3 MIN. READ
As an investment professional, you are required to pass certain qualification exams, and two of the most critical are the Series 65 and Series 66 exams. Both are North American Securities Administrators Association (NASAA) exams administered by the Financial Industry Regulatory Authority (FINRA), and here is what you should know about these essential exams.
What is the Series 65 Exam?
The Series 65 Exam, officially known as the Uniform Investment Adviser Law Exam, qualifies you to become an investment adviser representative who charges fees for services. The exam covers various topics, like securities law, investments, ethics, financial industry regulation, and economics. Each topic relates to the work you will be doing each day throughout your career, so you need to understand this information thoroughly to succeed as an investment professional.
The exam itself lasts 180 minutes and consists of 130 multiple-choice questions. You will need to score 94 out of 130 to pass. This test is often combined with the Series 7 General Securities Representative Exam.
What is the Series 66 Exam?
The Series 66 Exam, formally known as the NASAA Uniform Combined State Law Exam, also qualifies you to become a securities agent or investment adviser representative who charges fees for services. When taking the exam, you can expect to be tested on your knowledge of economic factors, business information, investment vehicle characteristics, investment recommendations and strategies, laws, regulations, and guidelines, including unethical business and prohibition.
The exam will consist of 100 multiple-choice questions and 10 pretest questions (these questions are not included in your score). You will have 150 minutes to complete the test. You will need to answer 73 questions correctly to pass. The Series 7 exam is a co-requisite for Series 66.
Effective Study Strategies
To help you study effectively for your exams and increase your chances of earning passing scores, Securities Training Corporation (STC) recommends these steps:
- Develop effective study habits
For a productive study session, keep cell phones and other technology at a distance. This approach will help you stay focused and eliminate distractions. In addition, you should plan to study for at least 40 to 50 hours. However, do not overdo your study sessions. You should study for 20 minutes at a time and take breaks in between. Lastly, take notes as you study so you can remember key points.
- Find a tutor
A tutor who knows the material and has already taken the exams can be a great help. Your tutor will know which key points to focus on and which topics to spend more time studying. You may even gain some good testing tips.
If you don’t have a tutor, don’t stress. Companies like STC thrive in helping students like you study for their exams and pass on their first try. STC’s experts also have all the study materials and educational resources you need to succeed.
- Take practice exams
Practice exams are a key step toward a passing score. By taking these tests, you see what the exam looks like and can identify the topics that give you trouble. In addition, you will get a good idea of what your score might be. For this reason, you should take as many practice tests as necessary to feel confident in the material and receive a passing score.
To increase your chances of passing your Series 65 and Series 66 exams on the first try, contact Securities Training Corporation today. STC’s personalized study programs and practical preparation tools will help you understand the material completely, pass your exams the first time around, and prepare for your future career.