Insurance License Questions How do I get my insurance license in Virginia? How tough is the exam? How big is the exam? Why are the statewide exam pass rates only 50%? How is Financial Academy training different? OK, I want to get my insurance license, now what?

NASD/FINRA Exam Registration Questions How do I get licensed to sell securities? How tough is the exam? How big is the exam? What is the SERIES 63? What is SERIES 65/66? OK, I want to get my securities license, now what?

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How do I get my insurance license in Virginia?

You must apply to the State Corporation Commission Bureau of Insurance by submitting an application with a $15 fee (per license) with a certified or business check (personal checks are not accepted.)

Prior to submitting your application, you must pass a state-administered license exam and have a Criminal History Background Check completed by the Virginia State Police.

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How tough is the exam?

The purpose of the exam and licensing process is to protect the public from individuals who do not know their stuff! The exams are administered under rigid standards and with tight controls at a designated Promissor testing center.

In Virginia, the overall success rate for the insurance exam is about 50%! As a result, the Bureau of Insurance strongly recommends that you complete a study course prior to sitting for the exam. Financial Academy pass rates are nearly 100% - much higher than the statewide averages.

The Financial Academy does NOT administer the exam. The Financial Academy helps prepare you for your exam with high quality instruction, the most focused textbooks in the industry (The Plain English Textbook) and guides your additional study.

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How big is the exam?

The insurance exam for a life and annuity insurance license, a health insurance license, or personal lines property insurance license is 100 questions with a 2 hour time limit.

For those individuals desiring to sell multiple lines of insurance - such as both life, annuities and health insurance - a combined Life, Annuities and Health Insurance exam is offered. The combined exam is 152 questions -- 106 questions on insurance plus 46 Virginia-specific regulations questions, with a 2 1/2-hour time limit.

To sell both personal lines and commercial property insurance, a Property / Casualty license is required. This combined exam is 152 questions -- 106 questions on insurance plus 46 Virginia-specific regulations questions, with a 2 1/2-hour time limit.

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Why are the statewide exam pass rates only about 50%?

The purpose of the exam and licensing process is to protect the public from individuals who do not know their stuff! The exams are administered under rigid standards and with tight controls at a designated Promissor testing center.

Virginia exams are thorough, and cost $58 per attempt. If you fail three times, you must wait 30 days before you retake the exam. Choose your study course carefully!

The Financial Academy has helped thousands of people pass exams - many after they used other study courses and failed.

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How is Financial Academy training different?

The "old-school" approach was to suffer through worthless pre-license training, somehow pass a test, then "forget all that, and we'll show you how the business is done". This "old-school" attitude created alot of job turnover and individual disappointment.

The Financial Academy approach is vastly different. We believe that product knowledge is extremely important for successful financial professionals. We know that strong pre-license training helps you "hit the ground running", and makes your company product and sales training easier. Several Financial Academy graduates have gone on to become national top producers for their companies.

Financial Academy courses are conducted in strict compliance with all licensing laws and regulations and follow the exam specifications published by the licensing authority. The courses are updated as exam requirements change. The people we see scoring in the 90's on license exams are following ALL of our guidelines and using our study materials exclusively.

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OK, I want to get my insurance license, now what?

1. Make a serious decision that this opportunity is for you.

2. Enroll and complete a pre-license study course for the license of your choice.
        Life and Annuities Insurance
        Health Insurance or a combined
        Life, Annuities and Health Insurance Course
        OR a
        Property and Casualty Insurance
        Personal Lines Insurance or a
        Bail Bonds License Course

3. Devote adequate time for serious study and preparation for your license exam.

4. Schedule your insurance license exam day and time at www.Experioronline.com.

5. Achieve a score of 70% or more on your license exam.

6. Request a Criminal History Report.
    Must be filed with your Insurance License Application.

7. Complete and send in your Insurance License Application to the Bureau of Insurance.
    (Remember to include all necessary application fees.)

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How do I get licensed to sell Securities?

Unlike your insurance license, the securities license requires sponsorship by an NASD/FINRA member firm.

To register, you must submit a U-4 form and fingerprint card through the compliance department of your sponsoring company. Company sponsorship is required for the exam, but is not required for the class. Since the U-4 filing process can take several weeks, you should submit the U-4 immediately so that you will be eligible to sit for the license exam.

