Stc Series 66 Pros And Cons
- Firm-Friendly Features: STCUSA includes some continuing education features that can help firms who employ securities agents and broker dealers. This makes it much more appealing for your employer to sponsor your education with STCUSA, since it offers them benefits as well!
- Targeted Review: In the interest of saving you time and energy, STCUSA offers Crunch Time Facts as part of their Series 66 study materials. These are short study notes full of relevant information, and are a great cram resource for quickly absorbing a great deal of knowledge.
- Practice Exams: By far the strongest aspect of STCUSAs course is their practice exams, which come in several effective varieties. Progress exams are regularly assigned to make sure youre retaining the information covered in each lesson, and their final Green Light Exam guarantees an identical result to your actual exam score.
- Live Content: Unlike the other courses on this list, Securities Training Corporation only offers live video content to Premier Plus students. This means youll miss out on one of the most popular forms of online teaching if youre interested in one of their more affordable learning options.
Understanding The Series 66
The Series 66 certification was developed by the NASAA based on requests from the industry. The exam is administered by the Financial Industry Regulatory Authority , which is also responsible for processing and disseminating test results. FINRA’s Series 7 exam is a co-requisite of the Series 66, which means it needs to be successfully completed along with the Series 66 before a candidate may apply to register in a state.
The Series 7 must be successfully completed before taking the Series 66. Individuals who have passed the Series 7 may take the Series 66 in order to avoid having to take the longer and possibly more difficult Series 65 exam.
Introduction To Series 66 Exam
In todays article, we look at the North American Securities Administrators Association Series 66 exam, also known as the Uniform Combined State Law Examination.
Administered by Financial Industry Regulatory Authority , this exam is a necessity for investment adviser representatives, broker-dealers, and securities agents that have their Series 7 license as a prerequisite.
Without a doubt, if you want to know more about this securities exam, you are in the right place.
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Whats On The Series 66 Exam Test
There are four categories of questions on the test.
Economic Factors and Business Information contains five questions that focus on methods of analytics, including money concepts like internal rate of return statistics such as mean and median and financial ratios such as current, quick and debt-to-equity.
Investment Vehicle Characteristics contains 20 questions that include:
- Fixed income securities valuation factors with questions on yields
- Equity Securities valuation factors including questions on technical and fundamental analysis issues and more
- Knowledge of pooled investment vehicles evaluation in the areas of liquidity, pricing, benefits, and risks
- The costs, benefits, and risks of futures
- Insurance products such as annuities and life insurance
- Assets including real estate investment
Client/Customer Investment Recommendations and Strategies has 30 questions. Candidates will see questions about:
Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices is the largest area of the test, with 45 questions:
Series 66 Exam Registration
Its simple enough and candidates can register online.
The exam can be written at one of the numerous Prometric testing centers across the United States.
You can also take it online.
Note, if that is your preferred option, you will need a personal computer or laptop with either a webcam or an attached 360-degree camera.
The software will also need to be downloaded to see if the computer and internet connection are sufficient to run the exam.
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Series 66 Exam Prep Course Faqs:
What is the cost of the course?
The course tuition is $175. This provides you immediate access to the entire course for an initial access period of 120 days. The initial access period begins the date of course purchase. Need more time to study? No problem. You can extend your course access for an additional 120 day period once your course access expires for a fee of $79.00.
What makes your Series 66 course different than others?
Simple. Our course was designed and is presented by an expert, with over 20 years of experience, who actually cares if you pass. Our course was created based on the exam outline, with no additional fluff. If you dont need to know it for the exam, we dont cover it.
We know who the big names are in securities training. Who wrote their course? Who presents it? Can you easily find that out? Do they ever update their course? Do they cover concepts you dont even need to know? Do they care if you pass? Here at PassMasters, we do!
Who created the course?
Our Series 66 exam prep course was created and is entirely presented by Suzy Rhoades, who is our Director of Securities Content. Previously, Suzy served as the Director of Content for TesTeachers, which was a national leader in insurance and securities pre-license and continuing education training.
Does this course provide me everything I need to pass the 66 exam?
How often is the content updated?
Do I have to follow the 30-day study plan?
How many questions are included in the course?
Examfx Series 66 Exam Prep Review Course
ExamFXs courses are designed to be completed in around 3 months. Thats because they understand that students like you cant afford to waste time. Because of how effective the course materials are, this brisk pace actually ends up more beneficial since youll be ready for the licensing exam with time to spare.
