Conceptually, becoming a stockbroker is pretty straightforward (although not easy). An employee must pass a background check, which usually consists of a criminal background investigation and a credit check.
For some prospects, this is the most difficult part of the procedure.
Each permit is obtained by passing the stock broker license test.
This test is required to become a general securities. The assessment is a demanding six-hour test that covers all sorts of individual and packed securities, including bonds, stocks, partnerships, UITs, mutual funds, and variable annuities, along with ethos and securities regulations. This is considered to be, by far, the most difficult of all the securities examinations.
• Set 63. The 63 covers state blue-sky laws and must be chosen to transact business. This evaluation is significantly simpler than the 7 and pretty brief.
• Set 65. Many companies require their agents to allow them to use professional cash management service platforms to become Registered Investment Advisers.
• String 66. This test is a blend of 65 tests and the Series 63.
• Set 3.
• Collection 31. This test is required to sell managed futures funds.
Most companies also require their agents to get a life insurance stock broker license test in order to sell variable annuities and life insurance.
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