Pennsylvania Securities License Requirements Guide
Navigate PA's securities licensing. Learn who needs a license, types (Series exams, state registration), application steps, fees, and compliance with the Pennsylvania Securities Act.
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Broker-dealers, agents, investment advisers, and investment adviser representatives operating in Pennsylvania require state registration through the Pennsylvania Department of Banking and Securities (DOBS). This is in addition to any federal requirements.
Quick Answer: Key PA Securities Licensing Requirements
Pennsylvania requires registration for four main categories of securities professionals: Broker-Dealers, Agents (registered representatives), Investment Advisers (IAs), and Investment Adviser Representatives (IARs). The Pennsylvania Department of Banking and Securities (DOBS) oversees all these registrations.
Most individuals and firms file through FINRA's Central Registration Depository (CRD) system for broker-dealer related registrations. For investment adviser registrations, they use the Investment Adviser Registration Depository (IARD). Pennsylvania receives and processes these filings.
Exam requirements vary by role. The most common are:
- Broker-dealer agents: Securities Industry Essentials (SIE) exam, the Series 7 exam, and the Series 63 exam for state registration.
- Investment adviser representatives: The Series 65 exam, or the Series 66 exam combined with the Series 7 exam.
- Broker-dealers (firms): File Form BD through CRD.
- Investment advisers (firms): File Form ADV through IARD.
Consult the Pennsylvania Department of Banking and Securities directly at www.dobs.pa.gov for current fee schedules and processing timelines. These figures are updated periodically.
Who Needs a Securities License in Pennsylvania?
The Pennsylvania Securities Act of 1972
Sources & Verification (5)
- Investment Advisers Act of 1940 (15 U.S.C. §80b-1 et seq.) — federal IA registration framework; firms under $100M AUM generally state-registered (NSMIA §203A).
- Securities Exchange Act of 1934 (15 U.S.C. §78a et seq.) — broker-dealer regulation, anti-fraud, and SEC supervisory authority.
- National Securities Markets Improvement Act of 1996 (NSMIA, Pub. L. 104-290) — preempts state registration of federal covered advisers and securities; states retain anti-fraud.
- Uniform Securities Act (NASAA model) — adopted with variations by most states; governs IAR registration, blue sky filings, and exemptions.
- FINRA Series 65 / 63 / 66 / 7 — uniform state and federal exams administered via Prometric; pass scores and content outlines published by NASAA/FINRA.
Last verified: June 7, 2026
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- Series 65 Exam Prep — Investment Adviser LawThe most common path to becoming a Registered Investment Adviser Rep in any state. Covers Uniform Securities Act, fiduciary duty, and fraud prevention.
- Series 66 Exam Prep — Combined State LawCombines Series 63 + 65 into a single test for candidates already holding Series 7. Required in most states for IAR registration.
- Series 7 Exam Prep — General Securities RepFINRA's broker-dealer rep license. Required by every state before selling general securities. Recently revised for the post-2018 split format.
- Investment Adviser Compliance Manual — Form ADV & CustodyHow to navigate the SEC/state Form ADV split, custody rule, and code of ethics. The reference RIA firms hand new compliance hires.