Question

The fundamental difference between a Series 6 and a Series 7 license is:

a. With a Series 7 license the registered representative may sell all types of securities, corporate, municipal, US government securities, options, direct participation programs, investment company products, and variable contracts; with a Series 6 license the registered representative is limited to sales involving mutual funds, variable annuity, and variable life insurance products.
b. With a Series 6 license the registered representative may sell all types of securities, corporate, municipal, US government securities, options, direct participation programs, investment company products, and variable contracts; with a Series 7 license the registered representative is limited to sales involving mutual funds, variable annuity, and variable life insurance products.
c. The Series 7 exam covers securities law at the national level; the Series 6 exam includes coverage of state-specific securities law.
d. The Series 6 exam covers securities law at the national level; the Series 7 exam includes coverage of state-specific securities laws.

Answer 1

The main difference between Series 6 and Series 7 licenses is that Series 7 allows the selling of all types of securities, whereas Series 6 is limited to mutual funds, variable annuities, and variable life insurance.

Step-by-step explanation:

The fundamental difference between a Series 6 and a Series 7 license is that with a Series 7 license, the registered representative may sell all types of securities including corporate, municipal, US government securities, options, direct participation programs, investment company products, and variable contracts.

In contrast, a representative with a Series 6 license is limited to sales involving mutual funds, variable annuities, and variable life insurance products. These licenses are required for professionals in the investment industry and are a result of regulations to ensure that registered representatives have the requisite knowledge to sell securities and protect investors.