities
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