Series 66 Advice: Am I doing something wrong?
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So I’m taking my series 66…For the third time next month. My firm allowed me to choose the vendor for my study material. I passed the Series 7 in April using Pass Perfect with an 80%. I was pleased with my results so I decided to use them to study from for my 66. After all the studying I put in for the 7 I opted to take the 66 so I can get everything done in one shot as opposed to taking the 63 and 65 separately.
So last month I went in and took the 66 with about 3 weeks of studying. Unfortunately I didn’t pass. I came up short with a 70%. It was a bit of a let down I was still riding the high from passing the 7. But I knew the failure meant I’m set back another month from doing anything serious at work. But it was a 70% I was on the right path.
I continued to use Pass Perfect for my second attempt and put all my effort into it for another 3 weeks. Really made sure I understood all the differences between State and Fed requirements and some of the loopholes that confused me. Did great on all my quizzes and scoring in the high 80’s and 90’s on all my finals. So it wasn’t as if I didn’t understand the material. My test was at 3:45 pm so that morning I took a final scored an 88 and just read up on things that were confusing me. Sat down confident for the real exam. I finished with about 25 minutes to spare and checked over all my flagged questions for review (There were about 15 questions flagged). I was feeling confident in my answer choices only changed about 4 question answers I knew were wrong simply because I read the question way too fast before selecting the right answer choice. When I hit submit I felt as though I was going to pass. If I didn’t then i’d rather fail miserably.
I click submit. Close my eyes for about ten seconds as my score is being generated. I look at the pass/fail before looking at the score…Fail. Look over at the score 74%. I went numb unable to move. I wanted to get up and leave but I couldn’t move.
Now I’m not sure what to do with regards to studying. I take it section by section. Reading each chapter carefully and throughly and taking quizzes. Not stopping until I hit 90 on each quiz. But I’m just worried I’m going to come up short again. Everything career wise is being delayed because of this test and I just want to start. I’m at a standstill now. I know that if I wanted to I could just opt to take the 63 and 65 without a waiting period but between studying for both and taking both it would end up being a 3 week process so whats another week to wait for my eligibility to clear for the 66. Obviously my approach hasn’t worked for me the past two attempts so I think I need to switch it up. Also, I’m not sure if I should stick with Pass Perfect. I’ve heard good things about training consultants but if anyone has advice I’m open to hear. Any advice or recommendations would be appreciated.
I have a few comments. 3 weeks of prep is a short period of time for the series 66. Also, it is highly unusual for someone to be scoring as high as you did on Pass Perfect finals and quizzes (I am assuming you did the online questions) and then not pass. I have seen it happen, though. I think investment experience helps people with the series 66. I do not know you particular situation but my guess would be that you do not have much investment experience. When this is the situation ,and you get questions that deviate from what you are accustomed to seeing, it can be more challenging to answer the questions correctly.
Also, I think changing 4 answers is a lot for an exam that only has a little over 100 questions. You justified this by saying that you read the questions way too fast. That is also an issue.
If you have taken an enormous number of finals like 40 or more, it might sense to get new materials because at that point, you might be seeing duplicate questions. They have about 4000 in their question bank. With that said, I am not sure if materials are the issue. You must get the concepts if you are scoring that high in Pass Perfect. You might want to consider getting help from someone, especially someone with investment experience
I just took it less than an hour ago!! I FAILED>>>> It is so much harder than the Series 7. Though I felt like I got screwed, I have so many questions about Canada. i.e. instead of BD in State X and has clients in State Z I got “The BD is in Canada and has clients in State Z”
Did anyone else get these questions???
I just took it less than an hour ago!! I FAILED>>>> It is so much harder than the Series 7. Though I felt like I got screwed, I had so many questions about Canada. i.e. instead of BD in State X and has clients in State Z I got “The BD is in Canada and has clients in State Z”
Yet on TC (Practice exams, no mention of Canada anywhere)
Did anyone else get these questions???
There is a sub section in the Uniform Securities Act of 1956 dedicated to Canadian Broker Dealers and their Agents.
I understand completely. I failed Series 66 exam once (74) . Retested yesterday and received 89. Training Consultants has some questions in test bank that are identical. I swear by Training Consultants materials. My materials are available for sale…you name a reasonable price…and we can do business.
I would suggest purchasing TC practice exams. I used their training materials for about 4 weeks and passed with an 89 on the first try. They ask questions in a way that are similar to the real test and make you feel comfortable during the actual exam. If you have time… I would also use their study material book which I found very concise and beneficial.
