The North American Securities Administrators Association (NASAA) administers the Series 66 exam, also known as the Uniform Combined State Law examination. Passing this test is equivalent to having completed the Series 63 and Series 65 exams. This is a requirement for an investment professional to be a registered Investment Advisor Representative.
An examinee is required to successfully complete the Series 7 exam first before taking the Series 66 exam. Once you are through with the first step, you may visit the website of the Financial Industry Regulatory Authority (FINRA) for further details. You can choose an exam date, which may be done any day except on Sundays, and locate the examination center nearest you. As of August 2007, the examination enrollment fee is $113.
The Series 66 exam is composed of 110 multiple-choice questions that can be taken within 2 hours and 30 minutes. Of these, 10 questions are experimental and will not count on your final score. The passing mark is 71%. (Weird huh – why didn’t they just make it 70%?)
The following topics outline the content for the Series 66 exam:
1. Investment analysis, recommendations, and strategies.
* Demonstrate understanding of quantitative methods to evaluate investments
* Calculate investment performance
* Determine and analyze the financial profile of the client to develop a suitable investment policy and strategy
* Recognize types of retirement plans and related issues
* Identify risks
* Understand portfolio management strategies, styles, and techniques
2. Legal and regulatory guidelines, including prohibition on unethical business practices
* Understand relevant aspects of state securities acts and related rules and regulations
* Demonstrate ability to apply ethical practices and meet fiduciary obligations
Recommended Series 66 Study Guides:-
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