Series 66 exam nasaa uniform combined state law exam. Series 24 general securities principal license this is a no bs. The series 66 license is only valid with a series 7 designation. Think of it as a really hard, really long driving test thats there to stop. If you have held a series 65 or any license could you still take the cfa exam without a degree from a. To pass your series 65 licensing exam, examfx has created a comprehensive online training program to ensure that you are prepared to pass your exam on 1st attempt. People who take the 66 are usually people who already have passed the series 7 exam. Which test is harder series 6 or series 63 answers. Whether or not you have a background in finance, the key to success on the series 7 is to study hard. I hold a 7 6624 and try to break down the complicated issues into more management ideas. Because its testing different knowledge, and the reality is that you dont need to be sponsored by a brokerdealer to take the series 65 anyway. Differences between the series 65 and the series 66.
It is essentially a combination of series 63 and series 65, but since a prerequisite for taking the exam is successful completion of the series 7 exam, it does not include the product, analysis and strategy questions that are a large part of the series 65. As a result, the majority of people with some hard work can pass this exam. A little easier than the series 7, maybe comparable as well to the series 6. My sister already had her series 7, but she got her series 65 with only a weekend of studying. When i am approached by a prospective client, the question they always ask without fail is are you properly licensed. While the sie exam is hard for some test takers, others wont likely have a.
Welcome to testgeek exam preps series 6 video course my name is brian and i am the founder of testgeek exam prep and what we will be doing over the next several hours, of course, is to ensure. By contrast, the questions on the series 7 exam are detailed and related to the daytoday. The series 66 is equivalent to taking both the series 63 and series 65. It has 125 questions plus 10 extra that dont count toward your score vs 75 for the sie exam. Those topics, theoretically, that the individual has not had without a series 7 license. However, a person taking the series 66 must also take and pass the series 7 general securities registered representative exam before registering with a state regulatory commission. Ive answered around 2500 qbank questions out of the 3400 they have to offer. This means that the series 7 is a corequisite exam for the series 66. Like anything, if you sit and read long enough, you will absorb it. The series 7 can be achieved after passing two relatively short tests while the. I actually thought that it was more difficult since it dealt with regulations and conduct rather than the financial markets, products and economy. The series 65 uniform investment adviser law examination is 140 questions. The main culprits for a failed series 7 exam are the exams increased detail and difficulty.
It is a corequisite of the sie exam, which tests you on general securities topics. If the above makes the series 7 topoff difficulty level sound insurmountable, then let me assure you that it is not. The series 65 exam is designed for those who do not have a series 7 license. The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a general securities. A general overview of finras series 6, 7, 63, 65 and 66 exams. On october 1, 2018, finra restructured the series 7.
I originally took the exam using the training consultants material and only made a 61. Nasaa is in the process of updating questions on the series 63, 65, and 66 exams in light of the recently enacted secure act. The series 65 license is required by anyone intending to provide any kind of financial advice or service. Obviously it depends on whether you have to work full time while you are studying or your employer lets you study during the. Generally, for those persons with the series 7 license, the series 66 exam is easier to pass. Keep in mind that while the series 66 has fewer questions than the series 65 the passing score is slightly higher. Heres my experience studying for, taking and passing the series 65 exam to become an investment advisor. I was told that a jd satisfies the requirements of the series 7 exam to act as a brokerdealer. I have actually started offering webinars and tutoring for the series 65 along with the series 6, 63, and 26 exams. If youre going to take the 66 study hard just as you would for the 7. The series 7 license covers basic securities market. Career question how difficult are the various finra.
I know several rr that failed the 65 even after years of industry experience. The general consensus is that the series 7 is less comprehensive, and therefore slightly easier to pass, than the cfa exams, but only 65 % successfully make it through the series 7 on their first. Series 6, 63, 65, and 7 and each exam was passed successfully on the first try. Series 66 the 66, which is the 63 65 combination is difficult. The other 10 questions are experimental questions that appear randomly throughout the test and dont count toward the candidates score. The 63 questions is easy, but the 65, iar exam, is not as easy. The series 7 exam is by far the longest and most difficult of all the securities exams. The 66 exam is only for those individuals who are registered for, or completed the series 7 exam. The series 7 exam is integral for any person wishing to sell securities products. The series 65 and 66 exams can be difficult for people without any investment experience. Additionally, the series 79 exam requires a broad knowledge of the rules, regulations and industry practices that govern us capital markets and. The challenge for most people is that its a novel subject. I think what youll probably find is the series 65 is comparable difficulty to the life and health exam. While obviously some exams are more difficult than others im looking at you 65.
