Kentucky Adopts Continuing Education Requirement for Investment Adviser Representatives

Investment Adviser Representatives registered in Kentucky must complete NASAA-approved continuing education courses beginning in 2023. Continue reading

Kentucky is the latest state to adopt the NASAA model rule that requires investment adviser representatives (IARs) to complete annual continuing education (CE). The CE requirement will go into effect on January 1, 2023, for IARs registered in Kentucky.

Michigan and Wisconsin will also require IARs to complete CE starting in 2023.

Other states that are in the process of adopting IAR CE are Arkansas, Nevada, and Washington D.C. If these jurisdictions finalize adoption of the CE requirement in 2022, then it will go into effect in 2023.

The IAR CE requirement went into effect in Maryland, Mississippi, and Vermont on January 1, 2022. As a result, IARs registered in these states must complete CE by the end of this year. The requirement applies to both state-registered and federal-registered investment advisers.

IARs who are required to complete CE must take 12 credits of CE coursework each year. NASAA allows IARs to choose courses they’re interested in, but the courses and course provider must be approved by NASAA.

Solomon Exam Prep is a NASAA-approved CE provider, and all the courses in Solomon’s IAR CE course library earn credits towards the CE requirement. Explore Solomon’s IAR CE courses.

For more information about IAR CE, visit the Solomon IAR CE FAQs or NASAA’s IAR CE FAQs.

Disclaimer: NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.

New Editions of the Solomon Series 63, 65, & 66 Study Guides

If you plan to take the NASAA Series 63, Series 65, or Series 66 exams, the new editions of these Solomon Study Guides are now available. Continue reading

Are you thinking about pursuing a career as an investment adviser representative? Do you need to register in a state as a broker-dealer representative? Or perhaps you’d like to qualify as both a securities agent and an investment adviser representative? If you said “yes” to any of these questions, then you likely need to take either the Series 63, Series 65, or Series 66 exam.

Solomon Exam Prep is excited to announce the release of new editions of Solomon’s Series 63, Series 65, and Series 66 Study Guides! Solomon Study Guides present the information you need to know in easy-to-understand language, helpful charts and graphs, and practice questions. You’ll be well-prepared for these exams with Solomon’s updated editions:

    • Series 63 Study Guide, 6th Edition
    • Series 65 Study Guide, 4th Edition
    • Series 66 Study Guide, 5th Edition
What changes with these new editions?

While the core content of the study guides remains the same, some key changes include:

    • New sections on the Securities and Exchange Commission (SEC) Marketing Rule
    • New sections on private foundations versus donor-advised funds
    • Updated 2022 tax information

Content updates for these new editions are also reflected in the Solomon Exam Simulator. The online Exam Simulator complements the study guides with thousands of practice questions for the Series 63, Series 65, and Series 66 exams. Hone, track, and assess your knowledge by taking unlimited chapter quizzes and full exams to practice what you’ve learned.

What are the Series 63, Series 65, and Series 66 exams?

The North American Securities Administrators Association (NASAA) created the Series 63, Series 65, and Series 66 exams. NASAA represents state securities regulators in North America, with the goal of protecting and educating investors.

The Series 63, Uniform Securities Agent State Law Examination, is the state law test for broker-dealer representatives. Of the three exams, the Series 63 is the shortest at 65 questions.

The Series 65, Uniform Investment Adviser Law Examination, qualifies individuals to become investment adviser representatives. The Series 65 exam consists of 130 questions.

Passing the Series 66, the Uniform Combined State Law Examination, qualifies an individual as both a securities agent and an investment advisor representative. However, to register as an investment adviser representative based on the Series 66, an individual must also pass the FINRA Series 7 exam. The Series 66 exam is 100 questions.

Solomon Exam Prep President and Co-founder, Jeremy Solomon, points out that there has been a rise in the number of investment adviser representatives, along with a shift towards firms registered as both broker-dealers and investment-advisers.

“At Solomon, our data show that more and more individuals are taking NASAA exams, especially the Series 65 and Series 66. With new editions of Solomon Study Guides for these exams, we continue our strong track record of helping thousands of financial professionals achieve their career goals by passing these important NASAA qualification exams.”
Jeremy Solomon
Solomon Exam Prep President and Co-founder

The Solomon Series 63, Series 65, and Series 66 Study Guides are available as digital subscriptions, with a hardcopy upgrade option. The guides can be purchased individually or in a package with accompanying study products. Customers also have access to free tools and resources, including Solomon Study Schedules in digital and pdf format, which help students master the exam material with maximum efficiency.

