Passing Series 66

oh and by the way i used the STC study manual & online practice exams for all my licenses. the practice tests online were much easier since there wasn’t a “best answer” between the 3-4 questions like on the real exam.  

I have always found it helpful to study from one set of materials, but take practice exams from somewhere else.  For example, study using STC, but take practice exams from Dearborn.  You’ll do much worse on your practice exams this way, but you will be better prepared for the exam.

Don't feel bad, slkgirl.  Sometimes passing a test is the luck of the draw.  Often people pass exams who should've failed, and vice versa.  For example ... I've heard people brag about not studying and passing exams with a 70 or 71.  That's called "luck".  Keep trying.  I'm sure you'll pass the next time. 

[quote=slkgirl]

i need help with passing the series 66!! i took this test TWICE already and failed both times with a 67. i studied my butt off both times, reading the book over, doing ALL practice exams (scoring in the 80's and 90s the first round and scoring 93-100 the second time to prepare for my exams) & even did the virtual online course by STC. i felt like the real exam was much harder than the practice exams. i had a hard time with some of the questions because they had grammer problems/or the question wasn't completely written out. i don't understand how to pass this test...maybe i need to purchase other kinds of study aids. any advice??? i can't believe i passed the 7 with an 80 and failed the 66 everyone in my sponsorship passed the 66 and failed the 7 but me. =X i studied equally hard for both exams!!!

any advice on study aids, study habits & ways to take the real exam please let me know!!!

[/quote]

I'm aware of several thousand people who have taken Series 66 and how they did it.

I have never known anybody who didn't know that you're supposed to capitalize the first word of a sentence to every pass--basic stupidity eventually takes its toll.

I’m not an idiot, I was just too depressed from failing to capitalize the first letter of each sentance. Please don’t comment if you’re just here to bash on people and be rude.

karina234,

Thank you for the words of encouragement. The guy at the testing center said it was probably just bad luck. I think you're partially right about "the luck of the draw" because lots of people failed yesterday at the testing center. I guess I just need to order other practice exams from different venders as STC's practice exams aren't so great.

I'm just a bad test taker. I better pass my third try, assuming the company allows me to do it. If not, then I don't know what I'm going to do.

NASD Newbie,

Don't come on here bashing people when you need to spell check your comments before posting them. I'm going to assume that you mean to type

 "I have never known anybody who didn't know that you're supposed to capitalize the first word of a sentence to EVER pass--basic stupidity eventually takes its toll."

Check it over next time before you put EVERY again buddy. I guess I'm not the only stupid one here am I now?

I know many who have passed on the first try.

Passing the 66 is the LUCK OF THE DRAW?!???

That’s an insult to our industry.  What self-serving B.S.  "Oh I didn’t pass the test(because I didn’t study enough) so I’ll make myself feel better by saying it’s the luck of the draw."

I know I’m going to sound like Newbie here, but that is just a symptom of the lack of personal responsibility that is a major problem in our society today…
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In my office it seems that if you passed the S. 7 then you fail the S. 66 and vice versa. I thought the S. 66 was much harder than the S. 7 because of the wording, it was just tricky and hard to follow. I was just asking people if they know any study aids that are good for preparing for the S. 66. I used STC and the practice exams were a breeze, I need ones that are tricky and hard like the actual exam. It was hard for me to figure out the MOST correct answer for each question asked. I don't think you have that problem on the S. 7, you just have to know how to do the problems, etc.

STC gives a whole bunch of practice exams, about 60 for the S. 7 and only about 20 for the S.66. The problem with the practice exams for S. 66 is that most of the questions repeated or the question/answer was the same but the names of the people changed. Any suggestions on which one practice exams I should purchase?

I know which study course gave us an almost immediate improvement in the passing ratios.

[quote=NASD Newbie]

I know which study course gave us an almost immediate improvement in the passing ratios.

