Required Qualifications to Become a Financial Advisor

Becoming a financial advisor can be one of the most rewarding careers as you get to help your clients achieve financial security, which requires learning the knowledge and skills to best serve your clients effectively. The path to becoming a financial advisor starts with joining Northwestern Mutual as a financial representative. There are specific qualifications that need to be met at this stage before you can become a licensed financial advisor.  

While obtaining the necessary licenses and designations to become a financial advisor is your responsibility, we’ll be here to support you from day one throughout the duration of your career here.  

Our award-winning training programs* include exam prep courses, webinars, workshops, and more to help you grasp key concepts. Collaborative study groups also help facilitate peer-to-peer learning and reinforce your understanding of important topics.  

We don’t just train you to pass exams; we empower you to change lives. By mastering these qualifications, you’ll be equipped to lead your clients toward a better way to money, helping them clear the blind spots of today to reach the bright opportunities of tomorrow. 

Financial Representative Qualifications  

The financial industry mandates these requirements to ensure you have the comprehensive knowledge, licensing, and certifications needed to provide service and product recommendations to your clients. Northwestern Mutual also has its own set of standards financial representatives must achieve as they work toward becoming a financial advisor. 

At Northwestern Mutual, we believe there is a better way to money—one that goes beyond simple savings to help families uncover hidden blind spots and seize new opportunities for growth. These qualifications are the first step in mastering that holistic approach. Keep reading to learn which qualifications you’ll need to meet at each step of your financial advisor career journey.  

When you contract as a financial representative at Northwestern Mutual, the first key requirement is passing the Life/Accident & Health Insurance Exam.  

Life/Accident & Health Insurance Exam 

This multiple-choice licensing exam evaluates your understanding of life, health, and disability insurance, along with relevant regulations and ethical considerations. To support your success, your local office will provide guidance on study materials and best practices. Successfully passing this exam and being appointed as a financial representative with Northwestern Mutual allows you to legally advise and sell life insurance products, which are often foundational elements of your clients’ financial plans. Continuing education helps you maintain your license and stay current with industry developments.  

Financial Advisor Qualifications  

Once you’ve completed the Life/Accident & Health Insurance Exam and have joined Northwestern Mutual, you can work toward becoming a financial advisor to incorporate investments into your practice. It’s important to note that while you’re working toward meeting these qualifications, you can partner with other financial advisors and mentors to ensure you can deliver integrated solutions inclusive of both insurance and investment solutions. 

Here are the exams you’ll be working toward:  

1. Securities Industry Essentials (SIE) Exam 

The SIE exam is an introductory exam for those entering the securities industry. It assesses your knowledge of fundamental securities industry information, including product types, their risks, market structures, regulatory agencies, and prohibited practices. The exam covers four key areas, including:  

• Knowledge of capital markets  

• Understanding products and their risks  

• Understanding trading, customer accounts, and prohibited activities  

• Overview of the Regulatory Framework  

Passing the SIE exam provides you with a solid foundation in securities and is an important step in becoming a financial advisor.  

2. Series 6 or 7 Exams 

The next important step is passing either the Series 6 or 7 Financial Industry Regulatory Authority (FINRA) exam. Let’s take a look at key information for both exams.  

Series 6 Exam: This exam focuses on the Investment Company and Variable Contracts Products Representative Qualification (IR), evaluating your competency with handling mutual funds, variable annuities, and other investment products. Successfully passing the 50-question exam qualifies you to recommend:  

• Mutual funds (closed-end funds on the initial offering only)  

• Variable annuities 

• Variable life insurance  

• Unit investment trusts (UITs)  

• 529 qualified tuition savings plans  

Series 7 Exam: This exam is also known as the General Securities Representative Qualification Examination (GS). It assesses the competency of an entry-level registered representative to perform their job as a general securities representative. The exam measures if a candidate has the knowledge needed to recommend and perform critical functions, including:  

• Sales of corporate securities (e.g., stocks and bonds)  

• Municipal securities, such as general obligation bonds, revenue bonds, and tax anticipation notes  

• Fixed income securities  

• Real Estate Investment Trusts (REITs)  

• Direct participation programs 

• Options

• Government securities  

To obtain the General Securities Representative registration, candidates must successfully pass both the SIE and the Series 7 exam.  

3. Northwestern Mutual Investment Services (NMIS)  

In addition to the above industry exams, prospective financial advisors must complete NMIS broker dealer registration and product qualification requirements to establish a business practice that includes access to both brokerage products and insurance products.  

NMIS stands for Northwestern Mutual Investment Services, LLC, and it is the registered broker-dealer affiliated with Northwestern Mutual. The Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) maintain strict rules and regulations for our industry. All persons who wish to solicit, sell, provide services related to, or be compensated for securities products and account types offered by NMIS must be properly registered with FINRA on behalf of NMIS and meet appropriate product qualification requirements within the defined timeframes.  

Additional Qualifications

While the above qualifications are mandated as you work toward becoming a financial advisor, each local Northwestern Mutual office may have its own industry-standard achievements you will also need to complete. Your local training and development leader will explain what these requirements are at a local level and share more about the support you’ll receive in working toward achieving them. 

Wealth Management Advisor (WMA)  

Although not required, many financial advisors choose to continue growing their business and work toward becoming a Wealth Management Advisor (WMA). As a WMA, individuals assist their clients in finding financial solutions through our best-in-class products and services. WMAs operate as portfolio managers for their clients, making the best recommendations to help clients meet their desired wealth goals. 

To be a WMA, advisors need to meet the following qualifications:  

• NMIS Registered Representative  

• Series 7 licensure  

• Series 63 or 66 licensure  

In addition to the above qualifications, there are specific Northwestern Mutual training and production requirements associated with this role that WMAs must meet. Your local training and development leader can share more about this role if it’s something you’re interested in.   

Learn more about our award-winning development programs—and connect with a recruiter to start your journey today.   

* Northwestern Mutual is the proud recipient of the 2026 MVP Award from Training magazine for its plethora of high-quality field learning and development programs.