Series 766 exam details kaplan financial education. If an individual does not already have a series 7 and wishes to be an iar, the series 65 is nasaas competency exam. Currently, questions on the exam have not been modified and are based on the status of the law as of 12312019. This new exam was first offered in october 2018, and student feedback. In essence, it combines the series 63 and 65 exams into one 150minute exam. Anybody who used passperfect, how accurate did you find the practice tests from. Series 66 uniform combined state law examination exam. A general overview of finras series 6, 7, 63, 65 and 66.
To take the series 7 exam, a candidate must be sponsored by a finra member firm, which will file the uniform application for securities industry registration or. Finra designed it to test series 7 license candidates on how well they can apply their knowledge of securities concepts to specific scenarios. Early posts made it sound horrifically hard is that still the consensus. Why the sie exam isnt best to become a financial advisor. In terms of curriculum and difficulty, there is a big difference between the series 7 and the cfa. I got a 90 on the series 7, studied hard for the 66 only to fail with scores of 71 and 73. If people are having trouble, or looking for help in passing these exams, please check out.
The material in the series 7 is not nearly as difficult or extensive. Why the sie exam is not a good path to become a financial advisor time 7. Should i take the series 65 or series 66 exam securities ce. On the other hand, the series 7 exam is a different story. The content of both exams are similar though the series 65 will be more heavily concentrated on investment products and. Below i will walk you through the series 7 topoff exams difficulty level.
Of these questions, are scored, and a candidate must answer at least 94 of them correctly to pass the exam 72%. The timer of the exam will not stop once the exam starts. Get that one right, and the difficulty level will rise, allowing you to score more points. The series 65 and series 66 are qualification examinations for people who want to pursue careers as investment professionals. Breaking down financial securities licenses investopedia. By comparison, the series 65 exam is not nearly as difficult as the bar exam. Solomon exam prep customers who have passed the series 79 exam say that it is a difficult exam, particularly for testtakers who do not have education and work experience in accounting and finance.
I must take issue with the statement that the series 66 exam is easier to pass than the series 65 for those with a series 7 registration. The series 7 exam is essentially a much more difficult sie exam. The series 66 is essentially a combination of the series 63 for securities agents and series 65 for investment adviser representatives. Can you tell me where can i get their reading materials. Both allow advisors to receive feebased compensation, but each serves a unique audience.
I receive a lot of questions about the sie vs series 7 exam. So, i decided to buy the kaplan book and qbank which ive been using for the past month. So if you have series 7, opt for the 66, its a little shorter. The series 65 exam the nasaa investment advisers law examination is a north american securities administrators association nasaa exam administered by finra. So charlie, youve already done the life and health exam in your state. This test contains no investment material, as the series 66 license is only available to.
Get the answers to that question in this article, including series 7 pass rates and tips for exam preparation. If you have taken the 24 i am curious to know how difficult it is compared to the 7 and the 66. Its not all that difficult if you do the work it typically takes about 100 hours of studying or 68 weeks to study for. If you have not passed the series 7 or will not be taking the series 7 exam you must take the series 65 exam. The series 66 satisfies series 65 and series 63 exam requirements, but series 7 registration is a corequisite for the series 66. Remember to click the finish exam link at the bottom of the page once you. Conventional wisdom suggests that the level of difficulty is the same for the series 65 and series 66. Could you please sort them in term of difficulty from the least to the most. If you miss the question, you get an easier question. Various study packages are available, designed to meet your specific needs. The series 7 exam hedge fund law blog chuck lowenstein november 4, 2008 at 10.
The series 65 exam is administered at prometric testing centers in the u. The series 66 is proving to be extremely difficult. The series 7 examination and why you need to pass it. Passing the series 66 exam qualifies a candidate to register as an investment adviser representative and as a securities agent. I just took and passed the 63 and am studying for the 65.
My preference has always been to use the webonline version of the study material which is super. Do not use the browser back button while doing this test. I have recently taken the responsibility for editing the series 63, 65 and 66 exams and was amazed at the number of errors. While the series 65 is a larger test the passing score is only 72%.
Can i expect the series 7 to be harder than the 65 or just more detailed on certain subjects. I studied for a few hours and then listened to the tapes and passed. Series 65 test specifications topic weight number of. Sadly i did not pass the series 65 the second time and was 7 questions short. The series 66 exam contains topics covered in the series 63 and series 65 exams without duplication of the series 7. The series 65, on the other hand, generates 140 questions randomly when you fire up your testno adaptations to what youre doing whatsoever on this exam. In order for a candidate to pass the series 65 exam, heshe must correctly answer at least 94 of the. If you plan to be in the business of providing investment advice for a fee, either the series 65 or 66 is a must. I actually had to study for nearly a month straight on the 7.
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