Having a Series 6 license enables you to sell variable contracts. If you also have the Series 63 license, you can sell mutual funds. The Series 6 license has no typical end date unless you neglect to take the required continuing education classes or re-register upon a job termination.
Series 6 Overview
The Series 6 license is for financial professionals who want to sell variable contracts. This license is also called the "Variable Contracts Limited Representative" license, as it allows the holder to work as a limited rep for a FINRA-registered investment company. You must pass the Series 6 exam, administered by FINRA, in order to get this license. Usually, professionals obtain the Series 6 license in conjunction with the Series 63 license, which allows the person to sell mutual funds.
Series 6 Exam
You need to get sponsorship from a FINRA-registered company in order to register for the Series 6 exam. The topics covered on this exam include securities, tax rules, insurance product information, variable annuities and mutual funds. There are 100 questions and test-takers are given 135 minutes to complete the exam, which is taken on a computer at a proctored test site. You must get at least 70 percent of the questions correct in order to get the Series 6 license.
Series 6 Education Requirements
Once you are licensed, you remain licensed until you terminate your registration. After you pass the Series 6 exam, you have exactly two years to complete the continuing education requirement. You must then complete certain continuing education requirements every three years until you end your registration. Most of these continuing education classes may be completed online. They consist of the new rules, laws, regulations, and other relevant issues for your career field.
Series 6 License Reinstatement
If you end your job, your employer will automatically terminate your registration and Series 6 license. As long as you re-register with a new company within two years, your license will remain valid. If you decide not to register with a new company within those two years, FINRA may ask you to re-take the Series 6 exam. There are, however, some stipulations that could waive those requirements. Working in the financial industry during the two years may eliminate the requirement to retest, but you need to contact FINRA to find out.