Securities Agent

About

Securities agents buy and sell stocks and bonds for individuals and organizations. As representatives of a brokerage firm, they perform these transactions by applying knowledge of securities, market conditions, government regulations, and financial status of customers; provide customers with information and advice regarding investments based on interpretation of data from securities reports, financial periodicals, and the stock-quotation-viewer screen; record and transmit buy and sell orders to trading division in accordance with customer\'s wishes; calculate and record cost of transaction for billing purposes, using quotations received during transmittal of order; develop portfolio of selected investments for customer; and, compile a list of prospective customers as prospects to obtain additional information. They may also be called registered representatives, account executives, or brokers. Code Citation Iowa Code section 502.402 Who Applies Any person soliciting or effecting the sale of securities, stocks, notes, bonds, and other investments. When To Apply Licensure may take place at any time. Licenses are effective for the remaining calendar year. Initial Requirements No educational requirements are defined. An applicant must be affiliated with a brokerage firm before some examinations can be taken. Duration All licenses expire on December 31 of each year, regardless of the date of issue. Processing Time Most applications will be processed in 24 to 48 hours. Fee Structure Application: $40 Renewal: $40 Renewal Requirements Continuing education requirements are set by the Financial Industry Regulatory Authority (FINRA) and the employing broker-dealer firm, not the State of Iowa. Exam At least two separate examinations must be passed. One is a subject matter examination, depending upon the product being sold. The second examination (series 63) covers the uniform state securities act. Although there are several subject matter examinations, all applicants must pass the uniform state securities agent state law exam (series 63). Information regarding exams can be located at https://www.finra.org/registration-exams-ce/qualification-exams. Additional Information https://iid.iowa.gov/securities-agent-license-information