AVAILABLE COURSES - Series 66

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Series 66
		SERIES 66 STUDY MANUAL 331 page exam specific study manual with 625 practice questions and explanations!  This is a hard copy Study Manual product and will ship UPS. Click here to view a sample section	$69.00
		SERIES 66 EXAM SIMULATION CD-ROM 400 exam specific questions with explanations simulating your NASAA Exam! This disk is NOT Mac compatible! Click here to view a demo	$25.00
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SERIES 66 EXAM INFORMATION

NASAA Series 66 Exam Overview

If you want to be able to both trade securities, and also be able to practice as an investment adviser to private clients, one way of reducing the cost and time necessary to achieve both of these career goals is to take the Uniform Combined State Law Examination, or Series 66 exam, which is administered by FINRA (Financial Industry Regulatory Authority (formerly NASD)) on behalf of the North American Securities Administrators Association (NASAA). Instead of taking both the Uniform Securities Agent test (Series 63) and the Investment Adviser test (Series 66), you can kill two birds with one stone by taking the Series 66 exam. The test will require you to understand the Uniform Securities Act, which allows qualified brokers to trade securities in all fifty states, along with basic stock market terms and definitions, and rules for soliciting clients and handling their accounts. In addition, you'll also need to understand risk, different investment types, appropriate investments for different kinds of investors, interest rates and their effects, retirement planning, investment law, inflation and deflation, portfolio management, and all other aspects of advising private investors.

As you can see, the investment adviser portion of the Series 66 exam will make up the bulk of it, and will be much more difficult. You can take the exam at any Prometric testing center in America, usually any day of the week except Sunday. You can contact your nearest center for scheduling. You're allowed two and a half hours to finish the test, during which you'll be asked 100 multiple choice questions. The minimum passing score for the Series 66 exam is 71%. It's a difficult and challenging test, but if you're planning on both trading securities and advising private clients on investments, the Series 66 exam is an excellent way to save both time and money in getting your career established.

Series 66 Exam Specifics

Number of questions: 100
Passing score required: 71%
Time limit: 2½ hours
Pre-requisites: You have to either have a Series 7 license or plan on obtaining a Series 7 license to take the Series 66 exam.
Exam locations: You can schedule the Series 66 exam with either Prometric (www.prometric.com) or Pearson VUE (www.pearsonvue.com)
Exam dates: The Series 66 exam is administered Monday through Friday
Exam fee: $113.

Common questions asked by Series 66 Exam candidates:

If I do not pass the Series 66 exam on my first attempt is there any waiting period that I must satisfy prior to retesting?

The following waiting periods apply for individuals needing to retake the Series 66 exam following a failed attempt: (1) a minimum of 30 days after failing the first exam before the second taking of the exam can be scheduled; (2) a minimum of 30 days after failing the exam for the second time before the third taking of the exam can be scheduled; and (3) a minimum of 180 days after failing the exam for a third time before the fourth taking of the exam (and each subsequent taking) can be schedule. These waiting periods mirror those in place for FINRA-sponsored examinations.

Here are some Sample Series 66 exam questions:

The following sample Series 66 exam questions come from our exam specific materials and are very similar to the formatting and content of the questions on the real exam:

1. Which of the following statements concerning conflicts of interest are true under NASAA's Model Regulations for Investment Advisors and Federal Covered Advisors:
   
   
   1. Where a conflict of interest exists, an advisor is required to decline taking on the client
   2. A "conflict of interest" is defined as anything that may impair the impartiality of the advice being rendered
   3. For an advisor to have as an employee a registered representative of a broker-dealer falls under the definition of a "conflict of interest"
   
   
   1. I and II only
   2. I and III only
   3. II and III only
   4. I, II and III
   
   
2. Under the Investment Advisors Act of 1940, which of the following statements are true about a broker-dealer that charges a wrap fee to customers as a standard business practice:
   
   
   1. The broker-dealer is not subject to registration as an investment advisor
   2. The broker-dealer is not required to register as an investment advisor unless specifically required to do so by the Administrator
   3. The broker-dealer must register as an investment adviser because the wrap fee includes a separate charge for investment advisory services
   4. The broker-dealer has committed a prohibited practice; broker-dealers are not permitted to charge wrap fees under the Investment Advisors Act of 1940