[/quote]

I do too...it's called "Knowing What You're Talking About".  Are you familiar with it Putsy?

NASD Newbie,

Which vender did you guys use? I've heard good things about Dearborn.

Why is everyone always insulting one another? Is this how it is once you're in the industry?

I would try different study guide next time. Here are a few

www.securitiesexam.com

www.kaplanfincial.com

www.aitraining.com

Here is the one for kaplan

http://www.kaplanfinancial.com/kfs/Securities-Licensing/secl ic_product_list.asp?Family_id=82&Family_name=Series+66&a mp;Super_family_name=Registered+Representatives&Rep_fami ly_id=82&Princ_family_id=

[quote=slkgirl]

NASD Newbie,

Which vender did you guys use? I've heard good things about Dearborn.

Why is everyone always insulting one another? Is this how it is once you're in the industry?

[/quote]

Beacuse NASD Newbie was only 'in the industry' for six short years, and doesn't really know anything about life in the trenches.  His daddy had connections, got him into management when he couldn't cut it in production.

Take whatever he says with a HUGE grain of salt.

When Series 66 first came out we had dozens of failures in a row, then we tried a different vendor and the situation turned around.

We'll never know for sure because when somebody reads another set of books they'll always swear that the second set was better than the first.  That is probably because it's the second time they've read about those topics, so they were familiar to begin with.

I took it several times intentionally failing it so I could take it again.  On the first try I thought my score was going to be in the mid 60s--it was actually in the low 50s.

The test is much more difficult than anybody anticipates.

Newbie,

Were you being sponsored by a company while you were testing for the Series 66? I heard that some companies won't let you retake a test under their sponsorship if you fail too many times. What a pain in the butt to wait 30 days to retake it!!!

How many times did you take it before you passed it?

[quote=slkgirl]

Newbie,

Were you being sponsored by a company while you were testing for the Series 66? I heard that some companies won't let you retake a test under their sponsorship if you fail too many times. What a pain in the butt to wait 30 days to retake it!!!

How many times did you take it before you passed it?

[/quote]

Eleven.  But since I was the Training Director's boss I wasn't fired.  Lots of HR type people fail those tests on purpose.

I failed mine today as well. I failed both the 7 and now this once. I got a 68 on it which is really killing my weekend. I knew about a ha;f a week ago I should have put it off for another week.

oh well, I honestly thought I was going to pass it. I do not think my test in particular was that difficult. I was actually surpirsed on how very little USA stuff was in it. I messed up on unethical behavior and punishment etc.

[quote=TheLostSoul]

Here is the one for kaplan

http://www.kaplanfinancial.com/kfs/Securities-Licensing/secl ic_product_list.asp?Family_id=82&Family_name=Series+66&a mp;a mp;Super_family_name=Registered+Representatives&Rep_fami ly_id=82&Princ_family_id=

[/quote]

Thanks for the link. Have you had good experience with Kaplan study guides? I was considering buying both Dearborn & Pass Perfect. I'm sick of studying and not getting the score on the real exam! It's so frustrating & discouraging.

Don’t get too discouraged.  You’ll eventually pass and nobody will ever ask or care about your score and your score won’t have any effect on your career.

[quote=anonymous]Don't get too discouraged.  You'll eventually pass and nobody will ever ask or care about your score and your score won't have any effect on your career.[/quote]

That is a common misconception---scores do matter if you have ambition beyond spending your entire life opening accounts only to watch them get ACATed somewhere else after a few years.

Additionally your scores make an impression on your local manager---it is never good to give the impression you're not very bright.

If you hired me and I failed my qualification exams do you think you would not form an impression of my intelligence?

In a wirehouse environment, several times a week the manager will take a call from a local citizen who is wanting to make an appointment to come in for financial advice.  If you were running the branch where I work, and I couldn't pass my exams without multiple attempts, are you going to recommend that that client deal with me?

Additionally, suppose I wanted to move to another firm.  Perhaps to accept a large package.

