I just ordered kaplans stuff for the 66 and it actually feels more daunting than the 7. Eventually ill have to take both series 7 and series 66. It lasts for 225 minutes and covers all aspects of stock and bond quotes and trading. This test contains no investment material, as the series 66 license is only available to candidates that are already series 7 licensed. One major reason for the greater series 7 topoff difficulty versus the sie exam is the math. 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. The series 6 and 7 licenses are national licenses, while the series 63 is a state license.
Whether your financial pro holds a series 6 license or a series 7 license, hell also need a series 63 uniform securities agent license for the state where he works. I look at posts from people online saying the cfa exams are 0 times harder than the series 7 and that doesnt really mean anything to me. People who take the 66 are usually people who already have passed the series 7 exam. In addition to the sie exam, ian provides training for the series 3, 7, 50, 52, 57, 63, 65, 66, and 79 exams, and offers oneonone tutoring to students seeking additional instruction. This test contains no investment material, as the series 66 license is only available to. It has 125 questions plus 10 extra that dont count toward your score vs 75 for the sie exam. Like anything, if you sit and read long enough, you will absorb it. If the above makes the series 7 topoff difficulty level sound insurmountable, then let me assure you that it is not. They are both licenses that allow the individual to give feebased advice. The series 65 and 66 exams can be difficult for people without any investment experience.
I had a phone interview with a financialinvestment firm today and im going to an open house tonight. 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. Conventional wisdom suggests that the level of difficulty is the same for the series 65 and series 66. The old story about the series 7 was that options and municipal bonds used to make up close to 50% of the test that was your.
I took and passed the series 7 as someone who was not a business major in college rather a. A general overview of finras series 6, 7, 63, 65 and 66 exams. In order for a candidate to pass the series 66 exam, heshe must correctly answer at least 73 of. The series 7 exam is essentially a much more difficult sie exam.
The series 66 is proving to be extremely difficult. Series 66 exam nasaa uniform combined state law exam. Differences between the series 65 and the series 66. The challenge for most people is that its a novel subject. Finra designed it to test series 7 license candidates on how well they can apply their knowledge of securities concepts to specific scenarios. While the annual pass rate lands well above that of the cfa exam, only 65% successfully make it through the series 7 on their first time, so the. The series 66 exam qualifies a person to register as both a securities agent and an investment adviser representative. At the time of wheelers series 66 failure on july 15, 2010, morgan stanleys policy was to terminate employees who failed the. In finras october 2018 exam restructuring, the legacy series 7 exam aka the general securities representative exam was effectively split into two new tests. As a result, the majority of people with some hard work can pass this exam. The sixhour test consists of 250 multiplechoice questions and covers topics such as municipal and corporate bonds, stocks, options, direct participation programs, investment company products and variable contracts. Obviously it depends on whether you have to work full time while you are studying or your employer lets you study during the. Characteristics, risks, and application of alternative investments 2 1.
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 new series 7 topoff and the sie overlap in terms of content but remain. In the united states, financial professionals take this test to become qualified to purchase andor sell security products such as. The series 7 license covers basic securities market terminology, products, and job functions. The series 66 exam contains topics covered in the series 63 and series 65 exams without duplication of the series 7. So, the pass rate was quite poor, test difficult, and numerous. He graduated with college honors and received a ba from washington university in st. That rate applies only to those who passed both the sie exam and the series 7 exam.
Most securities exams administered by both finra and the nasaa have a passing score of 70%, except for the series 7, 63, and 65, which have passing scores of 72%, and series 66, which has a. Below i will walk you through the series 7 topoff exams difficulty level. I am trying to determine how hard the cfa really is. Series 66 uniform combined state law examination exam. As a result, the series 66 exam is considered by most to be an easier test.
In order to sit for the exam, you must be sponsored by a member firm of finra, the financial industry regulatory authority. Prepare with our series 66 exam questions to help you pass your exam and test taking tips. Series 7 will be down to 125 questions from todays 250. The series 66 license is only valid with a series 7 designation. I got a 90 on the series 7, studied hard for the 66 only to fail with scores of 71 and 73. Persons who take the series 66 exam must also pass the series 7 exam prior to registering with their states regulatory commission. A general overview of finras series 6, 7, 63, 65 and 66. The main culprits for a failed series 7 exam are the exams increased detail and difficulty. In finras october 1, 2018, exam restructuring, the legacy series 7 exam. If you miss the question, you get an easier question. Passing the series 66 exam qualifies a candidate to register as an investment adviser representative and as a securities agent.
In mo we dont have to take the 66, so ive not taken that one. Sponsorship from a broker dealer is not a criterion and you do not have to be a u. As part of this reorganization, the series 7 exam, which used to include 260 total questions, was shortened to 5 questions. However, a person taking the series 66 must also take and pass the series 7 general. I passed the final practice exam with a score of 95%. Most people i help with the series 65 work in the insurance industry. I would have accepted failure of the series 7 12x in a row before this. It wasnt anywhere near as difficult as the 7, but a little bit harder than the 63. The financial industry regulatory authority finra administers the exam. Series 66 uniform combined state law examination exam what. This means that the series 7 is a corequisite exam for the series 66.
