You don't need a specific degree, but you do need a license
There is no single required degree to become a financial advisor. You can enter the field with a bachelor's degree in any subject — business, English, psychology, engineering — as long as you pass the licensing exams that match the type of information you want to give. The degree matters less than the license, and the license depends on what you'll actually do: sell investments, manage money, or give general financial guidance.
Most financial advisors hold a bachelor's degree because employers expect it and it helps you understand the work. But the real barrier to entry is passing the Series 7, Series 65, or Series 66 exam — standardized tests run by the Financial Industry Regulatory Authority (FINRA) that prove you know securities law and investment rules. Without passing one of these, you cannot legally advise clients on stocks, bonds, or mutual funds.
Key Takeaways
- A bachelor's degree in any field is standard but not legally required; the license is what matters.
- The Series 7 exam is required if you sell stocks, bonds, or mutual funds through a brokerage firm.
- The Series 65 or Series 66 exam is required if you manage client money or give investment information as an independent advisor.
- Some advisors also earn the Certified Financial Planner (CFP) credential, which requires a bachelor's degree, work experience, and passing the CFP exam.
- Your employer typically pays for your exam fees and study materials while you work toward your license.
The difference between Series 7, Series 65, and Series 66
The Series 7 is the General Securities Representative exam. You take it if you work for a brokerage firm and sell investments directly to clients — stocks, bonds, mutual funds, options. It covers securities law, trading rules, and how different investments work. Most people who work at a bank's investment desk or a traditional brokerage take the Series 7.
The Series 65 is the Uniform Investment Adviser Law exam. You take it if you manage client money or give personalized investment information as an independent advisor or at an advisory firm. It covers fiduciary duty (the legal requirement to put clients first), investment strategies, and regulations that protect clients. If you want to start your own advisory practice, you typically need the Series 65.
The Series 66 combines elements of both. It covers securities sales and investment information, so it works if you do both — sell some products and also manage accounts. Some states allow you to take the Series 66 instead of the Series 7 and Series 65 separately, though not all employers accept it.
Your employer tells you which exam to take based on the job. You do not choose. If you move to a different firm that does different work, you may need to pass a different exam.
Bachelor's degree: what field and why it matters
Common degrees for financial advisors include business, finance, accounting, economics, and mathematics. These teach you how markets work, how to read financial statements, and how to do calculations you'll use every day. But employers also hire advisors with degrees in liberal arts, communications, or other fields, especially if you have strong math skills or previous work experience in finance.
A degree signals to employers that you can finish a long project, learn complex material, and meet important date. It also helps you pass the licensing exams — the Series 7 and Series 65 both assume you understand basic accounting and economics. If your degree is in an unrelated field, you may need to study harder for the exams, but you can still pass.
Some employers require a bachelor's degree as a condition of hire. Others do not, especially if you have years of experience in banking or sales. Ask during the job interview whether the firm requires a degree or whether relevant work experience counts.
The Certified Financial Planner (CFP) credential
The CFP is a voluntary credential that many advisors earn after they are already licensed. It requires a bachelor's degree from any field, three years of full-time work experience in financial planning, passing the CFP exam, and agreeing to a code of ethics. The exam is harder than the Series 7 or Series 65 and covers retirement planning, tax strategy, estate planning, and insurance in much more depth.
You do not need a CFP to be a financial advisor. Many successful advisors never get one. But clients often trust it, and some advisory firms require it for senior roles. If you want to specialize in comprehensive financial planning — helping clients with retirement, taxes, and estate strategy all together — the CFP is the standard credential.
The CFP takes 6 to 12 months of study after you already have your Series 7 or Series 65. Your employer may pay for the exam and study materials, or you may pay yourself. The exam costs several hundred dollars.
How the licensing process works in practice
When you get hired as a financial advisor, your employer registers you with FINRA and pays for your exam prep. You study for 4 to 12 weeks using textbooks, online courses, or a prep company — your firm usually picks the method. Then you sit for the exam at a testing center. The Series 7 takes six hours. The Series 65 takes three hours.
Most people pass on the first try if they study seriously. If you fail, you can retake it after 30 days. Your employer expects you to pass within a set timeframe — usually 90 to 120 days from your hire date — and will not let you advise clients or handle money until you do.
Once you pass, your license is active as long as you work in the industry and renew it every two years. If you leave the industry and come back years later, you may need to retake the exam or take a shorter refresher exam, depending on how long you were away.
Other credentials and specializations
Beyond the CFP, advisors can earn credentials in specific areas. The Chartered Financial Consultant (ChFC) is similar to the CFP but requires fewer years of experience. The Chartered Special Needs Consultant (ChSNC) focuses on planning for people with disabilities. The Accredited Investment Fiduciary (AIF) shows you understand fiduciary rules.
These are optional and take time to earn while you are working. Most advisors focus on getting their Series license and doing the job well before pursuing additional credentials. If you want to specialize — say, in retirement planning for teachers or tax strategy for small business owners — you can add a credential later.
Frequently Asked Questions
Can I become a financial advisor without a bachelor's degree?
It depends on the employer. Most large firms require a bachelor's degree as a condition of hire. Smaller advisory firms or independent practices may hire you without one if you have relevant work experience in banking, sales, or accounting. You can always pass the Series 7 or Series 65 without a degree — the exams do not require one — but finding an employer willing to hire you and sponsor your license is harder.
Which exam should I study for if I'm not sure what type of advisor I want to be?
Ask the firm that hires you. They will tell you which license you need based on the job. If you are still job hunting, the Series 65 is more flexible — it covers investment information and is required for independent advisors, so it opens more doors. The Series 7 is narrower and mainly for people selling through brokerages.
How long does it take to become a financial advisor from scratch?
If you already have a bachelor's degree, you can be licensed in 3 to 4 months: a few weeks of job hunting, 4 to 12 weeks of exam study, and a few weeks for the licensing paperwork to process. If you need a degree first, add four years. Most people work full-time while studying for the exam.
Do I need a master's degree to be a financial advisor?
No. A master's degree in finance, business, or a related field can help you understand the work faster and may help you advance to senior roles, but it is not required. Many successful advisors have only a bachelor's degree and a license. A master's is optional and takes two more years.
What if I fail the Series 7 or Series 65 exam?
You can retake it after 30 days. Most people who study seriously pass on the second try. Your employer may give you extra study time or resources. If you fail multiple times, the firm may let you go, so take the exam seriously and use a prep course.