The manager who is planning to hire me asks his HR people to run my CRD file to determine if I have a clean compliance record as well as verify my history--and on that report are the scores I got on various exams.

If he or she sees that I failed qualification exams do you think they will have as favorable an impression of me?

NASD, I can't think of a characteristic less important than an exam score on a pass/fail exam.

[quote=anonymous]

NASD, I can't think of a characteristic less important than an exam score on a pass/fail exam.

[/quote]

Well, you're entitled to be wrong.

What do you mean by "Pass/fail?"  Are you suggesting that there are not numeric scores on the exams?

I'm suggesting that the numeric score doesn't effect your livelihood. 

Please list the firms that require a specific score rather than a passing score.

[quote=anonymous]

I'm suggesting that the numeric score doesn't effect your livelihood. 

Please list the firms that require a specific score rather than a passing score.

[/quote]

At most top tier firms you will never be considered for a management position if you failed any exam.  I realize that management doesn't appeal to those who are not bright enough to understand what it means to do entry level work for your entire life--but there are smart people who do.

In the past I discussed the danger of appearing in an arbitration hearing and being asked about test scores.  Arbitration panels do not look upon somebody who took multiple attempts to pass their exams as they do on those who passed on their first attempt with a high score.

I understand that clients will probably never ask--but if you encounter anything other than a client it is going to matter.

But I have standards, and I understand that having standards is no longer important in the United States.

[quote=NASD Newbie] [quote=anonymous]

I’m suggesting that the numeric score doesn’t effect your livelihood.

Please list the firms that require a specific score rather than a passing score.

[/quote]

At most top tier firms you will never be considered for a management position if you failed any exam. I realize that management doesn’t appeal to those who are not bright enough to understand what it means to do entry level work for your entire life–but there are smart people who do.

In the past I discussed the danger of appearing in an arbitration hearing and being asked about test scores. Arbitration panels do not look upon somebody who took multiple attempts to pass their exams as they do on those who passed on their first attempt with a high score.

I understand that clients will probably never ask–but if you encounter anything other than a client it is going to matter.

But I have standards, and I understand that having standards is no longer important in the United States.

NASD, please name one firm that won't allow someone into management because they took more than one try on a qualifying exam.   Make sure not to mention Merrill Lynch or UBS because I have a client at ML who is in management who failed his 7 and a friend at UBS who failed his 66.  They both passed on their 2nd attempts.  The ML guy was a pretty big producer.  My friend at UBS was average.

I see, however, that you seem to now be talking more about failing the exam once instead of the actual score.  From your last post, it seems that the only thing that a low passing score means is that an arbitration panel might not look as favorably on you.   "Gee, you've had no complaints for the last 10 years other than this one.  You've achieved your CLU, ChFC, CFP, and CPA.  You teach a financial planning class at the local community college.  You've been honored by the Governor for your work in protecting orphaned children from the dangers of the New York City rainforest, but 10 years ago you only scored 70 on your Series 7 exam, so this is really going to hurt you." 

I could understand how having to take an exam multiple times could be seen as a negative, but I'm not buying that someone's passing score on a P/F exam has relevance.

[quote=bankrep1]
NASD,

A FA position is a career just like management. I question your intelligence when you say it is an entry level position.

[/quote]

Nope, any job that never requires you to assume more responsibility is an entry level job.

A thirty year veteran's day is essentially the same as a thirty month veteran's--gather assets, hold hands with clients, hope somebody else doesn't tell them you don't know what you're doing.

As I've said till I'm blue in the face, the idea of being able to build a lifetime career by simply gathering assets is too new a concept to measure.  In ten, fifteen, twenty years will your clients get smart and realize that they're giving up part of their yield to you, yet you're doing nothing?

I think they will--but time will tell.

[quote=anonymous]

I could understand how having to take an exam multiple times could be seen as a negative, but I'm not buying that someone's passing score on a P/F exam has relevance.

