FINRA has released 3 additional content outlines for its exam restructuring initiative which launches October 1, 2018.  The Series 6, 7 and 22 “top off”, or specialized knowledge exams, will become effective simultaneously with the new Securities Essentials Exam (see more about the SIE at  https://www.finra.org/file/securities-industry-essentials-sie-exam-content-outline).

These top-off exams are designed to minimize duplicative information and test candidates on the rules and functions that are most relevant to their daily responsibilities.  While the number of questions on these exams has been reduced significantly, the breadth of content to be tested is substantial.  Their level of difficulty is not expected to decrease.

Top-Off Exam Facts

Series 6Investment Company and Variable Contracts Products Representative
Functions:
1: Seeks Business for the Broker-Dealer from Customers and Potential Customers12 questions
2: Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives 

 

8 questions

3: Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records 

25 questions

4: Obtains and Verifies Customers’ purchase and Sales instructions; Processes, Completes and Confirms Transactions5 questions
Total Questions50 questions + 5 unscored experimental questions
Time for Completion: 1 hours and 30 minutes
Passing Score:To be determined

Content Outline: http://www.finra.org/sites/default/files/Series_6_Content_Outline.pdf

Series 7General Securities Representative 
 Functions 
 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers9 questions
 2: Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives11 questions
 3: Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records91 questions
 4: Obtains and Verifies Customers’ purchase and Sales instructions; Processes, Completes and Confirms Transactions14 questions
  
 Total Questions125 questions + 10 unscored experimental questions
 Time for Completion: 3 hours and 45 minutes
 Passing Score:73%

Content Outline: http://www.finra.org/sites/default/files/Series_7_Content_Outline.pdf

Series 22 Direct Participation Programs Representative 
 Functions 
 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers17 questions
 2: Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives4 questions
 3: Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records27 questions
 4: Obtains and Verifies Customers’ purchase and Sales instructions; Processes, Completes and Confirms Transactions2 questions
 
 Total Questions50 questions + 5 unscored experimental questions
 Time for Completion: 1 hours and 30 minutes
 Passing Score:To be determined

Content Outline: http://www.finra.org/sites/default/files/Series_22_Content_Outline.pdf

New Licensing Process

To become fully licensed after October 1, 2018, individuals must pass both the SIE and a specialized top-off exam tailored to their area of practice Though the SIE can be taken by persons that aren’t associated with firms, the top-off exams will be available only to associated persons of FINRA member firms. This new approach provides college students, career changers, and other interested persons an opportunity to establish an industry credential prior to hire.

Knopman Marks will Keep You Informed

Check back regularly for updates on the SIE exam and top-offs. FINRA content outlines are expected soon for Series 57 and Series 82, and the MSRB plans to re-align the Series 52 with the SIE requirement.  Knopman Marks is committed to delivering the best exam prep material for these new exams, and we are happy to help with any question you have about this revised exam process.

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Written by Marcia Larson
Marcia Larson is Vice President, Faculty, at Knopman Marks Financial Training, New York, NY. She has extensive experience in financial licensing and regulatory training, having authored, developed and presented courseware for numerous securities and insurance exam preparation and continuing education and compliance programs. Before joining Knopman Marks, Marcia was Director of Annuity Products and Business Development at CUNA Mutual Group, where she developed and marketed industry-leading annuity products and retirement solutions and implemented distribution relationships. She was previously VP, Securities Products for Kaplan Financial, managing securities training products and subsequently, international training and businesses development. Marcia has trained thousands of financial industry exam candidates throughout their careers, and also college students as an adjunct professor. Marcia was a summa cum laude graduate of Wartburg College with degrees in Business Administration and Piano Performance. Marcia also holds the designations of Chartered Financial Consultant® (ChFC®), Chartered Life Underwriter (CLU®), Certified Employee Benefit Specialist (CEBS), and Fellow Life Management Institute™ (FLMI®). She currently teaches the SIE, Series 6, 7, 24, 50, 52, 63, 65, and 66 exams.