The NEW Series 66 Exam
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[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.
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.