Series 6 Practice Exam
Series 6 practice exam covering mutual funds, variable annuities, and variable life insurance. 50 questions, 90 minutes.
Series 6 Exam
Investment Company & Variable Contracts Products Representative. Requires SIE. 50 scored questions, 90 minutes, 70% to pass.
Practice by Series 6 Domain
Target a specific area, or launch the full exam below
Seeks Business
Solicit clients, communications, outside activities, and regulatory obligations. ~24% of Series 6.
Opens Accounts
Account types, suitability, KYC, retirement accounts, and variable annuity requirements. ~16% of Series 6.
Products & Recommendations
Mutual funds, variable annuities, UITs, and investment recommendations. ~50% of Series 6.
Processes Transactions
Order processing, NAV pricing, confirmations, and account maintenance. ~10% of Series 6.
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Full Series 6 Practice Exam
All four domains mixed and weighted by the official FINRA Series 6 blueprint.
About the Series 6 Exam
The Series 6 Investment Company and Variable Contracts Products Representative exam licenses you to sell mutual funds, variable annuities, variable life insurance, and unit investment trusts. It is the standard credential for insurance agents and bank representatives who want to offer investment products but do not need the full breadth of the Series 7. The SIE is required as a prerequisite, and firm sponsorship is required.
The exam contains 50 scored questions (60 total with 10 unscored pretest questions) with a 90-minute time limit and a 70% passing score. The Series 6 is the narrowest FINRA representative license — if you later want to sell individual stocks, bonds, or other securities beyond investment company products, you'll need the Series 7.
Series 6 Exam Topic Breakdown
| Topic | Weight | Key Areas |
|---|---|---|
| Seeks Business for the Broker-Dealer | 7% | Prospecting, communications, marketing of investment company products |
| Opens Accounts and Evaluates Profiles | 9% | Account types, KYC, suitability for mutual funds and variable products |
| Provides Information and Recommendations | 72% | Mutual fund types, NAV, sales loads, variable annuities, variable life, UITs, REIT basics |
| Obtains and Verifies Customer Orders | 12% | Order processing, fund transactions, redemption rules, settlement |
Sample Series 6 Exam Questions
1. A mutual fund has a NAV of $18.50 and a public offering price (POP) of $20.00. The sales load percentage is closest to:
2. A variable annuity contract owner dies during the accumulation phase. The beneficiary will receive:
3. A customer who has already invested in a mutual fund wants to make additional purchases to reduce their average cost. This strategy is best described as:
Study Tips for the Series 6 Exam
The Provides Information and Recommendations section accounts for 72% of the exam — the highest concentration of any FINRA exam. Focus almost entirely here. Master: mutual fund types (equity, bond, money market, balanced, index), NAV and POP calculations, sales load structures (front-end, back-end/CDSC, level load/12b-1 fees), breakpoints and letters of intent, variable annuity mechanics (accumulation units vs. annuity units, separate account, annuitization options), and variable life insurance features.
Since the Series 6 is taken after the SIE, you already have foundational knowledge of capital markets and regulation. Focus your additional study on the product-specific details of investment company products that are unique to the Series 6. Know the difference between a mutual fund (open-end), a closed-end fund (fixed shares, traded on exchange), and a unit investment trust (fixed portfolio, terminates on a date). The Series 6 is generally considered an easier exam than the Series 7 — most candidates with SIE experience can pass with 40–60 hours of focused study.
Most Series 6 representatives also take the Series 63 for state registration, and supervisors of Series 6 reps need the Series 26.
Frequently Asked Questions — Series 6 Exam
What can I sell with a Series 6 license?
The Series 6 qualifies you to sell: mutual funds (open-end investment companies), variable annuities, variable life insurance, and unit investment trusts (UITs). You cannot sell individual stocks, bonds, ETFs, options, or direct participation programs with the Series 6 alone — those require the Series 7.
Do I need the Series 7 if I already have the Series 6?
If you want to sell securities beyond mutual funds and variable products — including individual stocks, bonds, ETFs, options, and listed securities — you need the Series 7. Many professionals start with the Series 6 (in insurance or banking) and later add the Series 7. You do not need to retake the SIE if you already hold it.
What is the difference between a front-end load and a CDSC?
A front-end load (Class A shares) is paid when you purchase the fund — the sales charge is deducted from the initial investment. A Contingent Deferred Sales Charge (CDSC) (Class B shares) is paid when you redeem the fund, declining over time (e.g., 5% in year 1, 4% in year 2, eventually reaching zero). Class C shares typically have a level load with a 12b-1 fee charged annually.
What is a mutual fund breakpoint?
A breakpoint is a discount on the front-end sales load given to investors who invest above certain dollar thresholds. For example, a fund might charge 5.75% on investments under $25,000 but only 5.00% on investments of $25,000–$49,999. Breakpoints can also be reached through letters of intent (committing to invest a certain amount over 13 months) or rights of accumulation (crediting existing holdings toward the breakpoint threshold).
What is the difference between a variable annuity and a fixed annuity?
A variable annuity invests in subaccounts (similar to mutual funds) — the value fluctuates with market performance. A fixed annuity credits a guaranteed interest rate. Variable annuities offer greater growth potential but carry investment risk. Variable annuities are securities regulated by FINRA and the SEC; fixed annuities are insurance products regulated only at the state level. The Series 6 covers variable annuities; fixed annuities require only an insurance license.
What is NAV and how is it calculated?
NAV (Net Asset Value) is the per-share value of a mutual fund. NAV = (Total Assets − Total Liabilities) / Shares Outstanding. Mutual funds calculate NAV once per day after the market closes. Open-end mutual funds issue and redeem shares at NAV (plus any applicable sales load). ETFs trade throughout the day at market prices that may differ from NAV.
How difficult is the Series 6 exam?
The Series 6 is generally considered one of the easier FINRA exams. With the SIE as a foundation, most candidates need 40–60 hours of additional study focused on investment company products. The exam has only 50 scored questions, which means each question carries significant weight — thorough knowledge of mutual funds and variable products is essential.