[/quote]

As I said, you're entitled to be wrong.

A branch manager is going to look at a kid who barely scraped by the Series 7 as either lazy or stupid--which of those is a positive?

[quote=NASD Newbie]

[quote=bankrep1]NASD, A FA position is a career just like management. I question your intelligence when you say it is an entry level position. [/quote]

Nope, any job that never requires you to assume more responsibility is an entry level job.

A thirty year veteran’s day is essentially the same as a thirty month veteran’s–gather assets, hold hands with clients, hope somebody else doesn’t tell them you don’t know what you’re doing.

As I’ve said till I’m blue in the face, the idea of being able to build a lifetime career by simply gathering assets is too new a concept to measure. In ten, fifteen, twenty years will your clients get smart and realize that they’re giving up part of their yield to you, yet you’re doing nothing?

I think they will–but time will tell.

Also if your charging a client AUM fee and doing nothing, I think that speaks for itself in any business.

[quote=NASD Newbie]

[quote=anonymous]Don't get too discouraged.  You'll eventually pass and nobody will ever ask or care about your score and your score won't have any effect on your career.[/quote]

That is a common misconception---scores do matter if you have ambition beyond spending your entire life opening accounts only to watch them get ACATed somewhere else after a few years.

Additionally your scores make an impression on your local manager---it is never good to give the impression you're not very bright.

If you hired me and I failed my qualification exams do you think you would not form an impression of my intelligence?

In a wirehouse environment, several times a week the manager will take a call from a local citizen who is wanting to make an appointment to come in for financial advice.  If you were running the branch where I work, and I couldn't pass my exams without multiple attempts, are you going to recommend that that client deal with me?

[/quote]

what the living **** are you BS'ing about? You have absolutely no clue what you are saying. I failed the 7 my first time around with a 56, passed it the second time, and was agresively recruited by the one of the top elite producing branches at A.G. Edwards. No where in the two month interviewing process did they ever bring up my score of 56.

Are you a 2.2MM producing manager at A.G Edwards? Because if you're not then you should start polluting these forums with your crap opinion and misleading "facts".

[quote=NASD Newbie][quote=anonymous]

I could understand how having to take an exam multiple times could be seen as a negative, but I'm not buying that someone's passing score on a P/F exam has relevance.

[/quote]

As I said, you're entitled to be wrong.

A branch manager is going to look at a kid who barely scraped by the Series 7 as either lazy or stupid--which of those is a positive?

[/quote]

Again, this is a testament to your ignorance old man. You ignoring the circumstances and seeing things as black and white. Your vision, like your stint as a FA, went only as far as you could see.

When this producing manager knew I was sitting in the office trying to recruit his people 7 in the evening and pulled myself through to pass the 7 after faling on my own time with no training, he knew there was something there.

If there were anything to you, I promise you you'd be spending more time doing something productive than insulting your intelligence on these boards. Don't you have a wife or any kids or anything? You might want to go check up on them.

wow go grammer

The word is grammar–and your boss is not impressed with you even though you may think he is.  Bosses look at people who get 56 on Series 7 as being mildly retarded.

The word is jealous

They may look at you as mildly retarded, but they’ll take a retarded guy who has proven to be a producer over the brainiac who got a 95 and can’t produce squat.  The great thing about this business is that we’re paid based upon production and not based upon some manager’s personal feelings.

[quote=NASD Newbie]The word is grammar--and your boss is not impressed with you even though you may think he is.  Bosses look at people who get 56 on Series 7 as being mildly retarded.[/quote]

Are you or are you not a 2.2 Million dollar producer NEwb? Don't chicken **** out of an answer because you can't fess up your to your own deficiency.

That might come close to hurting if it still weren't for the fact that you're a piker who uses a forum to pass off as intelligent.

Anonymous is right, the results count and you clearly never had any.

Where are you guys posting your resumes to get jobs as FA’s? I need to find another company since my hiring window with the current window ends before I can retake my Series 66.

