What is a Series 66 license used for?

What is a Series 66 license used for?

The Series 66 is an exam and license that is meant to qualify individuals as investment advisor representatives or securities agents. The Series 66, also known as the Uniform Combined State Law Examination, covers topics relevant to providing investment advice and effecting securities transactions for clients.

What is a Series 7 and 66 licenses?

The Series 66 exam allows individuals who have already passed the Series 7 exam to register as investment advisers. While the Series 7 allows individuals to sell securities to their clients, the Series 66 license allows them to act as wealth or asset managers with fiduciary responsibility over their client’s funds.

What is the Series 66 pass rate?

In a nutshell, our best estimate is that the pass rate is somewhere around 60-70%. Many won’t need help from a Series 66 tutor, while those without much background might find it helpful to seek us out.

Is Series 65 or 66 easier?

Is It Harder to Pass the Series 65 or Series 66 Exams? While the pass/fail rate for these exams is not publicly available, many consider the Series 66 exam more difficult than the Series 65 because it is longer. The Series 65 contains 130 questions and the Series 66 has only 100.

Should I take series 65 or 66?

The 66 exam is only for those individuals who are registered for, or completed the Series 7 exam. The Series 65 exam is designed for those who do not have a Series 7 license. The content of both exams are similar though the Series 65 will be more heavily concentrated on Investment products and economics.

What can you sell with Series 66?

It allows its holders to sell “packaged” investment products such as mutual funds, variable annuities, and unit investment trusts (UITs). 1 The Series 6 exam is 135 minutes long and covers basic information regarding packaged investments, securities regulations, and ethics.

What does Series 7 allow you to do?

The Series 7 license or general securities representative (GS) license allows the holder to sell almost all individual securities, including common and preferred stocks, call and put options, bonds, and other fixed income. Excluded from the list: commodities futures, real estate, and life insurance.

Is Series 7 or 66 Harder?

The Series 66 exam contains topics covered in the Series 63 and Series 65 exams without duplication of the Series 7. Generally, for those persons with the Series 7 license, the Series 66 exam is easier to pass than the Series 65.

How long does Series 66 take to study?

The Series 66 experts at Knopman Marks Financial Training recommend that you plan on 75-100 hours of prep time before your test. You should assume you’ll need about 4-8 weeks of prep time if you’re working full time.

How long is Series 66 Good For?

two years
A complication of the Series 7 and 66 licenses is that you can only maintain them in good standing for two years once you’ve left an investment firm.

Do I need series 65 if I have 66?

Passing score: You need a 73/100 to pass the series 66 and a 94/130 to pass the series 65 exam. Co-requisites: You must complete the series 7 exam along with the series 66 in order to become licensed. The series 65 exam has no prerequisite.

Can I take series 66 without sponsorship?

Unlike many FINRA Series exams, the Series 66 exam does not require an individual to be sponsored by a member firm. If you are not Form U4 registered or affiliated with a firm through FINRA’s Web CRD system, you should use the Form U10 to request and pay for the Series 66 exam.

What are the requirements for a series 65 license?

To obtain a Series 65 license, candidates must achieve a passing score on the Series 65 exam, remit all application and registration fees to applicable state regulatory authorities, file necessary disclosure documents, and wait to receive formal acceptance and acknowledgment of certification.

What is the difference between the series 63, 65, and 66?

They are both licenses that allow the individual to give fee-based advice. The 66 exam is only for those individuals who are registered for, or completed the Series 7 exam. It combines the Series 63 with the Series 65 exam. The Series 65 exam is designed for those who do not have a Series 7 license.

What is Series 66 securities license?

The Series 66 License is a license granted to those who pass a national-level examination conducted by the North American Securities Administrators Association (NASAA) on behalf of the Financial Industry and Regulatory Authority (FINRA). Formally known as the Uniform Combined State Law Examination,…

What questions are on the series 66 exam?

The Series 66 exam has 100 multiple-choice questions that are scored, and a candidate must correctly answer 73 of those questions in order to pass. The comprehensive exam covers topics such as economic factors, the characteristics of investment vehicles, client/customer investment recommendation strategies, and laws and regulations.