Expenses, Charges, and Budgeting Made Easy: A Comprehensive Guide
If you are interested in a career in US finance or securities regulation, you are probably wondering how much the SEC exam costs. First and foremost, regardless of your career aspirations—whether it be compliance, investment, or registered representative—you must be aware of the cost of relevant exams administered under the authority of the United States Securities and Exchange Commission (SEC).
The article breaks down the cost of exams commonly referred to as “SEC exams” (e.g., the Series 7, Series 63, Series 65, and others), along with other fees, study materials, and any unexpected costs that may arise.
The SEC Exam: How Does It Operate?
Even though no official test is called the “SEC exam,” the term is often used to describe the licensing exams that professionals who are required to register with the SEC or state securities regulators must take in order to be approved by organizations like FINRA or NASAA. These exams are necessary for jobs in asset management, financial advising, and securities sales.
Many people talk about “SEC exams” like these:
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The Series 7 General Securities Representative Exam
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State Law Exam for Uniform Securities Agents (Series 63)
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Test of Uniform Law for Investment Advisers, Series 65
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United States Law Exam, Uniform Combination, Series 66
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Exam for the Security Industry Essentials (SIE)
How Much Does the SEC Exam Cost? — A Budget Breakdown by Exam Type
In order to get your financial license, let’s look at the current costs of the most important exams:
1. The Examination for the Securities Industry Essentials (SIE)
Costs: $80
It is essential for anyone seeking employment in the securities sector. You can’t take any other FINRA exams without it.
Duration: four years
The SIE is the entry-level exam that all aspiring brokers and securities professionals must pass. Having a company sponsor you is not necessary to take this test.
2. Series 7’s General Securities Representative
Price of the exam: $300
Those looking to trade bonds, stocks, options, and other diversified securities will find it useful.
Requirement: Must have passed the SIE and be sponsored by a FINRA member firm.
When it comes to securities, the Series 7 is among the most comprehensive exams available. When coupled with the SIE, it opens the door for individuals to become registered representatives.
3. The Cost of the Series 63 Exam
Required by state law for securities agents: $147
It is necessary for individuals who want to sell securities on a state level.
This requirement is usually taken either before or after the Series 6 or Series 7.
A Series 63, which is required by the majority of states, is a securities law course.
4. Cost of the Uniform Investment Adviser Law Exam (Series 65)
Cost: $187
It is necessary for those who want to be financial advisors.
There is no requirement for sponsorship.
Anyone seeking to offer investment advice for a fee who is not affiliated with a brokerage firm is required to pass the Series 65 exam.
5. National Exam in Uniform State Law (Series 66)
Cost: $177
It is required for candidates who want to merge the Series 63 and Series 65.
It is necessary to pass the Series 7 exam.
Taking the Series 66 combo exam streamlines the application process for individuals who want to become investment adviser representatives and securities agents at the same time.
Additional Fees for SEC Tests
Aside from the exam fee, there are additional costs associated with getting a securities professional license. You should budget for the following extra costs:
1. Academic Programs and Resources
Ballpark: $100 to $1,000 and above
Online courses, self-study books, video lectures, and live classroom instruction are all viable options.
Among the most prestigious test prep firms are Kaplan, STC, Pass Perfect, and Knopman Marks. If you want to pass the first time around, investing in high-quality study materials is a must.
2. Sample Exams
Pricing Scale: $30 to $150
A plethora of test prep services offer full-length practice exams that mimic the real testing setting.
3. Sponsoring Expenses
A firm that is a member of FINRA is required to sponsor certain tests, including the Series 7 and Series 63.
Applicants may be asked to sign employment contracts and companies often have internal expenses, but you are not directly billed for this.
4. Fees for Repeated Exams
Retaking the test at full price is required in the event that you do not pass the first time.
If you have a first, second, or third failure, FINRA will impose a waiting period of 30 days and 180 days, respectively.
Table of Exam Costs: Name, Fee, Sponsorship Required, Additional Charges
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The SIE — $80 — Nothing from $100 to $300 worth of study materials
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Part 7: Indeed, the fees for both the initial preparation and the subsequent retake might be as high as $600.
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Collection 63: $147 — Yes, I understand. References for $100–$300
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Collection 65: From 200 to 500 units — $187
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Series 66: $177 — Price range: $200 to $600 for combo prep
Can I Find Any No-Cost Study Materials for the SEC Test?
To make things easier for those on a tight budget, here are a few free or low-cost resources:
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Visit the FINRA and NASAA websites to access practice questions and content outlines.
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YouTube channels moderated by financial education instructors.
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You can find helpful advice from other users in Reddit threads and forums, such as r/Series7 and r/CFP.
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Library access to textbooks published by McGraw-Hill and Wiley, among others.
Free resources often lack the depth, tests, and analytics found in paid platforms.
Ways to Cut the Price of SEC Tests
To help you cut costs, here are some suggestions:
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If you’re planning on taking more than one exam, you may be able to save money by purchasing study materials in bundles (like SIE plus Series 7).
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Many firms will cover the cost of your test and preparation if they hire you.
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Search for online coupons and discounts for test-prep websites to use as promo codes.
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Focus on your preparation so you can pass the first time and avoid spending money on costly retakes.
The Significance of Being Aware of the SEC Exam Fee
You can better prepare for your career and finances if you know how much the SEC exam will cost. These tests are an investment in your future, so it’s in your best interest to know exactly how much they’ll cost:
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Set a reasonable spending limit.
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Pick the exams that are relevant to your profession.
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Stay away from unexpected costs.
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Get better at being ready.
Finally, How Much Does the SEC Test Cost?
So, how much does the SEC exam cost? The answer is conditional on the type of registration or license you are seeking. The SIE alone costs only $80, but a full license can cost anywhere from $500 to $1,500 or even more when you include in study materials, prerequisite courses, and retake fees. Whatever the cost, if you want a successful career in finance, you have to pass these exams. A well-thought-out budget and some forethought will allow you to reach your objective without breaking the bank.