To work in investment banking in the United States, you need to pass a specific set of FINRA licensing exams: the Securities Industry Essentials (SIE) exam, the Series 79 (Investment Banking Representative), and a state law exam, either the Series 63 or the Series 66. All in, the exam fees run roughly $640 to $670 depending on which state exam you take. The SIE you can take on your own; the Series 79 and the state exams require sponsorship from a FINRA member firm.
The SIE Exam
The SIE is the foundation. It tests capital markets, investment products and their risks, trading and customer accounts, and the regulatory framework of the industry. The exam has 75 scored questions, runs one hour and 45 minutes, and requires a score of 70 to pass. As of 2026 it costs $100.1FINRA. FINRA Fee Adjustment Schedule
You don’t need a firm sponsor. Anyone 18 or older can register and sit for the SIE independently, which is why students and career changers often take it before they have an offer.2FINRA. Securities Industry Essentials (SIE) Exam A passing score stays valid for four years, so you have time to land a role and finish the rest.3FINRA. Exam Credit and Exam Validity Miss that window without registering, and the credit expires.
The Series 79
The Series 79 is what actually qualifies you to do investment banking work. FINRA requires it for anyone advising on or facilitating debt or equity offerings (public or private), mergers and acquisitions, tender offers, financial restructurings, asset sales, and similar corporate transactions.4FINRA. Series 79 – Investment Banking Representative Exam Developing or contributing to marketing materials for a deal also triggers the registration requirement. You need a passing SIE plus a passing Series 79 to obtain the Investment Banking Representative registration.
Unlike the SIE, you cannot take the Series 79 on your own. A FINRA member firm has to sponsor you.4FINRA. Series 79 – Investment Banking Representative Exam The exam costs $395, contains 75 questions, and allows two hours and 30 minutes. You need a score of at least 73 to pass.5FINRA. Qualification Exams The content leans heavily on deal structuring, valuation, financial analysis, and the regulatory framework under federal securities law.
When You Also Need the Series 7
Most analysts and associates only need the Series 79, but the line blurs when you start dealing directly with investors. If your role includes road show activities or actively marketing an offering to potential investors, FINRA requires you to hold the General Securities Representative registration as well, which means passing the Series 7 in addition to the Series 79. The reverse also applies: a registered General Securities Representative who begins contributing to deal marketing materials or advising on marketing plans needs to add the Series 79.4FINRA. Series 79 – Investment Banking Representative Exam The triggering activities can look minor, but the registration consequences aren’t.
State Law: Series 63 or Series 66
Federal exams cover federal securities law. You also need to satisfy state-level requirements, and for investment banking that means one of two NASAA exams administered by FINRA.
The Series 63 covers the Uniform Securities Act, including broker-dealer and agent registration, prohibited practices, and ethical obligations under state law. It has 60 scored questions (plus five unscored), costs $147, and requires 43 out of 60 to pass.6FINRA. Series 63 – Uniform Securities Agent State Law Exam
The Series 66 combines the state law content of the Series 63 with the investment adviser representative component. It has 100 scored questions plus 10 unscored, costs $177, and requires 73 out of 100 to pass.7FINRA. Series 66 – Uniform Combined State Law Exam Take the Series 66 if your role will involve any advisory capacity beyond pure transaction execution. If your work is strictly deal-focused, the Series 63 is enough.
If You’re Going Into Research Instead
Research analysts inside investment banks sit on a different track. To register as a Research Analyst you need a passing SIE plus both the Series 86 and Series 87.8FINRA. Research Analyst Qualification Examinations (Series 86 and 87) Content Outline The Series 86 covers analysis and valuation (macroeconomic data, financial statement analysis, discounted cash flow and comparable multiples, forecasting); it has 85 scored questions, runs four hours and 30 minutes, and costs $295. The Series 87 covers disclosure requirements, conflict-of-interest rules, and the rules for distributing research; it has 50 scored questions, runs one hour and 45 minutes, and costs $195.5FINRA. Qualification Exams These do not replace the Series 79 for banking work; they are the separate qualification for publishing equity research.
Sponsorship and Form U4
Before you can sit for any sponsored exam (everything except the SIE), your firm files a Form U4 for you through FINRA’s Central Registration Depository.9FINRA. Form U4 The Form U4 asks for a lot: five years of residential addresses, ten years of employment history, and detailed disclosures on criminal history, regulatory actions, civil judgments, and financial defaults.
Fingerprints are required too. Under the Securities Exchange Act, firms must submit fingerprints for individuals requesting registration within 30 days of the Form U4 filing date.10FINRA. Submit Fingerprints They feed a criminal background check. Inaccurate answers on the Form U4 can lead to denial of registration and disciplinary action.
Some issues on your record disqualify you outright. Under Section 3(a)(39) of the Securities Exchange Act, statutory disqualification applies to anyone with a felony conviction within the past ten years, certain misdemeanor convictions, permanent injunctions related to investment activity, or bars from a self-regulatory organization or the SEC.11FINRA. Funding Portal Statutory Disqualification Process False statements in regulatory filings can also trigger disqualification.
If You Fail
Failing doesn’t lock you out, but the waits get long. After your first or second failure, you wait 30 days to retake the exam. After a third failure, the waiting period jumps to 180 days, and that 180-day wait applies to every attempt after that.12FINRA. SIE Exam and Exam Restructuring Frequently Asked Questions The same rules apply to the SIE and every other FINRA qualification exam. FINRA does not waive the 30-day wait, so it’s worth being ready the first time.
Putting It Together
For a standard investment banking analyst or associate role, the path is: pass the SIE (which you can do before you have an offer), get sponsored by a firm, file your Form U4 and submit fingerprints, then pass the Series 79 and either the Series 63 or Series 66. Add the Series 7 if your role touches investor-facing marketing or road shows. State registration fees, which vary by jurisdiction and generally range from $0 to about $190 per year, sit on top of the exam fees.