Ashland Securities sponsors seasoned Placement Agents and Investment Bankers for certain FINRA exams. While not exhaustive, below is a list of the exams that we commonly sponsor for our registered representatives along with a general description of what types of business the license allows you to conduct. Please feel free to contact us directly if you would like to discuss which exams your specific business would require.
Securities Industry Essentials (SIE) Exam- This is a new FINRA exam for prospective securities industry professionals. This introductory-level exam assesses a candidate’s knowledge of basic securities industry information including concepts fundamental to working in the industry, such as types of products and their risks; the structure of the securities industry markets, regulatory agencies and their functions; and prohibited practices. The SIE Exam is now effectively a “corequisite” for the Series 82, 7, and 79 licenses, i.e. anyone who wishes to become registered in any of these categories will now need to take both the SIE Exam and applicable securities exam.
Series 7- General Securities Representative Qualification Examination. This is the most comprehensive securities sales license and allows you to facilitate the sale or purchase of most types of securities, including: corporate securities, Hedge Funds, Private Equity Funds, municipal securities, investment company securities, variable annuities, direct participation programs, options and government securities.
Series 79 –Investment Banking Representative Exam. This is the license that allows you to perform various investment banking functions, including advising on or facilitating: debt or equity securities offerings through a private placement or a public offering, mergers and acquisitions, financial restructurings, asset sales, divestitures or other corporate reorganizations, and other business combination transactions.
Series 82 –Private Securities Offerings Representative Exam. This license allows you to solicit and sell private placement securities products as part of a primary offering.
Series 63- Uniform Securities State Law Examination. Almost all states require a registered representative to pass this exam as a prerequisite for state registration.
General Licensing Guidelines
Investment Bankers-If you advise on investment banking (including facilitating M&A transactions) or finance-related matters, but do not sell securities for a commission, you need to pass the SIE and the Series 79 and 63 exams .
Placement Agents- If you sell private securities for a commission, but do not advise on investment banking or finance-related matters, you need to pass the SIE and Series 63 exams and either the Series 7 (broader) or the Series 82 exam (more limited).
If you engage in both investment banking and placement agent activities then you would need to pass the Series 79, 63 and SIE exams, along with either the Series 7 or 82 exam.