The NEW Series 66 Exam
Has anybody taken the new Series 66 yet? It now covers more topics and a 75 is required to pass it. I will be taking it soon, so I’m looking for some input. Thanks.
It changed as of Jan 1st. Now you need a 75 to pass and it covers more topics.
Whew. I passed the old test in December with a 72.
LOL!Whew. I passed the old test in December with a 72.
Just took it this morning. Got an 83%. The topics used to be 80% law 20% recommendations and ethics. It is 50/50 now.
Thanks. Now the easy stuff is over. Time to do some real work.congrats
Sounds like the new way is easier (except for the higher score requirement).
what materials did you use to study for the Series 66? And how long did it take? Is the new 66 test this year harder than last?
it seems like most people get 10 points below what they got on the 7.
Hey HAcoreRD — What did you get on the Series 7?? I’m just looking for the relationship between the 7 & 66 scores and wondering if the 10 point spread NOVA mentioned was true in your case. Thanks.
Given that I was prop trading statistical risk arbitrage I already had a fairly deep understanding of the topics covered in the series 7. We were effectively shut down on August 28th saying would could not continue trading until we had passed the Series 7. I guess it was a new rule with the Chicago stock exchange. I passed the 7 on Sept 14th with an 86%. It was a piece of cake.
The 66 .... I had to take it when I got on with AGE and was shaking in my boots when I hit that last button that gives you the score. Every question was a paragraph of lawyer babble. If they made it harder I hate it for the new guys.The problem with the 65/66 is not that the material is that hard. It really is a lot of confusing language. “All of the following aren’t exempt except…”
I got an 83% on the 66 and a 92% on the 7. So pretty close, lol.
I studied with Training consultants. I passed, but it wasn't like my experience with the 7. When I took the 7 every question looked familiar and if I didn't know it, I felt like I had atleast heard something about it. With the 66 there were a few questions that might as well have been in a different language because I had never seen any material even closely related. I believe the key to passing the 66 is REALLY knowing what the question is asking for. I know that sounds simple but there are a lot of questions that if you don't take your time and read them correctly you think they are asking something else. As Gaddock stated, the questions are written by lawyers. [quote=iceco1d]Not saying you can't do it in 2 weeks, you probably can; just taking a guess as to why a lot of people score lower on the 66.
[/quote] Some places only give you two weeks. I had exactly two weeks from the time I received my 66 book till my test date.
I took the 66 at the tail end of Dec. I think HAcore said it best when he said
"I know that sounds simple but there are a lot of questions that if you don't take your time and read them correctly you think they are asking something else" A coworker took it in the begining of Dec, failed with a 70 (!!!!!!!!) and then took it again last week and passed... He said the questions were formatted the same, but were actually written with greater clarity. He said he really thought the new version of the test was easier then the previous. It bears repeating... just make sure you read the questions all the way through, and understand exactly what is being asked, and dont let your choice be driven by the answers. Chances are, if you read the question wrong, the answer to the misread will be there as well.Having passed both the 7 and 66 last month, here is my observation: The biggest difference is the way the 66 asks the question. Each question is a small paragraph of babble. You need to navigate through that to reach the actual question. And in some cases the question itself is obtuse. When I took the 7, I was very confident in the expected results. I felt prepared and the questions were easy compared to the ones on the Pass Perfect practice tests I had been taking. Not quite the same with the 66, in the end I had almost 20 questions that was still scratching my head over. On many of those I must have guessed right because I scored an 84%.
Best results come from devoting the same energy that you did with the 7 and take as many practice tests as you can.
You said in an earlier posting that if you chart the question you had better results. What exactly do you mean by this?
Nice. Did you get the new material to study or used last years and just went for it?
Not sure if this question was directed at me… but…
I was planning on taking the S66 Test in early January. Figured with holiday travel and whatnot I wouldn’t have the time and energy to get it done earlier. But when my Managing Principal dropped the memo that reported the test changes, I changed my plans.
I first called Keir (Pass Perfect) and asked about new study materials. The response was if you were taking the S66 Program on-line then everything would change effective January 1. All practice tests & quizzes would be zero’d out. Aaargh. Not sure how they intended on dealing with those with hard copy texts and practice materials. I suspect if you called they would send you an updated book of practice tests.
Anyway, since my progress was pretty far along I decided to press on and get it done prior to the changes. Eliminate any uncertainty. As luck would have it the testing center was open New Year’s Eve so I scheduled the test for then. That gave me three days to cram after returning from visiting my son out of state for Christmas.
That worked for me.
As I understand it, the study materials are the same but instead of a 80-20% split of test questions (legal/ethical versus analysis), the current test if an even 50-50 split.
My thought is that you can continue to pursue through the original study materials but try to take the practice tests using the new and updated question bank. As I previously reported I thought many of the S66 questions were unduly complicated and obtuse and it would serve you well to see how they present the extra 30% of analysis questions.
For what it is worth I scored several points higher on Analysis than on Legal/Ethical.
Thx Capatain. I lost my practice test questions. Do you happen to know where I can get more and not spend more money?