Additional study products for the Series 63, Series 65, and Series 66 exams include Audiobooks, Video Lectures, Flashcards, and Live Web Classes. To learn more about Solomon Exam Prep’s study materials for these exams, visit the Solomon website.

NASAA Ending Most Online Testing for Series 63, 65, and 66 Exams

If you’re planning to take the Series 63, Series 65, or Series 66 exam after March 31, 2022, testing online will not be available for most candidates. Continue reading

Starting April 1, 2022, the North American Securities Administrators Association (NASAA) will no longer offer the option to take the Series 63, Series 65, and Series 66 exams online. Online testing for these exams will only be available for candidates who provide medical proof that they cannot take exams in testing centers.

If you’re currently scheduled to take a NASAA exam online on or before March 31, 2022, then this announcement does not apply to you.

However, if you have an online appointment for any dates after March 31, it will be canceled. In this case, you can either submit an accommodation request to FINRA or schedule a new appointment at a Prometric testing center. To learn more about submitting a request for testing accommodations, visit the FINRA Testing Accommodations page.

You can find more information about enrolling for and scheduling the Series 63, Series 65, and Series 66 exams on the FINRA Test Enrollment Services System.

  

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Arkansas, Kentucky, and the District of Columbia Move to Adopt IAR CE Requirement

Arkansas, Kentucky, and Washington, D.C. have begun the process to adopt NASAA Investment Adviser Representative continuing education. Continue reading

Arkansas, Kentucky, and Washington D.C. have begun the process to adopt NASAA’s new continuing education (CE) requirement for investment adviser representatives (IARs). If the two states and the District of Columbia adopt the CE requirement by the end of 2022, then it will go into effect on January 1, 2023.

Nevada is also in the process of adopting the CE requirement for IARs. Michigan and Wisconsin finalized adoption of the IAR CE requirement, and implementation will start in 2023 in those states.

The IAR CE requirement is already in effect in Maryland, Mississippi, and Vermont. That means that IARs who are registered in these states must complete CE by the end of 2022. The requirement applies to both state-registered and federal-registered investment advisers.

IARs who are affected by the CE requirement will have to complete 12 credits of CE coursework per year: six credits in Products and Practices and six credits in Ethics and Professional Responsibility, with at least three about ethics. To earn CE credit, courses must be taken from a NASAA-approved vendor, such as Solomon Exam Prep.

To learn more about Solomon’s on-demand IAR CE courses, explore the Course Library.

Disclaimer: NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.

How to Pass the NASAA Series 63 Exam

Thinking about taking the Series 63 exam? Keep reading to learn what the Series 63 qualifies you to do, what the exam covers, and how you should prepare for it. Continue reading

The Series 63, also known as the Uniform Securities Agent State Law Exam, is the state law test for broker-dealer representatives. Passing the Series 63 is required by most U.S. states if you want to register in a state as a registered representative. However, to be fully registered, you may also need to pass the FINRA Securities Industry Essentials (SIE) exam and the Series 6, 7, 22, 52, 79, 82, or 99. For example, if you plan to sell securities for a broker-dealer, you must pass the Series 6 or 7 (plus the co-requisite SIE) in addition to the Series 63.

The Series 63, Series 65, and Series 66 exams were all created by NASAA, which represents state securities regulators in the U.S., Canada, and Mexico. The goal of NASAA is to protect and educate investors to promote the integrity of financial markets. In terms of content, there is a fair amount of overlap between the exams, but each one qualifies individuals a bit differently.

What’s the difference between the Series 63, Series 65, and Series 66 exams?

Of the three exams, the Series 63 is the shortest, at 65 questions. The Series 63 exam covers the registration of persons and securities under the Uniform Securities Act and ethics in the securities industry. As mentioned above, passing the Series 63 permits you to sell securities in a particular state, but you must also pass a FINRA exam (often the Series 6 or 7) in order to become fully registered. For instance, if you pass the Series 6 and Series 63, you are qualified to become a financial adviser or insurance agent who also sells mutual funds and works at a brokerage, investment firm, bank, or insurance company. On the other hand, with the Series 7 and Series 63, you can work as a stockbroker at a brokerage, investment firm, or bank.

If you want to register as an investment adviser representative (IAR), you will need to pass the Series 65 or 66, depending on the state. Some states allow registered brokerage representatives to act as IARs. In these states, if you’ve passed the Series 7, then the 66 will qualify you to become a licensed IAR. If you have NOT passed the Series 7 and want to become an IAR, then you’ll need to take the Series 65 exam. The Series 65 exam contains much of the same information as the Series 7, and it also tests your knowledge of the state laws governing investment advisers. The Series 66 does not cover much of the information from the Series 7, but it does test your knowledge of state laws governing investment advisers. As result, the Series 66 is shorter than the Series 65 (100 questions compared to 130).

