As you start your study and preparation for the Series 6, know about two things:
- What securities a Series 6 qualifies a possibility to offer
- The relative significance of the themes that make up the exam.
Who needs the Series 6?
The Financial Industry Regulatory Authority (Formerly NASD's) Study Guide for the present Series 6 exam expresses that:
"The Investment Company/Variable Contracts Products Limited Representative Qualification Examination (Series 6 exam) is utilized to qualify people looking for enrollment with the NASD under Article II, Section 2 of the NASD By-Laws and appropriate NASD Membership, Registration and Qualification Rules. Enlisted Representatives (RRs) in this restricted class of enrollment are allowed to execute a part's business in redeemable securities of organizations enlisted in accordance with the Investment Company Act of 1940, securities of shut end organizations enlisted as per the Investment Company Act of 1940 amid the time of unique circulation just, and variable contracts and protection premium subsidizing programs and different contracts issued by an insurance agency ..."
Basically, a man who wishes to end up plainly an enlisted agent (RR) and offer common assets, unit venture puts stock in (UITs), variable annuities or variable disaster protection must pass the Series 6 exam. A Series 6 RR can't offer shut end stores aside from at their IPO (an outline advertising). (For more understanding, read Is A Career In Financial Planning In Your Future?)
The Series 6 Exam
The Series 6 exam experienced a noteworthy update that ended up noticeably successful November 30, 2005. Nonetheless, the progressions to the examination are not principally in topic; they are more auxiliary. One, the quantity of questions distributed to different points has changed. The exam is currently more intensely arranged toward RR connections with clients. Two, the exam is currently partitioned into six topical segments as opposed to four. The exam should even now be finished inside 135 minutes and still contains 100 questions. The passing score of 70% likewise stays unaltered.
Inside the 100 exam questions, hopefuls are additionally given five "exploratory" or "pilot" questions, which are not distinguished and won't check toward the competitor's score.
Scratch paper, pencils and adding machines are credited to applicants at the testing focus.
Exam Topics
The Series 6 exam will be separated into the accompanying questions:
1. Securities Markets, Investment Securities and Economic Factors - 8 Questions
2. Securities and Tax Regulations - 23 Questions
3. Showcasing, Prospecting and Sales Presentations - 18 Questions
4. Assessment of Customers - 13 Questions
5. Item Information: Investment Company Securities and Variable Contracts - 26 Questions
6. Opening and Servicing Customer Accounts - 12 Questions
As should be obvious, Sections 3, 4 and 6 are specifically identified with the connection between the RR and the client. These three segments involve 43% of the exam.
Note that the subjects in Section 1 are presently just 8% (contrasted with the past 23%) of the exam.
What does this mean for Series 6 exam applicants? Concentrate your consideration on the theme territories that number the most. Keep in mind, you have to accomplish a general score of 70% to pass.
Exam Time Management
Banner the Hard Questions
Arrangement 6 competitors will regularly experience a few questions on the exam that are long and longwinded. These are circumstance sort questions and can set aside a lot of opportunity to work through and reply. Despite the fact that it is anything but difficult to get wrapped up in these questions, you ought to recall that the basic questions consider only much as those that are long and complex. A decent technique, along these lines, may be to hail a question - the PC program at your testing focus will enable you to do this - that will take additional time. That way, you can backpedal and take a shot at noting it after you've completed the test. Pick the questions that you hail painstakingly: you won't have any desire to do it for 30 questions in succession!
Take after the Bell Curve
The individuals who have as of late taken the exam report that the structure of the questions is a "ringer bend." That is, the main question and the keep going question on the exam are very straightforward. The level of trouble increments until the point that one is past the halfway point, at that point drops off consistently until the end. Know this is probably going to be your experience and don't give the inexorably complex questions a chance to disappoint you. Proceed. Less demanding questions will be en route.
Try not to Second Guess Yourself
The larger part of the individuals who take the Series 6 report that they had time staying in the wake of noting every one of the questions. On the off chance that this additionally transpires, complete the exam, sit tight for the celebratory message, grin and go ahead about your life! Try not to backpedal and change answers! Measurably, when you change answers, you're wrong more often than not. In the event that you should figure, your first figure is normally the best.
Hone Your Skills
To help expand your speed in noting questions, do many practice questions. As you do the questions, monitor your advance by noticing your weakest themes If you are not performing great - particularly in those ranges that have as noteworthy number of questions - you'll have to survey the topic all the more intently.
Exam Day: The Tools
When you go to the testing focus, make sure to arrive sooner than required. After you've marked in and put your belongings in a locker, you'll be given scratch paper, pencils and a mini-computer to use amid the exam.
You will ordinarily just need to utilize the number cruncher a few times amid the entire session. The present test is substantially less a scientific exercise than it was quite a long while prior. You should, be that as it may, know about the fundamental equations for shared assets. The database has various questions that require a possibility to perceive the equations, despite the fact that you won't need to utilize them to do calculations.
The scratch paper is another issue. Before you begin the exam, make every one of the notes you require on the scratch paper. A standout amongst the most helpful instruments is the seesaw outlining the yields on markdown and premium securities. You might have the capacity to utilize these to improve noting a few questions. Whatever else that you need to use as you take the exam ought to be on your scratch paper before you begin the exam.
Exam-Taking Hints
- Read each question completely through and take a gander at all the appropriate responses. At that point backpedal to the question before endeavoring an answer. Did you see "not" or "with the exception of"? Would you be able to spot rehashed catchphrases in the question and a particular answer?
- After you've taken after the procedure, take a gander at the appropriate responses. Kill the off base answers as fast as could be expected under the circumstances. In the event that two of the appropriate responses are precisely inverse the chances are high that one of those is right.
- On the off chance that you are stood up to with a question - especially about principles - and can't choose the last two determinations, precisely consider the more drawn out answer. The question essayist will ordinarily incorporate everything in the right answer. Be that as it may, you should just utilize this system when you need to figure
- Try not to surge. In your scramble, you may miss a less demanding question by neglecting to peruse deliberately. A portion of the questions are dubious, yet don't get excessively made up for lost time with any of these; simple questions consider only much as the more drawn out, more troublesome ones.
Conclusion
In the event that you take after the guidance we've sketched out here, you will be well on your approach to passing your up and coming exam. To guarantee you are taking care of business, go to bed early the night prior to the exam and don't attempt pack in study time quickly before your test. Unwind however much as could reasonably be expected and go into the exam sure that you'll hang loose. Keep in mind: 70% is a passing score - an 'A'. 71% is an 'A+'!