Whew!! That was close!! I took the NEW Series 66 exam today. A few observations…
- I used the old STC material and an addendum for the new stuff... Except for about 10 questions, I might as well have been doing something else for the last month, instead of studying for the 66 - There were virtually NO questions about the myriad of filing types and exemptions of securities and IA's and IAR's, etc (a few, but not many). - I scored 11 points below what I got on the 7 and, when I hit submit, I had no idea if I had passed or failed. - If you have either better study materials or just a really good logic-based common sense approach to the questions, you should be ok... I hope. Don't take it lightly!![quote=MrUnsure]Whew!! That was close!! I took the NEW Series 66 exam today. A few observations…
- I used the old STC material and an addendum for the new stuff... Except for about 10 questions, I might as well have been doing something else for the last month, instead of studying for the 66 - There were virtually NO questions about the myriad of filing types and exemptions of securities and IA's and IAR's, etc (a few, but not many). - I scored 11 points below what I got on the 7 and, when I hit submit, I had no idea if I had passed or failed. - If you have either better study materials or just a really good logic-based common sense approach to the questions, you should be ok... I hope. Don't take it lightly!![/quote]Not saying I don't believe you, just that it seems odd that would be the case.
I, too, found it odd. I tried like crazy to memorize all the filing types, and all the registration exemptions for securities, agents, IA’s, Broker Dealers, etc. There were a few “If an IA has an office in state A and is federally registered, and Joe, an IAR who works for the IA, has customers in state A, B & C, in what states does the IAR have to register” – but not NEARLY as many as I was expecting. A lot of the questions had the same feel as the questions on the 7.
Try this. It is free.
http://www.investopedia.com/professionals/series66/
But I have no idea how current the questions are. I used this to supplement my Pass Perfect training materials.
Thanks for all the input guys, I take the 66 next Friday. Looking forward to it, but I’m certainly glad I didn’t go into law now.
Good Luck!
Does anyone have the study material for the Series 66 that they want to sell?
DK: Sorry, I used an on-line program (Pass Perfect).
Sure
PM me send the money (cash) and I promise to send back.
Took it today, 81%. Plenty of State X, Y, Z which ones need to be registered questions, not as many filing questions or differences in definitions questions as I thought there would be. Alot of questions that seemed right out of the series 7 test bank. The series 7 questions made it alot easier if you know that stuff cold.
which study material did you use? I am studying the updated version of Kaplan 5th addition? will this do?
Hi Everyone… I am taking the 66 this Friday (Feb 26th) for the 3rd time… ARRRGGGGHH!!!
I can say without a doubt STC is HORRIBLE for the 66. They were great with the 7, but my former company only allowed the STC stuff. When I failed both times there were @ 20 questions on each exam I had NEVER seen. In addition to the 5-10 questions you that you can make a compelling argument that ALL 4 answers are right, I knew when I hit the submit button I was done.... I purchased a book called Pass The 66 by Robert Walker along with some extra exams and the material is GREAT. I cannot recommend the book enough! I will be sure to post my results after the exam on Friday. Good luck to everyone else who is taking the 66.Just because the firm mandates STC that doesn’t mean you are limited to it. There are several other options to supplement that training material. And almost all of them are on-line and probably worth the minor investment.
Yes, there will be questions that you have never seen before. That is what separates the wizkids from us middle-of-the-road students. But remember there are at least 10 "test" questions that are being evaluated for use in later exams.I took the Series 66 exam in Late Feb 2010 and passed with a 78%--studied 5 weeks. I passed the 7 with a 88%--studied 6 weeks and the Series 8 with a 86%--studied 1 month. The Series 66 is more about your ability to decifer paragraph questions with twisted mumble jumble, negative-negative questions, then actual knowledge. It was the worst exam I have ever taken as far securities exams go. The 7 was easy in comparison. Don't take the 66 lightly, it will throw you a curve ball for sure! I used STC training material and much to my surprise was advised 3 days before my exam that newer study material available, which may be the reason why I scored lower since I crammed it all in a few days. None the less, prepare yourself, the questions were nothing like my study material.
A colleague just used Firesolutions and failed by 2 points. Many have had good to say about using Training Consultants to pass on the first try.
If you do not use training consultants for this one, you are one dead mo-fo. Hmm to put it another way:
"According to the NASAA policy on unethical and prohibited business practices regarding investment advisors taking this poorly worded exam, it is our opinion that if you aren't non-exempt from using training soltuions by your employer, you should spend the money to pay for the materials on your own, whether you are restricting your advice to governement securities, through non-exempt, issuer-underwriter transactions or not".
I'm being serious though kids......dont waste your time...NOT JOKING....that company has it on the money with that exam.
I have met at least 3 people that have used Training Consultants and passed on the first attempt. The book is only 125 pages, but the course material is just what you need to know to pass. I just took the Series 66 today and passed on the first attempt with an 87%. About 25 questions were almost identical. The rest of the material was what I needed to know.
So, I can't recommend them enough. I hope that it helps.
No, no, no my friend; if you make over a "75", you studied too much!!!
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