Does every topic go off topic eventually? Seems like we're on one subject then NASD Newbie manages to take things off course.

That’s all he has, slkgirl.  It’s his only chance to “be somebody”.  Don’t take that away from the doddering old fool.

[quote=Philo Kvetch]That's all he has, slkgirl.  It's his only chance to "be somebody".  Don't take that away from the doddering old fool.[/quote]

I'm just a newbie to this forum so I don't know who the friends and foes are. Thanks for the tip though, I'll keep it in mind. =)

Who’s had  Pass Perfect and thought they had good  practice
exams? I’m trying to decide between Kaplan and Pass Pefect.  <!–
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I used Kaplan for the Series 65 and had no problems.

I need help also. I have to go back and take the 66. I had the 65 until 05 when my company let them lapse. I was in a corporate role then and didnt need it for day to day work. I am studying online with pass perfect and am taking the 66 on the Thbursday. I am not ready and feel I will fail. Anyone have any last minute advice. Also, is the 65 easier as I could have just taken that since I already have the 63?

@boslackey

Why don't you try taking exams with a different training course. I have access to the Training Consultants course if you are interested?

Hi All (S7 & 66),

I thought it prudent to post my experience in case it could be of help to anyone. I studied for three weeks each for S7 & S66. I also did some diligence on different forums, thus, have some experience with the consensus viewpoint.

My firm provides STC materials. Here is how I studied for each exam.

S7 - I did not use STC (although I heard from various forums that it works very well for the S7, but not the S66). I bought Kaplan, read the textbook, lightly skimmed textbook on the treadmill to review what I read, and did 2k test questions. Once test questions are finished, you should be scoring anywhere between 80 & 85% to be prepared in Kaplan. I passed first attempt with 80%. If you decided to do a hard review of the textbook materials, you will likely score 85-90%. It is not a hard exam, so if you try hard, you will do very well.

S66 - I found the S66 to be harder. I decided to immediately book the exams and walk in cold for a first attempt - just to see what was on it - and start studying after (the test center is literally 5min walk from my house so no harm / no foul. I scored 69% without ever looking at a page or question - if was kinda fun as never tried that before. I decided, based on the questions I saw to put forth a decent effort.

I read / highlighted the STC textbook and reviewed every chapter page by page, twice. Took about 1.5 weeks. After doing my first master exam on STC's platform, it seemed like it didn't match the exam I took at all. I read some forums that recommended TC for exam questions. So, I never looked at another STC practice question again and instead purchased Kaplan's Q bank and TC's master exams (5+2). I did 1k questions in Kaplan while reading the answers to every question I got wrong (this is the advantage Kaplan Q bank has - providing the answer immediately when you answer the question). After that I attempted the TC master exams and scored - E1 77% E2 75% E3 75% E4 76% E5 82% R1 87% R2 81%. I did not try very hard, just put in the effort to get through the material.

I reviewed the textbook once more the night before and never looked again until exam. Scored 89% in 50mins and moved on with life.

In summary, S66 is more difficult. The STC textbook is great to read / review as extremely thorough, but their questions suck and don't represent the exam at all. TC questions are very good for your master exams and are very representative of the exam and how it tries to trick you. Kaplan's Q bank is great for doing lots of practice questions and having the answer handy immediately afterword to see where you went wrong.

If that helps even one person, I'm glad to have been able to throw it out onto the web :) Do the work and you'll do fine.

Cheers.

@greenspan2017 Do you have access to the TC questions you would be willing to share with me? Thank you in advance, Misty

@poohsquire - sorry, they had expired shortly after the exam date. Good luck!

Going back to the original post, anyone who wants to do well on the series 66 exam needs to be proficient in the regulations, especially investment advisers and discounting cash flows. Regulations are 45% of the exam while discounting cash flows and related concepts appear in 3 places on the series 66 outline.