How to Become a Stockbroker in New Mexico - NM | Career | Series 7, 63, 66 Exam | License Requirements | What is a Financial Planner? | What does a Financial Planner do?
To become licensed, you must find sponsorship from a broker-dealer firm. Your firm’s compliance department will assist you in registering with the Financial Industry Regulatory Authority (FINRA). Once your FINRA registration is accepted, you will be allowed to participate in the purchase and sale of securities in New Mexico.
Most broker-dealer firms will require that candidates for employment have a college degree. In addition, a bachelor’s degree is often required if you wish to pursue professional designations during your career.
A broker-dealer registered in New Mexico must sponsor you before will be allowed to complete the required securities exams. Apply for open registered representative positions by researching open jobs or by contacting a firm directly.
Fill out the applications for the required tests. This is done by completing the Form U-4, Uniform Application for Securities Registration or Transfer. Your sponsoring broker-dealer will help you complete and submit the form through FINRA’s Central Registration Depository (CRD).
FINRA maintains a registration fee of $85. Your broker-dealer will most likely pay this fee on your behalf.
New Mexico requires that registered representatives pass either the Series 63 or Series 66 (explained below). Before taking either the S63 or S66, you will need to pass a general securities test like the Series 7, so speak to your broker-dealer regarding which test is best for you to take. The test fees that are required to participate in the exams are $265 for the Series 7, $96 for the Series 63, and $128 for the Series 66.
FINRA also requires that you provide a copy of your fingerprints. Your broker-dealer may have the capacity to fingerprint you. If not, visit your local police station or sheriff’s office. To process the fingerprint card, FINRA charges your broker-dealer $30.25.
Registration fees will be paid to FINRA when your Form U-4 is submitted.
The registration fee in New Mexico is $50, which is paid to the New Mexico Securities Division through the CRD by your broker-dealer.
Once your broker-dealer firm has filed and received approval of your completed Form U-4, you may register for the Series 7, General Securities Representative Examination or another general securities exam as directed by your firm.
Either the Series 63 or the Series 66 exam is also required in conjunction with one of the general securities exams. The most common of the exams is the Series 63, Uniform Securities Agent State Law Examination. The Series 66, Uniform Combined State Law Examination is also accepted. These exams cover state securities law, and after passing, registered representatives are allowed to solicit clients.
Third party test providers, Prometric or Pearson, will facilitate the securities exams. Find the New Mexico test location that is most convenient to you and schedule online. You will have 120 days after your registration becoming active to schedule the exam.
There are several Pearson and Prometric testing centers throughout New Mexico.
You cannot schedule more than one securities exam in a day. Plan ahead so you can schedule the required exams within the required time period.
Prepare for your exams by utilizing resources that your broker-dealer provides you. Arrive an hour before your scheduled exam with anything you may have been informed to bring.
Immediately following the exam, you will be notified of your score. After you achieve a passing score on all required exams, you will be officially licensed as a registered representative in New Mexico.
You will receive on-the-job training through your broker-dealer as you begin your career. You may job shadow a fellow employee or participate in group sessions. This will lend insight into how your firm operates, as well as teach you the basics of securities sales.
Your New Mexico securities license is automatically renewed annually. New Mexico charges a $50 renewal fee, which is generally paid by your broker-dealer on your behalf. Renewal fees are submitted to the New Mexico Securities Division through the Web-CRD (Central Registration Depository).
The Securities Industry Continuing Education Program was put in place to be sure all registered representatives are current on regulatory issues. There are two elements that make up the continuing education program.
This must be completed within 120 days of your second annual registration. You will need to complete a Regulatory Element every three years thereafter.
Clients and regulators can review the information on your Form U-4 by using FINRA’s BrokerCheck.