Info 1: series 66 exam definition
Info 2: how series 66 exam works
Info 3: series 66 exam vs series 63 exam
Info 4: example for series 66 exam
Opening information:
Series 66 exam sentence breaks into three words series, 66, and exam. Series means part of the thing in one event, 66 is used to represent Matters, and exam means test to qualify one individual. Series 66 exam is a test to qualify one human on a specific subject, so now let’s have a look at what is a series 66 exam, how the series 66 exam works in the public market, and what is the difference between the series 66 exam and series 63 exam, finally one clear example of series 66 exam.
Info 1: series 66 exam definition
Whenever people know about psychology things matter personally, they or she would able to help others regarding the emotions or difficulties others face such as fear, depression, anxiety, anger extra…
But other only their family, relatives, and their surrounding friends, they couldn’t offer their knowledge legally to any people in their whole nation.
To provide the service and help individuals with psychological matters, certain individuals need to have deep knowledge about it and most importantly need to be authorized and licensed by the ruled government as psychologists.
However, to get a license, a specific person needs to possess and learn all the skills regarding Psychology and must pass the exam that holds psychology subject.
This same concept applies in the public market, whenever any person desires to provide his Investment advice and recommendation to the whole state people’s, certain individuals must take an exam. Such an exam helps them to get licensed in a specific subject.
So that exam name was defined as a uniform combined state law exam in the public market with a short name of series 66 exam. Now let’s dive into know about the series 66 exam.
Info 2: series 66 exam works
The Series 66 exam doesn’t represent any of the fixed specific objects or things, instead, it’s a test that is used to qualify a certain individual as Investment advisors of any state.
Therefore people who need to be public Investment advisors with the authorization of the government must pass and write the Series 66 exam.
Suppose the person needs to investment agent or broker who sells general securities alone and doesn’t need to attend and write the exam of series 66, despite there being various exams for different qualifications in the market.
Moreover, the candidate who looking to take an exam of Series 66 exam must pass the two exams series 7 and the Security Industry Essential (SIE) exam. This exam is developed by the North American Securities Administrator Association (NASAA).
However, this exam would be managed by the Financial Industry regulated authority (FINRA) by the NASAA.
This exam occupied 100 questions with multiple choice types and it required a pass mark of 73 percent. which means the candidate must need to write the correct answer for at least 73 questions to pass the exam.
The person who didn’t pass the exam wouldn’t allowed to get their desired license to be an Investment advisor representative. Were this exam of series 66 would only be allowed the attendees to write the exam within two hours and thirty minutes.
The candidate who didn’t finish the exam in the required given time, won’t allow any extra time for exam attendees. Most people confuse the series 66 and series 63 exams, so let’s jump into the key difference in it anyway.
Info 3: Series 66 vs Series 63 exam
The series 63 exam refers to the qualifications for becoming an Investment securities agent in the state. The person who passes series 63 would allowed to perform the job of broker or dealer in the general securities as an agent.
On the other side, series 66 is referred certified as an Investment advisor, but they could also able to involved in the activities of selling general Securities as agents.
To make you clear the series 66, let’s look at one brief example below.
Info 4: example of series 66 exam
Say you and your friend work under the same Investment firm, but two of them work in a different kind of positions with distinct activities and involvement.
Your friend’s job is to sell the Investment securities as an agent to the public people’s, and your job defines the advice and Investment recommendation. Two of your qualifications would be in separate activities, where such activities show the distinct exam taken.
Here your friend activities possess the series 63 exam and your works possess the series 66 exam.