Series 6 & 63

Joe · #1 (**permalink**) 07-30-2007, 12:27 PM

Hello. My friend took his Series 6 test today and passed (finally! 3rd time!), but then he said he's going to have to take the Series 63 immediately after, maybe within 4-6 weeks. To me that doesn't seem like a lot of time for him to study, considering how much time he spent with the Series 6 guide. I was just wondering: what is the difficulty level (if it were to have one) between the 6 & 63? Is one harder than the other? Is there more studying involved for the 63? I ask this because his company just layed off a lot of people and they specifically kept him on the condition that he passes these two tests. He had already taken the 6 twice before they said this, so they said if you fail the 6 this 3rd time don't bother coming back. But now that he's passed, they're saying the same thing about the 63.. so I'm just wondering. Any opinions?

Dru · #2 (**permalink**) 07-30-2007, 01:19 PM

Much of the information is related, about ethics, legal issues and so on. If you have passed the 6, the 63 will not be as difficult and I would think a week of study is enough time depending on the total hours you spend.

Mynion · #3 (**permalink**) 07-30-2007, 02:04 PM

I agree with Dru, the 63 is not as difficult as the 6...

Mind you, if you are in the financial services industry, the Series 6 is not widely considered to be a "tough" exam. Challenging, yes, but it pales in comparison to some of the other NASD exams (i.e. Series 7).

4-6 weeks is plenty of time to study for either of the exams, assuming you are efficient with your time and dedicate yourself to understanding the material. The practice exams are a key component, so you can get used to the structure of the questions and form some good exam habits.

When I entered management, I had to not only have my Series 6, but the 26 as well (supervisory: Registered Principal). The 26 was considerably tougher, and the material took a lot more time to study for. Even then, I had to have BOTH within 90 days of accepting the position. So careful planning was needed, in case I didn't pass it the first time, since there is a mandatory 30 day wait between exam windows.

Mark A · #4 (**permalink**) 07-30-2007, 09:20 PM

What do you need to take these exams? Could I go pay and take them on my own or do I need to be sponsored by a company?

Mynion · #5 (**permalink**) 07-31-2007, 12:47 AM

NASD exams need to be sponsored by a NASD member firm. Depending on the agreement, it costs firms anywhere from $600-$1000 to sponsor you, so they are going to be selective about it. There are also annual costs associated with maintaining the license, plus costs of arbitration if there is a dispute.

I have many friends who have been NASD licensed and their company, a Fortune 500 financial services enterprise, decided one day that they no longer required the licensing and stopped supporting it. If your license goes unsponsored for 2 years, you have to retake the exam to activate it.

The Mutual Fund Investor · #6 (**permalink**) 09-23-2007, 10:12 PM

The material on the series 63 exam is probably not as difficult or as compressive as the material on the series 6. With that said, I would not recommend that anyone take it lightly. The material can be rather tedious, so putting in a lot of time may be challenging. 4 to 6 weeks is plenty of time to prepare for the 63.

Michael A. Weiss, CFA
The Editor
The Mutual Fund Investor

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