Series 63 NASAA Exam Update

To close the circle on an earlier blog post regarding NASAA updates to the Series 63, 65, and 66 exams:

NASAA has updated the test specifications for each of its examinations to better reflect the skills and knowledge needed by broker/dealer agents and investment adviser representatives in today’s ever-changing financial industry.

Content related to Series 63 regulations regarding investment adviser and investment adviser representative has been deemphasized and now focuses more on definitional concepts. Further, certain subject areas, or domains, have been combined or renamed to increase clarity. Finally, two new topic areas were added to highlight their importance: 1) Advertising and correspondence, including social media; and 2) cybersecurity and data protection.

The number of questions on the Series 63 remains unchanged, as does the passing score. The weighting of the examination and the number of questions in each topic area, however, have been adjusted slightly to better reflect the importance of certain skills or knowledge:

Category: State Securities Acts and related rules and regulations
Questions Prior to 7/1/16: 36
No. of Questions as of 7/1/16: 45

Category: Ethical practices and fiduciary obligations
Questions Prior to 7/1/16: 24
No. of Questions as of 7/1/16: 15

FIRE made all appropriate adjustments to our Series 63, 65, and 66 programs to coincide with the 7/1/2016 NASAA adjustments. For the NASAA announcement, please click on the following link: