• Brokers can take a Series 7 licensing exam to become a securities sales representative.money and stocks image by Dmitriy Lesnyak from Fotolia.com
  
  Series 7 licensing examinations are conducted by the Financial Regulatory Authority (FINRA), previously called National Association for Securities Dealers (NASD). It is the organization's flagship qualification which allows an agent to become a general securities sales representative. Two years after qualifying to become a broker, an agent is required to attend a mandatory course aimed at keeping him abreast of the latest developments in the industry.
  
  

Series 7 Licensing Exams

• The exam has 260 questions for the prospective agent to answer. Most of the questions are usually based on municipal bonds, options and industry regulations. Other questions are on how to handle a customer account. In order to pass, the candidate must get at least 70 percent of the questions right. The exam takes six hours to complete. Once an agent passes, a license is issued and he is allowed to sell annuities, mutual funds, stocks and options. This is an entry level qualification aimed assessing a candidate's ability to function as a Registered Representative (RR).
  
  

Firm Element

• Unlike other licenses in the industry, Series 7 does not expire. But FINRA, which maintains authority over licensed agents, requires that a broker attend a continued education course called Firm Element two years after qualifying, and every three years subsequently. If a broker does not attend the course, the license will be suspended until the requirement is fulfilled within a period of four months. The continued education courses are important in order to keep up with an industry that is ever evolving.
  
  

Online Studies

• The internet makes it easier for an agent who wants to complete continuing education courses. WebCE.com and RegEd offer credible CE courses.
  
  It is worth noting that you are actually allowed to transfer your hours of coursework from one designation to another. Most coursework approved by the CFP Board of Standards can be credited toward securities continuing education requirements.