The next decision Registered Representatives need to make is where they plan to conduct business. Most states require an exam or a professional designation, in addition to the FINRA exam, to become licensed as a Registered Representative and Investment Adviser Representative (unless solely a Series 7 Representative). So, Registered Representatives need to find out if the state in which they are going to do business requires additional licensing. If so, Registered Representatives will need, at a minimum, to take and pass the Series 63 to satisfy state legal registration requirements.