Chris Winn

ContactChris Winn is a Managing Principal and Co-Founder of AdvisorAssist, a comprehensive service dedicated to supporting the regulatory, compliance, strategy and operations needs of new and existing Registered Investment Advisors (RIAs). AdvisorAssist has assisted hundreds of firms with the start-up of their RIA; design of their compliance and operational infrastructure; and developing an executable business strategy.
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Changes to the Series 65 and 66 Exam
Christopher E. Winn    Friday, December 18, 2009 06:27

Effective January 1, 2010 there will be some changes to the Series 65 and Series 66 exams. The changes to the Series 65 exam are not as drastic as the Series 66. NASAA has reallocated some questions allowing for the introduction of a few new topics, such as hedge funds, 529 plans and equity-indexed annuities.

 

The Series 66 exam will have more of a transformation, with the focus on regulations going down significantly to make room for more investment analysis and recommendation questions.

 

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The changes are...

 

  

Changes to the Series 66 Exam:

The Series 65 will continue to be a 130 questions exam. NASAA is changing:

  • INCREASING the passing score requirement to 72% from 68.5% (Need to correctly answer 94 out of 130 questions).
  • ADDITION of a few questions relating to Hedge Funds, 529 Plans, Equity-Indexed Annuities and a few other topics
  • DECREASE the # of questions on Regulations from the previous 45 questions to 40 questions.

 

Changes to the Series 66 Exam:

The Series 66 will continue to be a 100 questions exam. NASAA is changing:

  • INCREASING the passing score requirement to 75% from 71% (Need to correctly answer 75 out of 100 questions).

  • INCREASING the #of questions covering Investment Recommendations and Analysis to 50 from 20 questions.

  • DECREASE the # of questions on Regulations from the previous 80 questions to 50 questions.

The Good news is that there are fewer legal questions regarding the Uniform State Regulations. On the flip side, the increase in Investment Analysis and Recommendations will require more studying effort in those area as the focus is increasing significantly.

 

Note: You can take the Series 66 if you have an active Series 7, otherwise the Series 65 is required.

 

Common questions:

Should I take the exam before 1/1/10 to avoid the changes?

Answer for Series 66: If you are prepared for the Series 66 exam in its current form, it may be worthwhile to fit this in before the changes. That said, don't rush it solely on the changes. If you do not pass, you cannot retake the exam within 30 days!

 

Answer for Series 65: There is not enough changing to rush the test. Schedule it for a time when you are prepared to pass the first time.

 

If you have further questions about the exam process, waivers, etc., feel free to email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or post a comment.

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