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An Overview Of Series 63 Exam Preparation

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Individuals who would like to pursue a career as stockbrokers or security traders must pass the series 63 exam. The Financial Industry Regulatory Authority (FINRA) administers this examination on behalf of the North American Securities Administrators Association (NASAA). After successfully passing the examination, you are qualified to trade securities in all states. The examination consists of 65 multiple choice questions which must be completed within 75 minutes. Since January 2010, candidates must score at least 72 percent in order to pass the exam. It is important for candidates to prepare thoroughly before sitting for the exam. The following guide will take you through the most important series 63 exam prep steps.

Practice

There is no shortcut to success other than taking up a training course to prepare you for the exam. This will help you get to grips with the question and answer format that is used. Consider a candidate who has never taken the time to undergo extensive training. It is likely that such a person will not be able to answer the multiple choice questions within the given time. Remember, you have 75 minutes to answer 60 questions. A simple calculation reveals that you have an average of one minute and 15 seconds to clear each question. Taking too much time to answer a single question will cut down the time you have for other questions. Constant practice will help you perfect strategies for handling complex and difficult question structures. NASAA was set up to protect the public against securities fraud. It would be suicidal for a candidate to ignore this factor while preparing for the exam. A closer look will reveal that series 63 exam prep should consider the following categories seriously.

• Business practices. Includes questions on fraudulent activities which account for 35 percent of the exam.

• Registration of persons. This is important because 30 percent of the exam questions are based on this segment.

• Registration of securities. You cannot ignore this section as it accounts for 25 percent of all questions.

• Administrative provisions. 10 percent of the exam will be based on this topic.

Create a Study Plan

Many people get anxious and stressed as the exam nears. This will happen if you fail to create an effective study plan way before the exam. Your study plan should take into account how much you need to cover, available time, exam format, and performance target. There are various strategies that have been used with success over the years. It is advisable to create summary notes of all topics that you have covered so far. These will help you retain a lot of information as well as stick to the key terms and concepts. You can also make flashcards to be used in memorization. This is a further reduction of your summary notes and should include important keywords, concepts, formulas, and bullet points. Using flashcards will act as a memory trigger and enhance recalling information.

Do not neglect yourself during the series 63 exam prep period. Make sure that you rest well and take plenty of fluids. You can improve your chances of passing the exam by taking a training course from ABTrainingCenter.com.

Steps For Taking the Series 63 License Exam

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The Series 6 license is a credential in the financial and investment industries. It allows individuals to sell mutual funds, variable annuities, and insurance products. This expertise helps people to invest their money wisely and to save money for retirement. A person with the Series 6 license is an investment professional who works in a variety of companies.

Passing the Exam

The official name of the Series 6 license is the Investment Company/Variable Contracts Products Limited Representative license. For individuals who want take the licensing exam, they have to have a sponsor. In most cases the sponsoring company is the individual’s employer.

There are many ways to study for the exam. There are books, DVDs, online courses, and classroom instruction. Many sponsoring companies offer on-site training for employees scheduled to take the exam. Topics covered in the coursework are mutual funds, retirement planning, variable annuities, insurance products and taxation law. FINRA (Financial Industry Regulatory Authority) administers the exam through testing centers. The exam consists of 100 questions. A passing score is 70. Once a person passes the exam, he registers with FINRA as a limited representative. As a limited representative he is limited in what he can sell. Unlike a stockbroker, a limited representative cannot sell stocks, bonds or other securities.

Job Options

A person with a Series 6 license has several job opportunities available. Since he needs a FINRA-member company to sponsor the exam, his first job as a licensed investment professional is with the company he is already working for. However, once a person has the license, he has many more options.

After studying for the exam, a representative has a better idea of what types of investments he prefers to deal with. It may be mutual funds, annuities or insurance products. The limited representative can then look for jobs that allow him to focus on selling these investment instruments.

There are several hundred mutual fund companies available. There is also a large number of insurance companies. Financial planners may employee those with a Series 6 license. Large brokerage houses that sell mutual fund or annuities are another choice. For representatives who enjoy writing, there are many investment publications that prefer to hire writers with licenses. Book publishers also seek writers with expertise to ghostwrite entire books or chapters of books.

For individuals with a Series 6 license, there are many career paths available. Many companies want licensed professionals who are knowledgeable and trained in mutual funds, annuities and insurance products.