The Financial Industry Regulatory Authority (FINRA) offers several licenses that correspond to specific businesses or investments.The Series 6 license allows holders to sell packaged investment products, such as mutual funds and variable annuities. It’s also required for insurance agents that sell variable products. The exam covers the basics of packaged investments, regulations and ethics. The Series 7 is the general securities representative license, and it authorizes licensees to sell virtually any investment except for commodities futures, real estate and life insurance. The Series 7 exam is long and difficult. It lasts six hours and covers all aspects of trading, options, and more. Those who pass are listed as registered representatives, but they’re better known as stockbrokers. The Series 3 authorizes holders to sell commodity futures contracts; the riskiest publicly traded investment. The exam covers all forms of commodities transactions. The North American Securities Administrators Association (NASAA) oversees licensing requirements on three key exams. The Series 63 license authorizes licensees to transact business within a specific state. All Series 6 and 7 holders must carry this license. The 75-minute exam is notorious for its trick questions. The Series 65 is required for anyone who wants to provide financial advice or services on a non-commission basis, including financial planners and advisors. It’s 180 minutes and covers rules and regulations pertaining to registered investment advisors. It covers much of the same material as the Series 7. The Series 66 is the newest exam. It combines the Series 63 and 65 exams into one 150-minute test. It covers no investment material since it’s only available to Series 7 licensees. All tests are given via computer at testing sites, and passing scores range from 70-to-75%.