By contrast, the questions on the series 7 exam are detailed and related to the daytoday. Morgan stanley exam taker barred for fudging score to keep job. After i take the exam, ill be entering a firm where the first thing they have you do is study for these licenses. The 66 exam is only for those individuals who are registered for, or completed the series 7 exam. I just passed the series 7 after a month of cramming with a 78% but also in part due to 3 years industry experience and memory from college.
For those of you who have taken the series 7 and passed it, how difficult is the exam. The series 7 exam is by far the longest and most difficult of all the securities exams. On the other hand, the series 7 exam is a different story. Hey all, apologies if this is the wrong sub for this question. Series 7 and 66 difficulty all about series 7 and 66.
Wso series 7 prep course here series 7 exam difficulty. I passed the series 7 and 66 using passperfect in the past and decided to go with them again. The series 7 exam the general securities representative qualification examination gs assesses the competency of an entrylevel registered representative to perform their job as a general securities representative. Now, the total length wont be all that different because, again, youll have to take both the sie exam and a shortened subsequent topoff exam for the series 6 or the series 7. The 65 exam, in contrast, is more difficult for people. There is a 150 minute time limit, and a 70% grade is needed to pass. Everything you need to know beginning october 1, 2018, prospective securities industry professionals looking to become registered with a firm at the representative level will be required to pass the new securities industry essentials sie exam in addition to a revised representativelevel qualification exam. Keep in mind that while the series 66 has fewer questions than the series 65 the passing score is slightly higher. Why the sie exam is not a good path to become a financial advisor time 7. The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a general securities. Get that one right, and the difficulty level will rise, allowing you to score more points. Again, for series 7 students you will be taking two exams 63 and 65 as opposed to one. Tactical asset allocation for example, market timing.
The series 7 exam, also known as the general securities representative exam gsre, is a test for entrylevel registered representatives. I just took and passed the 63 and am studying for the 65. Also, the passing score is 72% as opposed to 75% for the 66. People who are already working in the finance industry or people who are looking to get in, will consider the series 66 exam very closely. 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. The content of both exams are similar though the series 65 will be more heavily concentrated on investment products and economics. The series 65 and series 66 are qualification examinations for people who want to pursue careers as investment professionals. Whether or not you have a background in finance, the key to success on the series 7 is to study hard. The series 66 is given by the nasd and is comprised of 100 multiple choice test questions. The series 66 is essentially a combination of the series 63 for securities agents and series 65 for investment adviser representatives. The questions on the test are assembled by level of difficulty and content area. Series 66 this series 66 is the newest exam offered by nasaa. The series 7 is undergoing a significant change starting in october 1, 2018. Finra also reported that this pass rate was better than.
If you have passed the series 7 exam and have not taken the series 63 exam, the series 66 may be the right exam to take. A twohour exam offered by the financial industry regulatory authority finra that tests a persons knowledge of how direct participation programs dpps are structured, how to manage. In terms of curriculum and difficulty, there is a big difference between the series 7 and the cfa. This new exam was first offered in october 2018, and student feedback abounds. Since im studying for the cfp exam right now, will these licenses even compared to the knowledge im trying to grasp at this moment. Ian provides training for the series 3, 7, 50, 52, 57, 63, 65, 66, and 79. The series 66 exam the nasaa uniform combined state law examination is a north american securities administrators association nasaa exam administered by finra. Generally, for those persons with the series 7 license, the series 66. That said, the feedback is mixed and similar to my sie exam difficulty discussion, the degree of difficulty for the new topoff exam is quite dependent on the students background. While you can take the series 66 and the series 7 license in any order, the series 66 license is granted only upon satisfactory completion of the series 7 exam.
It is a corequisite of the sie exam, which tests you on general securities topics. Most bankers dread the licensing exams, not because of difficulty, but because of how. The series 65 exam is designed for those who do not have a series 7 license. Seven tips for acing the series 7 and other financial exams. Breaking down financial securities licenses investopedia. If you have not passed the series 7 or will not be taking the series 7 exam you must take the series 65 exam. Registration before october 1, 2018, the series 7 was a beast of an exam. Series 66 test specifications topic weight number of. We will tells you all you need to know about series 7 and 66 difficulty, giving the knowledge you are looking for. In this article you will learn lots of information about series 7 and 66 difficulty. Why the sie exam isnt best to become a financial advisor. Its not all that difficult if you do the work it typically takes about 100 hours of studying or 68 weeks to study for.
Series 766 exam details kaplan financial education. I scored really well on series 7 but just missed the 66 twice by one point. In essence, it combines the series 63 and 65 exams into one 150minute exam. Passing the series 66 is the equivalent of passing the series 65 and 63.