Series 65 and 66 FAQ

This FAQ is the product of hundreds of conversations with exam candidates and a culmination of sources, both practical and regulatory. MarketCounsel offers our highly-acclaimed study materials for both the Series 65 and Series 66 exams as well as our exam registration services for participants in the RIA Incubator program and, of course, members of our RIA Institute for Compliance Management. We have also compiled Series 65 Information and Series 66 Information pages to assist you in understanding the scope of this undertaking. When you are ready to really get going, MarketCounsel is here with its RIA Incubator program to get your firm started right.

PREPARATION

Which exam should I take: Series 65 vs. Series 66?
Candidates that have met or will meet the co-requisite of the Series 66 exam, would elect to take the Series 66 instead of the Series 65 exam due to its brevity, scope and relative level of difficulty. Candidates for the Series 66 exam must also pass the Series 7 exam. Those candidates that are not eligible to sit for the Series 66 exam can sit for the more lengthy and onerous Series 65 exam which carries no prerequisite or co-requisite.

How do I prepare for the exam?
There are many firms that offer assistance in preparing for the Series 65 and Series 66 exams using a variety of methods. Pick the one that works best for you. MarketCounsel offers its acclaimed exam preparation materials to candidates directly through this web site.

Do I need to get "sponsored" to take the Series 65 or Series 66 exam?
No, both the Series 65 and Series 66 exams were developed by the North American Securities Administrators Association ("NASAA") and administered by FINRA Regulation. As such, unlike FINRA exams such as the Series 6 and 7, you do not need to be sponsored by a broker-dealer.

REGISTRATION

How do I sign up for the exam I want to take?
You will be required to complete the Form U-10 and submit it to FINRA Regulation with a check or money order made payable to "FINRA Regulation, Inc." Print the candidate’s name and firm’s name (if applicable) in the memo of the check. Upon completion, send the fully completed Form U-10 together with your check or money order to:

FINRA Regulation, Inc. • P.O. Box 9401 • Gaithersburg, Maryland 20898-9401 • Attn: Examination Section

ITEM	QUESTION	RESPONSE
1	Candidate’s Name	Individual's full name.
2	Social Security No.	Individual's Social Security number.
3	Candidate’s Home Address	Individual's home address.
4	Firm Name	Enter full name of entity. If no entity has yet been formed, respond as "N/A". It is not necessary to list a broker-dealer here.
5	Firm Address, Contact and Telephone Number	If "N/A" was the response to Item 4, provide your home information here. The Candidate’s Enrollment Confirmation will be sent to this address.
6	Regulatory agency requiring the qualification of the candidate	Check the "State of" box and indicate the name of your home state and the name of the state securities authority (if known).
7	Examination to be scheduled	Check the appropriate box in section 7(C)

What happens after I submit the Form U-10?
You can expect to receive a Candidate’s Enrollment Confirmation package from FINRA Regulation within approximately 30 days which will outline the steps to schedule the exam.

How soon can I take the exam?
Candidates must contact the testing center to make an appointment. Appointments cannot be made until examination enrollment confirmations are received. Immediately upon receipt of the Candidate’s Enrollment Confirmation package from FINRA Regulation, you can contact any approved testing center to arrange a convenient date and time to sit for the exam. Centers vary as to their availability so check around to find a time and location that are most convenient for you.

How long do I have before I have to take the exam?
Examination enrollments are valid for 120 calendar days only. Persons without valid enrollments will not be permitted to take an examination. Candidates must make the necessary appointment and take the examination before the expiration date as shown on the enrollment confirmation or the enrollment expires and the fee is forfeited.

Where can I take the exam?
Exams are administered at several authorized FINRA Regulation testing centers throughout the United States including Sylvan Learning Centers. Complete information concerning examination administration, test center locations and admittance requirements will be mailed with the Candidate’s Enrollment Confirmation. A listing of examination centers can be found online.

What if I can't make a scheduled appointment?
If, for any reason, a candidate cannot make a scheduled appointment, the appointment must be cancelled. Responsibility rests with the candidate or firm to make and/or cancel appointments on a timely basis directly with the appropriate testing center. The examination enrollment and fee will be forfeited if an appointment is not cancelled in accordance with the required notification criteria, the candidate fails to appear for an appointment or arrives at the test center so late that his/her session cannot begin without disrupting the center schedule for that date. If a holiday occurs during the normal cancellation period, this schedule adjusts to define “timely cancellation” as one day earlier than stated below. Cancellation will be considered timely if effected according to the following schedule:

What should I expect when I arrive?
You should arrive at the authorized center about 30 minutes before your scheduled appointment time. Upon verification of your identification, you will be required to sign in on the center's "sign-in log," agree to the rules of conduct through your signature, and provide a thumbprint.

What should I bring with me?
To gain admission to the center, you must provide one valid form of identification with your signature and your picture as issued by a government agency, such as a valid driver's license, passport, or military ID. If you do not have ID that is adequate, you must cancel your appointment until you get proper ID. FINRA Regulation sessions are closed-book. When you enter the center, you are not allowed to bring personal possessions, such as books, briefcases, and notes into the testing room. You may take only authorized material issued by center staff into the testing room. The center staff will provide as much scratch paper as needed during the session. Do not bring calculators with you for your exam—you will not be allowed to use them. Calculators will be provided by the center staff upon request.

How is the exam administered?
FINRA Regulation utilizes a computer system called PROCTOR to deliver the exam. The process for taking an exam or training on the PROCTOR system is easy—no previous computer experience is necessary. Before starting your session, an introductory lesson will familiarize you with the PROCTOR system and help you understand how the system operates.

How are questions selected?
NASAA identifies the appropriate sections and the number of questions in each section in the exam specifications (see topic outline for Series 65 or Series 66 exam). The PROCTOR system then randomly selects the questions for your exam on a section-by-section basis from the appropriate question bank. The system automatically tracks the difficulty level of each question and enforces selection criteria that will assure that each candidate receives an exam of comparable difficulty. Once the system measures and accepts an exam for presentation to you, it sequences the questions. The PROCTOR system places the difficult questions in the middle and the easier ones at the beginning and at the end of the exam.

Click here to view an illustration of how an exam question appears on the PROCTOR system.

Must I go in the order the questions are presented in?
You may review any question at any time before the allowed testing time for your exam expires. The introductory lesson demonstrates how to answer questions and flag them if you want to review them later.

When will I find out if I passed?
At the end of the allowed testing time or when you voluntarily stop your exam, the system determines your score and displays a grade result on the computer. The grade report will show whether you passed the exam. Be advised that certain states impose a higher score requirement of up to 85% for principals of firms.

I have successfully passed the exam, what now?
Be sure to get your score report from the testing center immediately after your exam and retain it. You will likely be required to produce it as proof of your successful passage.

I was unsuccessful in passing the exam, what do I do next?
In the event of a failed examination, forfeited enrollment or an expired enrollment, you will be required to re-enroll by submitting Form U-10 along with the appropriate examination fee. The following waiting periods have been implemented for individuals needing to retake the exam following a failed attempt: