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NASD License Requirements
As part of the registration process, you must pass an exam administered by NASD (National Association of Securities Dealers) to demonstrate competence in the areas in which you will work.
To obtain a new securities license, you need to:
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Complete the recommended exam-prep course. Check with your employer regarding which program of study you should be taking, determined by which products your employer assigns you to sell.
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Ensure your employer has registered you with NASD. Your employer will submit the Uniform Application for Securities Industry Registration form (Form U-4) to NASD.
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Complete a background check. The required fingerprint card is available from your employer’s firm.
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Take and pass 2 exams. You will take a national product exam and a state-specific (Series 63) exam.
- Be employed by a securities broker-dealer licensed in your state.
NASD Exam Information
Securities license applicants must pass computerized exams administered by national testing firms Thomson Prometric or Pearson Professional Centers. To schedule an exam, your firm must file the proper application through NASD’s Web Central Registration Depository (CRD). A scheduling window will be posted on the Web CRD system upon approval.
After your firm receives your enrollment notification, you may contact a testing center to schedule an appointment for your exams. Find a testing center near you.
To schedule an exam, the testing firm will require the following:
- Personal information – legal name, SSN, address, phone
- Name of your firm, client ID number
- Exam specifics (exam numbers, preferred date, time and test center location)
- Exam fees paid in full.
Exam |
Time Allowed |
# of Questions |
Fee |
Series 6 |
2.25 hours |
100 |
$75 |
Series 7 |
6 hours |
250 |
$250 |
Series 63 |
1.25 hours |
65 |
$82 |
Series 65 |
3 hours |
130 |
$120 |
Series 66 |
2.5 hours |
100 |
$113 |
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Upon arriving at the test center, you’ll need to show a valid form of ID with your signature and photo. A valid driver’s license, passport, or military ID is adequate. A brief online tutorial will familiarize you with the computerized testing system before you answer the required number of multiple-choice questions.
You will have plenty of time to complete your exams. Be sure to attempt to answer every question. A minimum score of 70% is required to pass each exam. Your score will be available immediately.
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