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.



Series


Examination


Questions 


Time
(minutes)


Prerequisite


Cost


3


National Commodity Futures (CR)


120


150


None


$90


4


Registered Options Principal (OP)


125


180


S7, or S62 with S42, S17, S37 or S38


$80


5


Interest Rate Options (IO)


50


90


S7


$60


6


Investment Company Products/Variable Contracts Representative (IR)


100


135


None


$70


7


General Securities Representative (GS)


250


360


None


$225


9


General Securities Sales Supervisor (Options Module (NASD-SU)


55


90


S7


$60


10


General Securities Sales Supervisor General Module (NASD-SU)


145


240


S7


$95


11


Assistant Representative-Order Processing (AR)


50


60


None


$60


12


Branch Manager (NYSE-SM)


100


180


S7


$80


14


Compliance Officer (NYSE-CO)


100


180


None


$300


15


Foreign Currency Options (FC)


50


90


None


$60


16


Supervisory Analyst (NYSE-SA) [one or two parts depending on NYSE requirements]


Each Part 50


90 Each


None


$200


17


Limited Registered Representative (IE)


100


120


FSA Registration


$65


22


Direct Participation Programs Representative (DR)


100


135


None


$70


23


General Securities Principal Sales Supervisor Module (GP)


100


150


S8, S9/10, or S12


$75


24


General Securities Principal (GP)


150


210


S7, S17, S37, S38, S62, or S82


$85


26


Investment Company Products/Variable Contracts (IP)


110


150


S6 or S7


$75


27


Financial and Operations Principal (FN)


145


210


None


$85


28


Introducing Broker/Dealer Financial and Operations Principal (FI)


85


120


None


$75


30


Branch Managers Examination - Futures


50


60


None


$60


31


Futures Managed Funds Examination


45


60


None


$60


32


Limited Futures Exam-Regulations


35


45


None


$60


33


Financial Instruments Examination


60


80


None


$60


37


Canada Module of S7 (CD)


[Options Required]


90


150


CAN Registration


$150


38


Canada Module of S7 (CN)


[No Options Required]


45


75


CAN Registration


$150


39


Direct Participation Programs Principal (DP)


95


120


S22 or S7


$75


42


Registered Options Representative (OR)


50


90


S62 or S7


$60


51


Municipal Fund Securities Limited Principal (FP)


60


120


S24 or S26


$75


52


Municipal Securities Representative (MR)


100


180


None


$80


53


Municipal Securities Principal (MP)


100


180


S52 or S7


$80


55


Limited Representative-Equity Trader Examination (ET)


100


180


S7, S17, S37, S38, or S62


$80


62


Corporate Securities Limited Representative (CS)


115


150


None


$70


63


Uniform Securities Agent State Law Exam (AG)


65


75


None


$82


65


NASAA-Investment Advisors Law Exam (RA)


130


180


None


$120


66


NASAA-Uniform Combined State Law Exam (AG and/or RA)


100


150


S7


$110


72


Government Securities Representative (RG)


100


180


None


$80


82


Limited Representative-Private Securities Offerings (PR)


100


150


None


$75


86


Research Analyst (RS) Part I
Analysis Module


100


240


S7 , S17, S37, or S38


$150


87


Research Analyst (RS)
Part II
Regulations Module


50


90


S7 , S17, S37, or S38


$105