How difficult is the FINRA SIE exam
The 65 Series, formally known as the Uniform Investment Adviser Law Exam, is designed to test an individual's knowledge and ability to advise clients on investing and to discuss general financial concepts. Having a basic understanding of finance, economics, and investing will give you a huge head start, but it also covers various laws and regulations, which makes studying much more difficult. (If you are considering a career change, check out 6 Steps to Successfully Changing Your Financial Career.)
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Who Needs the 65 Series? Many financial firms require registered agents to advise current and prospective clients. The 65 series tests the understanding of financial concepts and qualifies them for investment advice and fees. Most government securities regulators have set the 65 series as the minimum requirement to become an Investment Adviser Representative (IAR).
Registered Investment Advisers (RIAs) require these representatives to interact with current and prospective clients. So, if you are currently seeking a career in financial advisory, the 65 series could be an asset on your resume. If you don't already have it, it might be a requirement that you get it as soon as you get hired. It's also a less difficult test than the broader titles and certificates like the Certified Financial Planner (CFP) or the Chartered Investment Counselor (CIC). (To learn more about financial names, see Financial Names Are Not All Made Equal.)
Who doesn't need the 65 series? Depending on the scope of your job in finance, a Series 65 may not be required or may not be sufficient. The 65 series allows the holder to charge a fee for providing and discussing investment advice. If you don't charge a fee and you don't provide regular securities advice, then most likely you don't need your Series 65 license. But that is seldom the case.
Other certificates and licenses may be considered sufficient training in lieu of the Series 65 and exempt holders from this exam. For example, most states will exempt you from Series 65 if you have the Certified Financial Planner (CFP) certification, Chartered Financial Analyst (CFA), Charter Financial Consultant (ChFC), Personal Finance Specialist (PFS), or Chartered Investment Counselor (CIC) .
Even if you hold a Series 7 and a Series 66, most states accept it as appropriate training and do not require a Series 65 exam. On rare occasions, a representative may apply for the Series 65 exam exemption and still become a representative of the Investment Advisor, but 15 to 20 years of experience in the field may be required. It is important to note that you are in good standing with the regulator Must stand for credit and that it is always necessary to adhere to government regulations to make sure you are tax exempt. (For more on which term is best for your career, see CFP, CLU, or ChFC - Which is Best?)
Eligibility requirements You don't need to be employed by or sponsored by a financial services company. Member of the Industry Regulator (FINRA) to register and take the Series 65 exam. It will affect which form you have to fill out for registration. If you are sponsored by such a company, a U4 form must be completed and submitted. However, if you are not employed by a member company, you will need to fill out a U10 form to register. This exam is one of the more basic exams and does not require any additional prerequisites to be able to write the exam.
After registering, you have 120 days to take the exam before you have to register again. This is known as the review window. If you fail, you can retake the exam after 30 days. But if you fail three times, you have to wait 180 days, after which you can log in again. There is no limit to the number of exams a candidate can take.
The exam content of the 65 series The exam is a closed book and covers topics such as:
- Economics and business information (14%): Business cycles, accounting and types of risk
- Investment vehicle features (24%): Types of Investments, including Fixed Income, Stocks, and Other Securities, and Valuation of Them
- Customer recommendations and strategies (31%): Types of clients, tax considerations, developing a client profile and applying your understanding of risk and portfolio theory
- Laws, regulations and guidelines (31%): Federal securities laws, regulations, ethical behavior
Requirements and adoption Again, the Series 65 exam is one of the few exams that FINRA members do not need a sponsorship to take. This is especially helpful when trying to start your career in finance and investing, or for creating your resume.
Before the exam, the individual candidate can submit the U10 form in order to register with the administrative office (FINRA). Alternatively, a candidate's company can submit a U4 form. Both can be done electronically on the FINRA website: // www. dark. org.
The candidate answers 130 questions plus 10 preliminary questions and has a deadline of 180 minutes. It is done electronically and the score is presented immediately after the exam, with a breakdown of the score in each section. To be considered a passport, the candidate needs 72% correct, which is 94 correct answers out of 130.
Bottom line The Series 65 Uniform Investment Adviser Law exam is one of the exams required by many states in order to obtain a fee for investment advice and services. It is intended to qualify the candidate to become a representative of the Investment Advisor. Other more advanced titles may be considered appropriate, but this exam prepares you to work one-on-one with clients and get into the financial industry. (To help give you more direction on your financial career, check out Find Your niche in the finance industry.)
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