This courses biggest focus is on video content. Most learning is done via a series of video lectures that convey business information in a simple and effective manner. Because of that, each lecture is easily digestible. Plus, each video can be re-watched as many times as you want.
Any enrolled student can contact an ExamFX instructor for help at any time. These instructors will be able to explain any difficult concepts and help you move forward with your studying. Thanks to that, you never need to worry about being lost when learning about the exam. Help is always just one click away.
ExamFX does have some live content, but not much. Their calendar shows that they only have 4 training sessions a month which is pretty limited when compared to some of the other options on this list. Still, their effective videos and qualified teachers do a great job preparing you for your upcoming exam in a timely manner.
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Series 66 Exam Content
The NASAA updates information on the exam’s content and posts it online. As of October 2022, the exam questions are allocated as follows:
- Economic Factors and Business Information : This section includes five questions on financial reporting , quantitative methods , and types of risk .
- Investment Vehicle Characteristics :The 20 questions in this section include, but are not limited to: methods used to value fixed-income securities, types and characteristics of derivative securities, alternative investments, and insurance-based products.
- Client/Customer Investment Recommendations and Strategies :The 30 questions in this section include, but are not limited to: types of clients , client profiling , capital market theory, portfolio management strategies, tax considerations, retirement planning, trading accounts, and performance measurement.
- Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices : This section includes 45 questions on state and federal securities acts along with related rules and regulations, ethical practices, and fiduciary obligations.
Writing At A Test Center
Prometric test centers that offer this exam are found across America.
So finding one to write at really shouldnt be a problem at all.
Of course, should you not live near one, you do have the chance to write the test online.
Here are a few things you need to consider should you write at a test center
Always arrive early to get the administrative formalities out of the way so you can focus on the exam.
FINRA suggests that you arrive at least half an hour before your scheduled exam time at least.
If you finish with the administrative activities, you can start the exam early, provided there is a workstation for you.
If you are late, you have 30 minutes following your scheduled time, to arrive.
If you dont, your exam will be canceled and you will have to reschedule it with costs.
Remember to bring the email you received as confirmation of the exam date as well as your identification or a drivers license.
Everything else you need to complete the exam will be given to you on the day including pens, paper, and a four-function calculator should you request it.
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Choosing A Securities Industry Certification
Its important to know what kind of work youre interested in before choosing between these certifications. Both will prepare you to become an investment agent but only the Series 66 will help you become an investment advisor representative on top of that. It may be better to take the easier Series 63 test if you arent interested in that extra qualification.
Keep in mind that theres no point in taking both tests. Anyone who passes the Series 66 exam has already proven that theyre qualified for the work covered by the Series 63 certification. Dont make the mistake of wasting time and money getting redundant certifications!
Kaplan Series 66 Exam Prep Course Review
Kaplans SIE prep courses start out by having you customize a study calendar. This allows you total control over the pace of your learning as well as when and where you study. Because of that, youll never have to worry about adjusting your schedule to match this course. Instead, you can set your own pace and work whenever you can.
Quizzes are a major focus of this Series 66 study guide. Youll be able to create custom quizzes out of Kaplans robust question bank when you sign up for this course. Once youve gotten comfortable with your progres, they also offer prebuilt mastery and practice exams.
Every lesson with Kaplan also comes with a set of premade class notes. These notes highlight important exam topics and include every key point addressed in that lesson. Thanks to that, its easy for you to create an organized review session whenever you want.
Unfortunately, youre not guaranteed a passing grade when you sign up for just any Kaplan FINRA course. Thats because their pass guarantees are only available for live courses not their self study options. This can be a big source of stress if youre worried about wasting your money, but its still ultimately an excellent choice for your Series 66 prep.
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Series 66 Exam And Structure
The Series 66 examination contents include 100 multiple-choice questions that are scored and 10 pretest questions that are not scored. Candidates have a maximum time of 150 minutes to complete the examination.
To obtain a passing score, a candidate must correctly answer 73 of the 100 questions that are scored . The exam administrator provides electronic calculators for candidates to use, and these are the only calculators allowed in the exam room. A dry-erase marker and whiteboard are provided.
