What are my options if I don’t pass my Series 63 test?

What are my options if I don’t pass my Series 63 test?
What are my options if I don’t pass my Series 63 test?

cfdbroker.medialova.com– 63 take an exam that, upon passing, allows the holder to sell and request orders of any type of financial security in a given country.

Most states, but not all, require someone to pass the Series 63 exam to become a securities dealer. 63 is also the name of the license issued after passing the exam.

An individual may retake the Series 63 exam (along with the Series 65 or 66 exam) an unlimited number of times, as long as the applicable waiting period requirements are met, according to the supervisor of the North American Security System. North (Nassa), Exam Administration .1

Repeat Exam Series 63

After a person has failed the Series 63 exam for the first time, there is a waiting period of at least 30 days before both exams can be scheduled. After the second attempt failed, there was another wait of at least 30 days.

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If the exam fails three or more times, there is a waiting period of at least 180 days to schedule each subsequent retest.

The 180-day waiting waiver is granted only on rare occasions. Reason: The test questions are randomly selected from the existing database, and if the test is taken enough times, the same question will appear. The exam then becomes a test of memorization rather than competition.

Also read:

NASAA periakala revised the exam questions to reflect recent regulatory changes. Series 63, 65, and 66 exam questions were updated in 2021 to reflect changes in the Safeguard Act for Regulatory Retirement Plans, along with changes to the definition of an accredited investor.1

The waiting period, however, is unique to each NASAA exam. This means that if a person fails the Series 63 exam, officially known as the Unified Securities State Law Exam, there is no waiting time to take the Series 65 trial (Securities Investment Law Test). NASA) or the Series 66 Act Exam (Unified Values ​​State Unified Act Exam). state law union).Part).

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While the retake time period is the same as for the Series 65 and 66 tests, the waiting time only applies to the specific exam a candidate fails.

Series 63 test background

The Series 63, 65, and 66 exams are administered on behalf of NASAA by the Financial Industry Regulatory Authority (FINRA). FINRA is the body created after the National Securities Association merged with the New York Stock Exchange Regulatory Committee. FINRA has been assigned responsibility for government affairs between brokers, dealers and investors.

The 63 series is considered an entry level exam. There are 60 multiple choice questions on the exam. The passing score is 72% or 43 out of 60 questions.

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Adhering to the principles of state security standards, the exam was developed to qualify candidates who wish to work in the national securities industry and sell investment products such as mutual funds, variable annuities and investment units.

Most regions of the Americas and the United States require 63 broker-dealer representatives. Only Colorado, Florida, Louisiana, Maryland, Ohio, District of Columbia, and Puerto Rico No.

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