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What is the best way to prepare for the Series 66 exam ? We get asked this question all the time. The answers is that, while everyone learns in a different way, there are certain steps that everyone must take to pass the Series 66 exam. Reading the Series 66 textbook is absolutely essential to passing the exam. You must read the book completely and fully. Read the book, take notes and highlight the key points. Once you have completed the textbook, take as many Series 66 practice questions as you can. The Series 66 exam prep software is designed to help you master the application of the knowledge. The article that follows will provide you with additional insight on how to pass the Series 66 exam.
By Trace Fasano, Director of Education, The Securities Institute of America
Have you ever heard someone say “I’m just a really good test taker” and wondered “What do they know that I don’t?” Well as it turns out, there are certain things you can do to improve your test taking. And the best part is you don’t have to know any more of the technical information in order to do this. All standardized, multiple choice tests have certain things in common; here’s how to out-test the test, and help you become a better test taker and ace your Series 66 exam!
Read the full question. Sounds really simple right? But most people don’t. Most of us are conditioned to skim through information to find the one little nugget we are looking for. If you’re approaching Series 66 exam questions this way you’re sabotaging yourself. So let’s be clear. When you are answering Series 66 exam questions, read the entire question and read all the answer choices. Then read the last sentence of the question again. That last line is the punch line in all Series 66 exam questions, “what do they want from me?”
Use “process of elimination”. Always get rid of the answer choices you know can’t be correct.
If you have used process of elimination, have two choices left, and you’re still not sure answer is right; go with the statistics. If one of the choices you haven’t eliminated is “all of the above”, choose it! This is one of the keys to outsmarting the Series 66 exam. Statistically it’s probably the correct choice. On the other hand, if you’ve used process of elimination and one of the choices you have left is “none of the above”, don’t pick it. Odds are it’s not the correct answer. The test writers for the Series 66 exam like include a correct answer.
If a question gives you an answer choice that reads “not enough information to determine”, do not choose that answer. There is always enough information to answer a Series 66 exam question. Chances are there is more information than you need to answer any question on the Series 66 exam. Consider it a gift, now you have a one in three chance of getting the question correct!
The cardinal rule in taking the Series 66 exam is Don’t Change Your Answers. If you have taken your time, read the full question, used process of elimination, and made a decision; do not second guess yourself. Statistically, when you change an answer, you change it to the wrong answer more often than not, so stick with your gut! The Series 66 exam will not give you a lot of information that you can go back and use to answer a question better the second time.
Keep your head in the game. That means you should do the questions you are sure of first. Leave the ones that cause you grief for last. Makes sense right? But here’s the rub: you need to answer each question in order for the computer to generate the next one; there is no “skip” button. So here’s how we skip questions in on the Series 66 exam: First, read the full question. If the question is confusing or asking about an area that you are unfamiliar with (really, whatever the reason, its ok) pick an answer, and click on “record and review”. The computer will then bring up the next question on your Series 66 exam. When you are done with all the questions, the computer will show you the questions you clicked record and review on. These are the ones you skipped. Now you can answer those questions. Since you didn’t answer them earlier, you chose a random answer, you don’t have to worry about the statistics of changing your answers, and you’ll have plenty of time to work on the difficult questions. The Series 66 exam is not a speeded test. A speeded test is one that is designed so that only the brightest students will have enough time to finish. The Series 66 exam is designed to provide enough time for all students to complete each question on the exam.
Taking is the Series 66 exam is stressful, even if you are a good test taker. By following this simple advice you will be able to tip the scales a bit more in your favor. Coupled with diligent test prep, you are well on your way to passing the Series 66 exam !
A Series 66 agents is licensed to represent both a broker dealer and an Investment Adviser in all states that require the Series 66. The Series 66 exam will be presented in a 100-question multiple-choice format. Each candidate will have two and one half hours to complete the exam. A score of 75% or higher is required to pass.
The Series 66 is as much a knowledge test as it is a reading test. The writers and instructors at The Securities Institute have developed the Series 56 textbook, exam prep software and videos to ensure that you have the knowledge required to pass the test, and to make sure that you are confident in the application of the knowledge during the exam. The writers and instructors at The Securities Institute are subject matter experts as well as a Series 66 test experts. We understand how the test is written and our proven test-taking techniques can dramatically improve your results
The Series 66 exam is presented in multiple-choice format on a touch-screen computer known as the PROCTOR system. No computer skills are required and candidates will find that the test screen works in the same way as an ordinary ATM machine. Each test is made up of 100 questions that are randomly chosen from a test bank of several thousand questions. The test has a time limit of two and one half hours and is designed to provide enough time for all candidates to complete the exam. Each Series 66 exam will have 10 additional questions that do not count towards the final score. The Series 66 comprises questions that focus on the following areas:
For most candidates, the combination of reading the textbook, watching the Series 66 video and taking practice questions proves to be sufficient to successfully complete the exam. It is recommended that the individual spend at least 40 to 50 hours preparing for the exam by reading the textbook, underlining key points, and answering as many practice questions as possible. We recommend that a student schedule their exam no more than one week after finishing their Series 66 exam prep.
In order to conduct fee based securities business, most states require that an agent successfully complete the Series 66, in addition to obtaining a Series 7, registration.
A score of 75% or higher is needed to pass the Series 66 exam.
A candidate is not required to have any other professional qualifications prior to taking the Series 66 exam. However the series 7 is a co requisite to becoming registered to conduct securities business.
Ask your firm’s principal to schedule the exam for you, or for a list of test centers in your area. If you are not with a FINRA member firm you must fill out and submit form U10 prior to making an appointment to take the test. The Series 66 exam may be taken any day that the exam center is open.
A picture ID is required. All other materials will be provided, including a calculator and scratch paper.
The exam will be graded as soon as you answer your final question and hit the Submit for grading button. It will take only a few minutes to get your results. Your grade will appear on the computer screen and you will be given a paper copy from the exam center.