FINRA certification exams are pre-requisite for various roles in the US securities industry. The exams provide a license to trade and advise on different securities products in the US capital markets. These exams offer knowledge on products such as investment, direct participation programs, mutual funds, futures and foreign exchange, among others. Apart from licensing, these exams can provide a good knowledge base to a candidate taking them.
Series 66 Exam
The Series 66 exam is created by the North American Securities Administrators Association (NASAA) and is administered by FINRA. The exam qualifies candidates who pass as investment advisor representatives or securities agents. Some important details of the exam are:
|Created by||North American Securities Administrators Association (NASAA)|
|Pre-requisites||Securities Industry Essentials(SIE) & Series 7|
|License||Investment advisor representatives or securities agents|
|Questions||100 MCQs (73 to pass)|
Series 66 Exam Content
The exam content attempts to test candidates on the macroeconomic environment, investment strategies and recommendations, and securities laws. The content, as updated on NASAA website, is depicted below.
|Topic||Weight||Number of questions|
|Economic Factors and Business Information||5%||5|
|Investment Vehicle Characteristics||20%||20|
|Client/Customer Investment Recommendations and Strategies||30%||30|
|Laws, Regulations, and Guidelines|
Including Prohibition on Unethical Business Practices
Career & Study Options
The exam provides a license to advise on investment and securities to individuals or institutional clients. Career options after obtaining this license may include:
- Financial analysts
- Fund managers
- Pension planners
- Financial valuations
- Other investment jobs
The topics provided by NASAA can be studied from different finance books available or online. Study.com provides concise and complete study material on the exam with video lessons and tests. The material needed for the exam is easily accessible in one place and will prepare you to succeed on exam day.
Check out the resources below: