Sequence of testing

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Aug 11, 2005 2:42 pm

I get the impression its 7 then 66/63..

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What are the orders and time frames...

It seems 7 is first unless you are an insurance guy..

Aug 11, 2005 4:52 pm

It's 7, then 63 if you aren't going to be doing advisory business, if you are then take 66 instead, it combines the 65(advisory) and 63(blue sky laws).     If you aren't planning on doing advisory business now then just take the 63.  If at a later date you intend to do advisory business - take the 66 anyway even though part of it will duplicate the 63 - the 66 is much easier than the 65. 

The 65 is for people who want to do advisory business without a broker/dealer (no transactions, only advice), you don't need a series 7 to hold the 65.  Therefore the 65 incorporates much of the information which is on the 7.  The regulators want make sure that those who are providing only investment advice without executing trades should have a decent amount of knowledge of what is on the 7. So the 65 incorporates advisory regulations and a good amount of the information, maybe 40% of what is on the 7.  Whereas the 66 is only advisory regs along with the skimpy information on the 63 about state regs.

Aug 11, 2005 11:35 pm

Thanks..  Which test is to sell options? insurance/annuities?

Is the 53 the state tests?

Aug 12, 2005 8:40 am

Options is covered by the 7.  VARIABLE insurance/annuities (since they're securities covered by 6 or 7 (plus life license).  For FIXED ins/ann, life license (but if you're w/ a b/d you'll obviously also have a securities license).  53 is muni principal exam.  By "state tests" I assume you mean the 63 (i.e., blue sky test).  As previously mentioned, the 66 also includes what's in the 63, so you don't need 63 if you take 66.

Aug 13, 2005 4:13 pm

Thanks for the information.

The bottom line is pass one after another?

Aug 13, 2005 5:27 pm
NASD Administered Qualification Examinations

Study Outlines for some exams may be accessed by clicking on the Series number(s) listed below. Please note that the Series 63, 65, and 66 exams are administered by NASAA and clicking on those links will take you to their site for further information.