There are two levels of NASD/FINRA qualification and registration:

REGISTERED REPRESENTATIVES

Generally for sales personnel engaged in securities business activities such as sales, trading, and investment banking for the NASD/FINRA member firm.

Series 6 Representative

The NASD/FINRA Investment Company/Variable Contracts Representative is a limited registration to sell mutual funds and variable life and annuity products. The 135-minute, 100-question qualification exam covers securities, markets, investment companies, taxation, customer accounts, variable insurance, retirement plans and industry regulations. The two-day class can save you many weeks of study.

Series 6 registration allows you to sell mutual funds and variable life and annuity products (life and annuity insurance license required). Series 7 registration allows you to sell a all securities, including individual stocks and bonds.

The Financial Academy SERIES 6 course may provide continuing education credits for your insurance license — contact us for details!

Series 7 Representative

The NASD/FINRA General Securities Representative is the broadest representative registration category. This qualification allows an individual to function as a representative dealing in a full range of investment products. The six-hour, 250-question license exam covers corporate equity and debt securities, real estate investment trusts, options, municipal securities, government securities, open-end and closed-end investment company shares, variable contracts, real estate securities, limited partnerships, oil and gas, and other direct participation programs.

PRINCIPALS

Generally officers and other management and supervisory personnel involved in the day-to-day management or operation of the NASD/FINRA member firm’s investment banking or securities business.

Series 26 Principal


Limited Representatives Principal registration is required for those involved in sales management or training of SERIES 6 reps. The Financial Academy class is two days, and can be scheduled in-house for groups of four or more.

Limited registration is available for representatives or principals that specialize exclusively in certain types of securities products.

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How tough is the exam?

The exams are administered under rigid standards and with tight controls at a designated NASD/FINRA testing center.

NASD/FINRA exams do not have a legal study requirement. However, the overall success rate for the securities exams (Series 6, 7, 63, 26 and 65/66) vary from 50-70 percent! As a result, we strongly recommend that you complete a study course prior to sitting for the exam. Financial Academy pass rates are nearly 100% - much higher than the national averages.

If you fail an NASD/FINRA exam you must wait 30 days before you can retake it. After the third attempt, you must wait six months before retake. Financial Academy courses can save you time and money!

The Financial Academy does NOT administer the exam. The Financial Academy prepares you for your exam with high quality instruction, the most focused textbooks and provides specific advice on how to maximize your individual study efforts.

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How big is the exam?

The NASD/FINRA will have current information on the specific information which will be tested by the examiner. The body of information is vast and knowing the details is essential to passing the exam.

The Series 6 Exam is 100 questions with a 135 minute time limit.

The Series 63 Exam is 65 questions with a 70 minute time limit.

The Series 7 Exam is 250 questions with a 6 hour time limit.

The Series 26 Exam is 110 questions with a 150 minute time limit.

The Series 65/66 Exam is 140 questions with a 180 minute time limit.

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What is the SERIES 63 Uniform State Securities Agent Law Exam?

The Uniform State Securities Law Examination is a tricky 65-question test you will take after you have passed the SERIES 6, 7 or 65. This four-hour class will save you days of study.

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What is Series 65?

SERIES 65 Investment Advisor

Investment Advisor Representative (IAR) registration is required for financial planners and other fee-based financial consultants. The examination is a very tricky 140-question test covering the Uniform Securities Act, federal laws and SEC rules, economics, financial statements and portfolio construction. The three-day class can save you several weeks of study, and includes SERIES 63 preparation.

SERIES 66 Investment Advisor

Available only to SERIES 7 representatives. Combines the SERIES 63 and 65 in a single qualification exam. Has more SERIES 63-type questions than the SERIES 65 exam. Our SERIES 65 class prepares you to pass either the SERIES 65 or the SERIES 66.

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OK, I want to pursue a Securities License, now what?

1. Complete and file your Form U-4 through the compliance department of your sponsoring firm.
    (This step MUST be completed first)

2. Schedule your exam day and time or ask your sponsoring company
    compliance department to do this for you.

3. Enroll and complete the pre-study for your NASD/FINRA classroom training.

4. Complete your NASD/FINRA classroom training at the Financial Academy.

5. Complete focused post-class review prior to taking your registration exam.

6. Pass your registration exam!

7. Apply for your variable life and annuity insurance license!

8. Check with your compliance department before you solicit sales of any securities product.

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