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 6 | Investment Company and Variable Contracts Products Representative | |
| Functions: | ||
| 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers | 12 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 Transactions | 5 questions | |
| Total Questions | 50 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 7 | General Securities Representative | |
| Functions | ||
| 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers | 9 questions | |
| 2: Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives | 11 questions | |
| 3: Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records | 91 questions | |
| 4: Obtains and Verifies Customers’ purchase and Sales instructions; Processes, Completes and Confirms Transactions | 14 questions | |
| Total Questions | 125 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 Customers | 17 questions | |
| 2: Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives | 4 questions | |
| 3: Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records | 27 questions | |
| 4: Obtains and Verifies Customers’ purchase and Sales instructions; Processes, Completes and Confirms Transactions | 2 questions | |
| Total Questions | 50 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.
