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 Iowa Workforce Information NetworkApril 24, 2014
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License Title: Securities Agent

License Description: Securities agents buy and sell stocks and bonds for individuals and organizations. As representatives of a brokerage firm, they perform these transactions by applying knowledge of securities, market conditions, government regulations, and financial status of customers; provide customers with information and advice regarding investments based on interpretation of data from securities reports, financial periodicals, and the stock-quotation-viewer screen; record and transmit buy and sell orders to trading division in accordance with customer's wishes; calculate and record cost of transaction for billing purposes, using quotations received during transmittal of order; develop portfolio of selected investments for customer; and, compile a list of prospective customers. They may also be called registered representatives, account executives, or brokers.

Authorizing Statute: Iowa Code, Chapter 502

Requirements for License:No educational requirements are defined. An applicant must be affiliated with a brokerage firm before any of several examinations can be taken.

The National Association of Securities Dealers (NASD) and the employing brokerage firm, not the State of Iowa, set continuing education requirements.

Fees:
Application: $30
Duration: One year (calendar)
Renewal: $30


Examination:
When:At least two separate examinations must be passed. One is a subject matter examination, depending upon the product being sold. The second examination covers the uniform state securities act. Although there are several subject matter examinations, all applicants must pass the uniform state securities agent state law exam. The National Association of Securities Dealers (NASD) should be contacted for test sites and scheduling at (301) 590-6500. Applications and fees are sent to the NASD for processing at:
National Association of Securities Dealers
9513 Keywest Ave
Rockville MD 20850
Where:The National Association of Securities Dealers (NASD) should be contacted for test sites and scheduling at (301) 590-6500.

License Authority:
Iowa Securities Bureau
Division of Insurance
Iowa Department of Commerce

340 E Maple St
Des Moines IA 50319
Phone: 5152814444


 
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