exam-news

FINRA has released 3 additional content outlines for its exam restructuring initiative which launches October 1, 2018.  The Series 6, 7 and 22 “top off”, or specialized knowledge exams, will become effective simultaneously with the new Securities Essentials Exam (see more about the SIE at  https://www.finra.org/file/securities-industry-essentials-sie-exam-content-outline).

These top-off exams are designed to minimize duplicative information and test candidates on the rules and functions that are most relevant to their daily responsibilities.  While the number of questions on these exams has been reduced significantly, the breadth of content to be tested is substantial.  Their level of difficulty is not expected to decrease.

Top-Off Exam Facts

Series 6Investment Company and Variable Contracts Products Representative
Functions:
1: Seeks Business for the Broker-Dealer from Customers and Potential Customers12 questions
2: Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives 

 

8 questions

3: Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records 

25 questions

4: Obtains and Verifies Customers’ purchase and Sales instructions; Processes, Completes and Confirms Transactions5 questions
Total Questions50 questions + 5 unscored experimental questions
Time for Completion: 1 hours and 30 minutes
Passing Score:To be determined

Content Outline: http://www.finra.org/sites/default/files/Series_6_Content_Outline.pdf

Series 7General Securities Representative 
 Functions 
 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers9 questions
 2: Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives11 questions
 3: Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records91 questions
 4: Obtains and Verifies Customers’ purchase and Sales instructions; Processes, Completes and Confirms Transactions14 questions
  
 Total Questions125 questions + 10 unscored experimental questions
 Time for Completion: 3 hours and 45 minutes
 Passing Score:73%

Content Outline: http://www.finra.org/sites/default/files/Series_7_Content_Outline.pdf

Series 22 Direct Participation Programs Representative 
 Functions 
 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers17 questions
 2: Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives4 questions
 3: Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records27 questions
 4: Obtains and Verifies Customers’ purchase and Sales instructions; Processes, Completes and Confirms Transactions2 questions
 
 Total Questions50 questions + 5 unscored experimental questions
 Time for Completion: 1 hours and 30 minutes
 Passing Score:To be determined

Content Outline: http://www.finra.org/sites/default/files/Series_22_Content_Outline.pdf

New Licensing Process

To become fully licensed after October 1, 2018, individuals must pass both the SIE and a specialized top-off exam tailored to their area of practice Though the SIE can be taken by persons that aren’t associated with firms, the top-off exams will be available only to associated persons of FINRA member firms. This new approach provides college students, career changers, and other interested persons an opportunity to establish an industry credential prior to hire.

Knopman Marks will Keep You Informed

Check back regularly for updates on the SIE exam and top-offs. FINRA content outlines are expected soon for Series 57 and Series 82, and the MSRB plans to re-align the Series 52 with the SIE requirement.  Knopman Marks is committed to delivering the best exam prep material for these new exams, and we are happy to help with any question you have about this revised exam process.

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