I passed the 7 on 5/27 (84) and the 66 (88) on 7/6 of this year. My take:
The 66 is far, far easier than the 7. Why? 1) because there is much less material covered, and, 2) the exam itself – despite the higher passing score – is substantially shorter and thus is less physically grueling to take. The 7 was a b!tch of an exam simply because of the sheer breadth and amount of material covered and the length of the exam, 50% of which wasn’t even on the test, but, of course, which you had to know, anyway, just in case it was tested.
I used Fire solutions (my firm’s provider), supplemented by the Kaplan Qbank, for both exams. I think that the Kaplan Qbank for the 66 is the best and most effective study “bang” for your buck. It costs $70 or so, and contains over 2,500 questions, broken down by category. What makes it so useful and such a great study tool for someone in your position is that all of the topics are broken down into sub-categories. So, for example, if you’re having trouble with questions about regulation of advertising, you can create a quiz based off that topic, alone. It’s a great way to refine your knowledge and shore up the areas that you’re weak in.
Here’s the thing about the 66 subject matter – yes, it’s arcane and tough to get a grasp on, in the beginning, but, once you start learning the material, and, most importantly, doing practice tests/questions, you get over the hump and the stuff begins to become clear and relatively straightforward. If you outline efficiently and just memorize the rules, penalties, etc. cold (of which there really aren’t that many), you will do fine. Understanding the distinction between an IA and an IA rep, and a B-D and an agent is half the exam, conceptually; know all the rules and penalties by the letter (e.g., retain firm records for 3 years; client records for 5; 2 years in the principal’s office); know that the de minimis client exception only applies to IA’s and IA rep’s and not B-D’s and agents; know what is a “security” and what isn’t; know the exempt transactions and exempt securities; know that IA’s and IA rep’s cannot share in client profits (but, B-D’s and agents can), etc. etc.
Learn the state rules cold, and make sure you learn the investment theory stuff cold, too (CAPM; modern portfolio theory; efficient market theory; etc.) and you’ll do fine. There were very few equations to memorize, and those questions that require math calculations are easy (e.g., the initial lump sum amount needed to generate a perpetuity payment equals desired monthly payment x 12, divided by the return rate).
I also highly recommend obtaining a copy of the Kaplan 66 Manual – it’s well-written and is useful to help illuminate certain concepts and give you greater insights into problematic topics.
Like the 7, you’ll have PLENTY of time – I had 45 minutes left after reviewing all of my marked-up questions.
Just get training consultants - used Fire Solutions first pass and failed with a 68% and felt cheated, bought training consultants and passed the second time with a 85. Passed my 7 first try with an 80.
Training Consultants is just way more on point than any other provider and it’s about a third of the material, focused only on what you need to know.
So I took the Series 66 with Kaplan. Failed I’m thinking to retake it sith other materials. So far, looks like TC might be my best option. I live on the East Coast, so they don’t offer live classes out here. Is anyone selling your TC materials? I saw someone on ebay selling the book, but the published date was 2012, so it would be nice if anyone here would have something more recent. Thanks very much!
Rookie, I just passed the S66 yesterday with the TC materials. I am selling my materials on EBay - It has the book - the copyright shows 2015 and the online materials that are good until 4/16/2015 - if you are interested email me @ [email protected] or my ebay listing is here www.ebay.com/itm/252146505300?ssPageName=STRK:MESELX:IT&_trksid=p3984.m1555.l2649
I failed the S66 today with a score of 69. This was my first attempt and I used company issued STC materials. I follwed the STC guideline and took every exam availble multiple times and by the end was scoring in the 80s. I need recommendation for other study guides/practive exams that I can use to hopefuuly pass the exam on my second try. I studied for 3 weeks so maybe I just needed more prep time. Thank you in advance for any input.
Smoovvve wrote:
I understand completely. I failed Series 66 exam once (74) . Retested yesterday and received 89. Training Consultants has some questions in test bank that are identical. I swear by Training Consultants materials. My materials are available for sale..you name a reasonable price...and we can do business.
Lyndak1 wrote:
Smoovvve wrote:
I understand completely. I failed Series 66 exam once (74) . Retested yesterday and received 89. Training Consultants has some questions in test bank that are identical. I swear by Training Consultants materials. My materials are available for sale..you name a reasonable price...and we can do business.