Series 6 - Investment Company and Variable Contracts Products Representative Exam (IR)

Exam Restructuring

The Series 6 exam — the Investment Company and Variable Contracts Products Representative Qualification Examination (IR) — assesses the competency of an entry-level representative to perform his or her job as an investment company and variable contracts products representative.

The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of an investment company and variable contract products representative, including sales of mutual funds and variable annuities.

Please see NASD Rule 1032(b) Investment Company and Variable Contracts Products Representative for more information.

Effective October 1, 2018, candidates must pass the Securities Industry Essentials (SIE) exam and a revised Series 6 to obtain the Investment Company and Variable Contracts Products registration. For more information about the SIE and Series 6 exams, refer to FINRA Rule 1210 and FINRA Rule 1220(b)(7).

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Series 6 at a Glance


Before October 1, 2018

Number of Items 100
Format Multiple Choice
Duration 135 minutes
Passing Score 70%
Corequisite None
Cost $100

On or After October 1, 2018

Number of Items 50
Format Multiple Choice
Duration 90 minutes
Passing Score 70%
Corequisite SIE exam
Cost $40

Content Outline


Before October 1, 2018

The Series 6 Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required. The outline is comprised of the four main job functions of an investment company and variable contracts products representative. The table below lists the allocation of exam questions for each main job function.

Major Job Functions Percentage of Exam Questions Number of Questions
(F1) Regulatory fundamentals and business development 22% 22
(F2) Evaluate customers’ financial information, identify investment objectives, provide information on investment products, and make suitable recommendations 47% 47
(F3) Open, maintain, close, and transfer accounts and retain appropriate account records 21% 21
(F4) Obtain, verify, and confirm customer purchase and sale instructions 10% 10
TOTAL 100% 100

On or After October 1, 2018

The Series 6 Content Outline provides a comprehensive guide to the range of topics covered on the exam, as well as the depth of knowledge required. The outline is comprised of the four main job functions of an investment company and variable contracts products representative. The table below lists the allocation of exam questions for each main job function.

Job Functions Percentage of Exam Questions Number of Questions
(F1) Seeks Business for the Broker-dealer from Customers and Potential Customers 24% 12
(F2 Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives 16% 8
(F3) Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records 50% 25
(F4) Obtains and Verifies Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions 10% 5
TOTAL 100% 50

Eligibility


Candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm to be eligible to take FINRA qualifications exams. For more information on eligibility requirements before October 1, 2018, refer to NASD Rule 1032(b). On or after October 1, 2018, refer to FINRA Rule 1220(b)(7).

Please see Register a New Candidate for more information on the registration process.

Before October 1, 2018

The Series 6 does not have a corequisite exam.

On or After October 1, 2018

The SIE exam is a corequisite to the revised Series 6 exam. Candidates must pass both the Series 6 exam and the SIE exam to obtain the investment company and variable contracts products registration.

Permitted Activities


A candidate who passes the Series 6 exam is qualified for the solicitation, purchase and/or sale of the following securities products:

  • Mutual funds (closed-end funds on the initial offering only)
  • Variable annuities
  • Variable life insurance
  • Unit investment trusts (UITs)
  • Municipal fund securities (e.g., 529 savings plans, local government investment pools (LGIPs))

Key Questions


1. My firm opened my Series 6 exam window on August 1, 2018. I scheduled my exam for November 1, 2018. Which exam will I take?

Your exam window opened prior to October 1, 2018. Therefore, you must pass the 100-question Series 6 exam to receive an Investment Company and Variable Contracts Products Representative (Series 6) registration.

2. My firm opened my Series 6 exam window on August 1, 2018. I took my Series 6 exam on September 1, 2018, but failed. If I retake the exam, which exam will I take?

In order to retake your exam, a new exam window must be opened. Your new exam window will open on or after October 1, 2018. Therefore, you must pass the SIE and revised 50-question Series 6 exam to receive an Investment Company and Variable Contracts Products Representative (Series 6) registration.

3. My firm opened my Series 6 exam window on October 2, 2018. I scheduled my exam for November 1. Which exam will I take?

Your exam window opened after October 1, 2018. Therefore, you must pass the SIE and revised 50-question Series 6 exam to receive an Investment Company and Variable Contracts Products Representative (Series 6) registration.