The Series 65 updates that were introduced on June 12, 2023 have been implemented for over two months now. In today’s post we describe what feedback we have received from students since the change.
Series 65 Updates – Lower Passing Score, Not Much Else
The biggest change to the exam since June 12, 2023 is the fact that you now need 92 questions scored correctly, as opposed to 94 previously. No doubt, this change has helped many people pass that may not have passed with a slightly higher bar. But, in terms of content, there’s not a whole lot new.
In fact, there have been no changes to any of the four sections tested.
- Economic factors in business information
- Investment vehicle characteristics
- Client, investment recommendations and strategies
- Laws, regulations, and guidelines, including prohibition on unethical business practices
All four sections are still roughly weighted the same. Furthermore, when it comes to what we’re hearing from students, there also seems to be very negligible differences in the difficulty level.
Same Old Problems
Our students at Professional Exam Tutoring tend to report that the most difficult sections to them are consistent with before the June 12 changes. Many students still have issues understanding subjects such as net present value, IRR, future value, and present value, and questions around the state registration exemptions.
Fortunately, or unfortunately, the core of the Series 65 exam remains understanding the rules around the Uniform Securities Act (USA). Proficiency in this area is still make-or-break for students looking to pass the exam.
Be sure to thoroughly understand what makes a security exempt, a transaction exempt, and the various registration requirements for broker-dealers, agents, investment advisors, and investment advisor representatives.
We continue to recommend Kaplan as our top choice given their extensive question bank. Scoring in the low 80% range on a consistent basis using Kaplan tends to be the best indication of a student’s prospective exam success.
We wish you luck on this slightly updated exam, but hope to reassure you that the changes don’t require a complete revisitation of the material. Material studied prior to June 12 will certainly suffice. If you need a Series 65 tutor, you know where to find us!