No study or reference materials of any kind are permitted in the examination room, and there are harsh penalties for anyone caught cheating or attempting to cheat. An individual’s employer can register a candidate for the exam by filing either a Form U4 or Form U-10 and paying the $177 examination fee. FINRA’s Series 66 Informational Page has additional details.
As of October 21, 2022 you must take the Series 66 in-person at a qualified testing center. The Series 66 qualification exam is only available online for candidates who provide medical proof that they cannot take exams in testing centers, due to a disability or other qualifying issue.
Harsh penalties are imposed on anyone caught cheating or attempting to cheat on the Series 66 exam.
About The Authortrue Tamplin Bsc Cepf
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance , author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.
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Federal Laws And Regulations
The Series 66 exam expects you to understand the federal laws and regulations surrounding the securities industry. You will not only need to know and understand these regulations, but be able to compare and contrast them with the state regulations. For example, criminal penalties under federal law are greater than those under state law. When asked a question regarding criminal penalties, test takers will need to first discern if the question is asking about federal or state regulations.
Passing The Series 66 Exam Successfully
Six things you absolutely must know if you are planning to take the Series 66 exam and want to ace it.
Studying for the Series 66 Exam can be a daunting process. The exam covers a ton of information, and the test questions are detailed and demanding.
Whether or not youre using the premium Knopman Marks web & mobile Series 66 flashcards in Brainscape, if you want to put yourself in the best position to pass the first time, you need to carefully craft and commit to a plan that will get you over the finish line.
Here are 6 steps you should take for preparing effectively and passing the Series 66 exam:
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Supervision Of Retail And Institutional Customer
The thirty-two questions consist of supervision of new account opening and maintenance of existing accounts, as well as monitoring of speaking engagements and other public communication.
In addition, it includes the review of transactions, recommendations, and account activity for proper disclosures.
Be Realistic About Setting Aside Study Time
The Series 66 experts at Knopman Marks Financial Training recommend that you plan on 75-100 hours of prep time before your test. You should assume you’ll need about 4-8 weeks of prep time if youre working full time. This is a serious time commitment, and you need to make sure you remove yourself from distractions while you study.
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Finra Series Exams And Pass Rates
Thinking of getting a job in the finance industry? Its not surprising as it is one of the most high-paying jobs you could have in the United States. But if you plan to delve into the world of securities and insurances, you must pass the qualifying exams administered by FINRA, which will allow you to engage in those areas of the industry.
FINRA doesnt publish pass rate data for every exam, so weve done our best to research and consolidate all the data we could find. The exact pass rates might be a little different from what weve listed here, but you can feel confident that theyll be close.
The following is a list of ALL the exams administered by FINRA with all the basic details you would need to know before registering to take the exam. Lets get started.
Finra Series 66 Exam Overview
So weve already mentioned that a Series 7 license is a prerequisite for this exam.
The SIE exam, however, is not a corequisite, although it is for a Series 7 if you havent completed that yet.
Theoretically, however, you could study for both your Series 7 and Series 66 at the same time.
Also, if youd like to take your Series 66 license, you wont need sponsorship from a FINRA-member firm at all.
Should you wish to act as an investment advisor or broker-dealer that provides investment advice to others, you will need to pass this exam.
Interestingly, experts call The Series 66 a combination of the Series 63 exam and Series 65 exam.
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Series 66 Vs Series 63 & Series 65
- The Series 66 essentially combines material found in both the Series 63 and 65. However, you must have passed the Series 7 as a co-requisite for the Series 66, which is not needed for the 63 or 65.
- The Series 63 by itself provides state-level authority to transact in securities on behalf of clients.
- The Series 65 by itself provides state-level authority to give financial advice and manage client assets.
Other Quick Facts You Need To Know About The Series 66 Exam
While it is longer than the Series 63 exam, the Series 66 is not as long as the Series 65 exam.
It consists of 100 multiple choice questions and to complete it you will be given 150 minutes or two-and-a-half hours.
Thats around a minute and 30 seconds per question which is on par with other licensing exams
As for pricing, to register for an exam date, candidates must pay $177.
If you fail the exam, you will need to pay $177 for each additional attempt to write it.
And you cannot register to rewrite the next day, for example, should you just fail it.
No, a period of 30 days is needed between attempts.
For those candidates who want to carry on trying after their third failure, that waiting period moves to six months!
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