Answers and explanations to the above questions as found in our comprehensive Series 66 exam prep online and print materials as follows:

1.    C    "Conflicts of interest" are circumstances relating to the advisor or any employee that could impair the rendering of unbiased and objective advice. This includes, but is not limited to, the possibility of receiving compensation from sources other than clients' fees (such as a salary or commission from a broker-dealer) as a result of providing investment advice. Such conflicts of interest must be disclosed to a client in writing before the investment advisory contract is signed.
2.    C    A broker-dealer that charges a wrap fee must register as an investment advisor because a wrap fee includes charges for providing investment advice. Choice A is incorrect because the broker is subject to registration as an investment advisor because the broker is offering investment advice for a fee and is in the business of doing so. Choice B is incorrect because the Investment Advisors Act of 1940 as interpreted by Release IA-1092 requires registration and the state Administrator cannot override federal law. Choice D is incorrect because charging a wrap fee is permitted under the terms of the 1940 Act providing the broker registers as an advisor.

FREE SERIES 66 EXAM TEST PASSING TIPS/TRICKS

The Series 66 testing tips below have been compiled by our NASAA Series 66 instructors which have over 35 years of Series 66 exam training experience and are provided for FREE to anyone taking the Series 66 exam as a thank you for visiting our site. Please make sure to tell anyone you know about our site so they too can view these Series 66 exam study tips prior to taking their Series 66 test.

How to prepare for the Series 66 Exam:

Your preparation for the Series 66 exam is crucial. You cannot simply attend a lecture class or read a book and pass the Series 66 test. You MUST understand the concepts the Series 66 exam is based upon.

How you know who has the best Series 66 exam prep course?

The best way to find out who has the most exam specific Series 66 study course is to check the provider's student feedback. You can view ours by clicking our testimonials link at the top of the page. If a company does NOT have testimonials from students who have taken the Series 66 test recently and passed, how can you be certain you will? We have trained thousands of individuals to pass the Series 66 test since it was created. Our online Series 66 exam course has everything that you need to pass your exam on your first attempt including over 6 hours of Series 66 exam specific video lecture.

How to know you are ready for the Series 66 exam:

You should be able to pass all the exams included in your Series 66 study materials until you can score a minimum of 90% or better, understanding why the correct answer is correct, and the incorrect answers are incorrect.

Click here to print 25 of the best Series 66 practice exam questions that we have to offer for FREE

The questions above are included in our full Series 66 online course. Our full online video Series 66 study course actually includes over 900 practice exam questions with answers and explanations.

DO NOT memorize the questions included in your Series 66 study materials!

Why? The questions on the real exam will be different. It doesn't matter whose materials you are using to study for the Series 66 test. The company that creates the questions on the real Series 66 exam has thousands of questions in their database that they pull from to create your Series 66 test for you on the spot. Memorizing the Series 66 questions in your Series 66 exam study material is a sure fire way to fail the exam.

What to do the night before your Series 66 test:

DO NOT stay up all night cramming. This may have worked in college but it will not work now. Why? Let's face it. Most of us taking this exam are NOT fresh out of college. When was the last time you stayed up until 4 in the morning? Shocking your body is not a smart thing to do the night before what could be the biggest test of your life. You must be rested the day of your Series 66 exam. Get a good nights sleep and make sure to eat a good breakfast the morning of your test.

What to do on the day of your Series 66 exam:

Get to the test center early. There is nothing worse than encountering a traffic jam on the way to your test and getting stressed out about making it on time. You will have to arrive early as you will want to sit in your car at the test center and read the Key Facts that were provided in our online video course three times prior to going in to take the test. This is one of the most important steps in preparing to obtain your Series 66 license. Why? It is imperative that you load your memory of the concepts you will be asked about on the Series 66 test just prior to taking it. This way, all of the most important information is fresh in your mind when you go into the exam. Our Series 66 online course includes hundreds of Key Facts that are very Series 66 exam specific.

Click here to print FREE Series 66 Exam Key Facts to take with you to your test

The Key Facts above come from our online course. Of course, if you would like the full copy you can register for our Series 66 Online Video course to access them.

