News
Series 63,65,66 Supplement For July 1st Test Changes Now Avaiable!
May 27, 2016

We have published a supplement for the additional content that will be tested on the Series 63, 65, and 66 exams, effective July 1st. The Series 63 will now include content on cyber security and social media. The Series 65 and Series 66 include this content, along with new topics on pooled investment funds, private funds, private fund adviser registration and reporting exempt private fund advisers. This additional content is included in the supplement. Anyone who has purchased our study material and who does not test by July 1st can obtain the supplement from us by calling (800) 752-7599.

Upcoming Changes To The Series 63,65 and 66 Exams - Effective July 1, 2016
February 5, 2016

NASAA (North American Securities Administrators Association) has announced changes to the Series 63, 65 and 66 exams, effective July 1st. All of the exams will now include content on cybersecurity and data protection and will increase emphasis on advertising and social media.

Regarding each exam:

Series 63
Remains 60 questions with a passing grade of 72%. Content relating to RIA regulation will be minimized and increased emphasis will be given to definitions.

Series 65
Remains 130 questions with a passing grade of 72%. Increased emphasis will be given to asset backed securities, private funds, pooled investment vehicles, resale restrictions and alternative investments and reduced emphasis will be given to broker-dealer registration and regulation.

Series 66
Remains 100 questions, but the passing grade will be REDUCED from 75% to 73%. Increased emphasis will be given to alternative investments, estate planning, broker-dealer and agent supervision, and private fund and exempt advisers.

We will be updating our text content, question pools and test selection algorithms for these changes effective July 1st, 2016. Because these are fairly minor changes, we do not expect any "shock and awe" to occur when the revised exams take effect.

Series 57 Study Program Now Available!
January 29, 2016

This new exam is a merger of the pre-existing Series 55 (Equity Trader) and Series 56 (Options Trader) exams. The exam consists of 125 questions (plus 10 trial questions that do not count in the grading) to be completed in 3 3/4 hours. There is no prerequisite Series 7 examination, which was the case with the "old" Series 55 exam. The passing grade has been set at 70%.

Whereas FINRA's study outlines are divided into large "functional areas" that are not well suited for learning this information, we have divided the information into the following 6 chapters:

  • Securities
  • Options / Derivatives
  • Trading Markets
  • Market Marking
  • Trading Systems and Reporting
  • Securites Industry Regulations


Each chapter is broken down into sections, followed by a section exam including detailed explanations on that content. Following the 6 chapters are 8 - 135 question practice examinations.

The price of the course is $175. Anyone who has purchased a Series 55 or Series 56 Study Program from us within the last 6 months and who has not successfully completed their exam can get the new course material at a 50% discount.

FINRA Revise Series 9/10 Study Outline - Revised Test Effective March 7, 2016
January 11, 2016

FINRA has filed a revised study outline with the SEC for the Series 9/10 General Sales Supervisor exam, with a proposed effective date of March 7, 2016. The examination remains at 55 questions for the Series 9; and 145 questions for the Series 10. The passing grade remains at 70% for each exam section. Similar to what FINRA did with the Series 7 study outline 3 years ago, the exam is now broken down into "major functional areas" of a branch manager's responsibilities. There are slight adjustments to the number of questions in each area covered, but there appears to be no major change to the overall content itself, other than updating the exam for the most recent rules and regulations, such as FINRA's Retail Communications rule and the MSRB's Time of Trade Disclosure rule.

Because PassPerfect updates its materials for rule changes as they occur, all of these revised rules are reflected in our current material. We anticipate no change to our content. FINRA states that the question writing style will give more emphasis to situational questions. These "judgmental" questions that are in "shades of gray" have been a fixture of the FINRA managers' exams for years, and many examples of this style of question are reflected in our sample exams (and students complain the most about these types of questions because there is no "clearly correct" answer).

Anyone who has our current study program will be completely prepared for the revised exam. There should be no need for supplemental study material. Also note that we are publishing this news item based on FINRA's filing with the SEC. FINRA has not released a Regulatory Memo to members with the final effective date, which is set based on SEC approval (however, in our experience, the SEC "rubber stamps" these FINRA changes and the proposed effective date usually becomes the actual effective date).

Revised Series 27 Study Program Now Available
January 11, 2016

FINRA revised the Series 27 Financial and Operations Principal exam, effective December 14, 2015. The exam remains at 145 questions, but the passing grade has been lowered to 69% from the previous passing grade of 70%. The revised study outline breaks down the content into the "major job functions" instead of covering the content mainly by major rule area. The overall content remains the same, however all MSRB rules have been eliminated from the exam (this was 9 questions on the prior version of the test). There is some newer content included that was not in the prior version, such as Supplemental FOCUS reports including the new OBS (Off Balance Sheet) report and the Risk Assessment report 17H.

Anyone who has our current study program can simply ignore the MSRB tab in the text and the related MSRB questions. Taking the MSRB content out of the exam actually should make the test a bit easier, since the MSRB content was "difficult" and most candidates did poorly on this section of the test. Anyone who has purchased out Series 27 material in the past 6 months and who has not taken and passed the exam can contact us for a replacement set of material at no charge.