Nasd series 6 license renewal

If you leave your job, your employer is required to file form U5 with FINRA, which terminates your license in conjunction with your employment.

From that point, you are given two years to become re-registered to maintain your current license. If you fail to become re-registered within that timeframe, you will generally be required to retake the exam, though exceptions are sometimes made. All Series 6 holders, regardless of employer, are required to fulfill continuing education requirements beginning two years after their initial registration.

License holders must fulfill these requirements every three years for as long as they are registered, generally through online tutorials or courses that review subjects such as industry regulations, sales, and compliance. Failure to fulfill these requirements could cause a Series 6 license to be terminated. This article is part of The Motley Fool's Knowledge Center, which was created based on the collected wisdom of a fantastic community of investors.

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Thanks -- and Fool on! Discounted offers are only available to new members. Stock Advisor will renew at the then current list price. Investing Schedule your exam on Prometric , or call them at We recommend giving yourself between three weeks and two months to properly study for the exam based upon your familiarity with the material and your ability to absorb new information. Once you have given yourself a target date in which you will take the exam, you must now prepare yourself to pass the exam on the first attempt.

As we mentioned earlier, this exam is not a walk in the park. The material you will be studying is not common sense, it is in-depth, data-driven material that can be daunting if not taken seriously. You will have ninety 90 minutes to answer 50 multiple choice questions. Be prepared to see double negative questions, charts, consumer scenarios, and many other types of questions on this exam. They offer live and on-demand classes that cover all the information that you need to pass the exam, along with self-study materials for people who are already familiar with securities content.

Though this is less of a study tool, and more of familiarization to the exam software, it is useful in that you will spend less time learning how the exam will look when the clock is ticking. Once you have studied to the point of full comprehension, you are ready to take the exam. Your results will be sent to your FINRA sponsor within three 3 business days of your successful test.

In that event, the firm may be willing to "park" your license, which means simply not reporting your departure to FINRA. While that does happen, it's not a good idea. If FINRA sees you as noncompliant and you've exceeded the two year limit, they'll make you start all over again, which means taking that unpleasant six-hour Series 7 test and, for good measure, the Series 66 exam, as well.

They'll also put you through some time-consuming hoops to determine if you've broken any other FINRA regulations. If you've left a broker-dealer firm and you want to remain active in the industry, your best available alternative is to pass the Series 65 Registered Investment Adviser exam. With that, you can either work with another RIA firm or set up your own business.

You might have read that if you hold the Series 7 and Series 66 licenses that you can work as a Registered Investment Adviser without passing the Series 65 Registered Investment Adviser exam. Unfortunately, you cannot. It may seem at first counter-intuitive that after leaving a brokerage firm with a valid Series 7 license you can't work as a Registered Investment Adviser without first taking the less rigorous Series 65 license exam.