How you should take the Series 66 exam:

The most important tip we can give you is to READ THE QUESTION! This most likely sounds pretty stupid. However, I would imagine as you have studied for the Series 66 test you have missed many questions simply because you did not read them correctly. Read the question twice before even looking at the answers, then read every answer before picking which one you think is correct. Answer A may look good, but answer D may be better.

NEVER pick an answer you have not heard of. They will make words up on the Series 66 exam that do not even exist. If it has not been covered in our Series 66 online video exam prep course, it is not a correct answer on the exam.

Only mark those questions for review you really don't know the answer to, or you have narrowed it down to two possible correct answers. DO NOT review the full exam once you have completed it. In our experience if you review the full exam you may get confused and start changing answers. Your first selection is your best. Only review those questions you have marked for review.

Here are the SECRETS to passing the Series 66 exam:

The following Series 66 secrets will teach you how to attack the most difficult Series 66 exam question formats. The two following sample Series 66 exam question formats are presented directly from the Series 66 Exam outline as published by FINRA:

Question format #1 - The double negative EXCEPT question

Under the Uniform Securities Act, registration requirements for agents may include all of the following, EXCEPT:

1. A Consent to Service of Process
2. Minimum net capital
3. An examination
4. Surety bonding

How to attack this question: These EXCEPT questions are very difficult for your brain to interpret. Here is why. You have never encountered exam questions in your entire testing lifetime that were worded this way. For example, if the above question was on a test you took back in school it would be worded the following way:

Under the Uniform Securities Act, registration requirements for agents do NOT require:

However, on the Series 66 exam most of the questions are not straight forward and are written in a format that is very confusing. The most important word in the question above is EXCEPT. When you see the word EXCEPT it means the correct answer to the question is actually the opposite of what the question is stating.

Remember that you must READ THE QUESTION at least twice to determine what the question is asking prior to looking at the answers. So, which of those answers listed is NOT a requirement for registration as an agent under state law (Uniform Securities Act)? The correct answer is B since minimum net capital may be required of broker/dealers and investment advisers, but not agents.

These questions are great because they give you three true statements that may help you answer another question within the Series 66 exam (answers A, C and D).

Question Format #2 - The dreaded roman numeral question

With regard to the Investment Advisers Act of 1940, which of the following persons does not have to register as an investment adviser?

1. A Broker/dealer who gives advice and charges a specific fee for that advice
2. Agent of a broker/dealer who gives investment advice within the course of his or her duties and charges a fee for that advice
3. Broker/dealer who gives investment advice that is incidental to the course of his or her business
4. Attorney who writes a legal opinion of counsel for a municipal bond

1. I, II and IV
2. III only
3. III and IV
4. All of the above

How to attack this question: When you encounter this question write down the roman numerals and answers on your scratch paper then read through the first roman numeral response and determine if it will be in the correct answer or not.

On your scratch paper after you read through response I above you would write no since response I will not be in the answer (A B/D that charges a separate fee for giving investment would have to register as an IA). Then you can look at the answers. LOOK AT THE ANSWERS ABOVE. Since answer A and D both have roman numeral I in it you already know they are not the correct answers. You can now eliminate answers A and D as the correct answer. You have now significantly increased your chances of getting the answer correct. You can now move on to roman numeral IV since the only answers left (B and C) both include roman numeral III. Is roman numeral IV going to be in the correct answer? Yes (attorneys whose performance of services is solely incidental to the practice of their profession are exempt from the definition of investment adviser). Knowing this rules out answer B since you now know III & IV are both going to be in the correct answer and answer B only lists III. There you have it! THE CORRECT ANSWER HAS TO BE C!!

Once you have mastered the Series 66 exam question techniques outlined above you will significantly increase your chances of passing the exam the first time and obtaining your Series 66 license.

They will provide you everything you need at the test center.

They will provide you a calculator, scratch paper and pencil. You do not need to bring any of theses items with you. You cannot take a programmable calculator into the Series 66 test.

Why are we providing you this information for FREE? We want you to pass your Series 66 exam on your first attempt. In fact, we will do whatever we can to assist you in passing your exam short of taking it for you! There should be absolutely no reason for you to fail the Series 66 test. We are confident if you employ the information provided above you will find success on your Series 66 exam and obtain your Series 66 license. You may know others within your organization that will be taking the Series 66 exam as well. Please share our site them. Thank you for visiting our site and good luck with your exam!!