Why take the Series 66 exam? That’s a good question, with some simple answers.
Let’s explore shall we?
Why Take the Series 66 Exam?…For Starters, It’s Required
If you’re a advisor, or aspiring financial advisor then you may need to pass this exam before you can do your job. Administered by the North American Securities Administrators Association (NASAA), this exam is a mix of regulations and analysis. Most people take this exam last in a series of required exams by FINRA…but that’s not because it’s a cakewalk. Importantly, you need this exam to become a full fledged financial advisor.
Your boss actually has no say in this matter. Regulators require that the Series 66 exam be completed so that you can do your job with a basic level of knowledge about the industry.
You will learn more than you’ll likely need to know but it’s still required.
That said, some important tidbits come out of it.
Expand Your Knowledge
If you do not plan to take the CFA exam someday, the Series 66 Exam covers related topics. Don’t worry, the horror stories you might have heard about the CFA Exam aren’t relevant for the Series 66. That said, the Series 66 still covers things like discounted cash flow, internal rate of return (IRR), net present value (NPV), and the time value of money. All of these topics are covered on the CFA exam (and way more!).
The Series 66 difficulty level doesn’t even come close to that exam, but the 66 can still be confusing anyway. There is no shortage of ways for NASAA to trip up students. They throw out everything from double negatives (and sometimes triple negatives), to challenging math problems, and plenty of word play.
Completing the Series 66 Exam is a big achievement. Combined with the Series 7 exam, or SIE exam, you become a very marketable individual in the financial services sector. Make sure to expand your mind, and your career prospects, and take this exam seriously.
You Only Have to Pass It Once
We run across many students at Professional Exam Tutoring that are on their second or third try and can’t stand to study even one more day. If you are also in this boat, we encourage you to keep with it!
Why?
Because, you only have to pass this exam once. An extra two weeks of studying from your life could make all the difference in the world for your future career. Stopping short only ensures that your effort to become a financial advisor is over. Studying for a month or two is small potatoes for what could be a very fruitful career.
If you plan to have a career in financial services (especially with an advisor) then you can rest assured that you only have to pass this exam once.
Caveat: If you leave the industry for over two years however, your license expires.
If you stay in the industry for your whole career, you only need to take “continuing education” exams. These exams are much easier and you don’t even need to study for them.
All in all, for a little work now, you set yourself up for a lifetime of an exciting career. For some tips and tricks, please feel free to reach out! Good luck studying!