If you’re not sure whether you need to pass the Series 63, 65, or 66 for a particular state, check with the state regulator for specific requirements. This page on the NASAA website lists contact information for all state regulators.

About the Exam

The Series 63 exam consists of 60 scored and 5 unscored multiple-choice questions covering the eight topic areas of the Series 63 Content Outline. The 5 additional unscored questions are ones that the exam committee is trying out. These are unidentified and are distributed randomly throughout the exam.

Note: Scores are rounded down to the next lowest whole number (e.g. 71.9% would be a final score of 71% – not a passing score for the Series 63 exam).

Topics Covered on the Exam

The questions on the Series 63 exam cover the following content areas, as determined by NASAA:

Series 63 exam topics

NASAA updates its exam questions regularly to reflect the most current rules and regulations. Solomon recommends that you print out the current version of the NASAA Series 63 Content Outline and use it in conjunction with the Solomon Series 63 Study Guide. The Content Outline is subject to change without notice, so make sure you have the most recent version.

Question Types on the Exam

The Series 63 exam consists of multiple-choice questions, each with four options. You will see these question structures:

Closed Stem Format:

This item type asks a question and gives four possible answers from which to choose.

Typically, how long must an investment adviser keep records?

    1. Three years
    2. Five years
    3. Six years
    4. For the lifetime of the firm
Incomplete Sentence Format:

This kind of question has an incomplete sentence followed by four options that present possible conclusions.

A broker-dealer registered in one state whose only office is located in that state does not need to register in another state if it has:

    1. Less than $50,000,000 in assets
    2. Over $100,000,000 in assets
    3. No non-institutional clients in that state
    4. Five or fewer non-institutional clients in that state
“EXCEPT” Format:

This type requires you to recognize the one choice that is an exception among the four answer choices presented.

All of the following are exempt from registration under the Investment Advisers Act of 1940 except:

    1. A broker-dealer that charges a fee for investment advice
    2. A publisher that charges a fee to write a column about investments
    3. A lawyer that gives investment advice as part of overseeing a client’s estate
    4. A teacher who is paid to teach a class that offers instruction on how to construct a portfolio
Complex Multiple-Choice (“Roman Numeral”) Format:

For this question type, you see a question followed by two or more statements identified by Roman numerals. The four answer choices represent combinations of these statements. You must select the combination that best answers the question.

Which of the following are types of orders issued by an administrator?

    1. Stop order
    2. Cease and desist order
    3. Resume order
    4. Criminal order
    1. I only
    2. II only
    3. I and II
    4. III and IV
  1.  

Answers: 1. B   2. C   3. A   4. C

For an even better idea of the possible question types you might encounter on the Series 63 exam, try Solomon Exam Prep’s free Series 63 Sample Quiz.

Taking the Series 63 Exam

The Series 63 exam is administered by FINRA and can be taken at a Prometric test center or remotely online using Prometric’s ProProctor system. If taking the exam at a test center, you will be given a dry erase pen and whiteboard or a pen and scratch paper, and a basic electronic calculator. You cannot bring notes, paper, or your own calculator. Phones and watches are not permitted either. Due to COVID-19, you are required to wear a mask the whole time you are at the test center. Solomon recommends taking timed practice exams in the Series 63 Exam Simulator while wearing a mask to get used to this added discomfort.

If you’re thinking about taking the test from the comfort of your own home or office with ProProctor, it’s important to be aware of the strict procedures you must follow. See this user guide for complete details. And for a first-hand account of the remote testing experience, read this Solomon blog post.

Test-Taking Tips

Whether you take the exam in person or online, it helps to keep some test-taking strategies in mind. Don’t spend too long on one question—this may cause you to run out of time and not get to other questions you know. If you don’t know the answer to a question, guess at the answer and “flag” it. There is no penalty for guessing, so it is beneficial to answer every question.

After you have finished all the questions, you can come back to any flagged questions. Not only does this strategy allow you to efficiently answer the ones you know, but it can also help because you might learn something later in the exam that may help you answer an earlier question. Just remember to save enough time to return to the questions you didn’t answer. However, it is not a good idea to simply skip all of the difficult questions with the intention of answering them later. You should make a serious effort to answer each question before moving on to the next one, as your thoughts are often clearer early on in the exam-taking process than they will be later.

How to Study for the Series 63 Exam

Follow Solomon Exam Prep’s proven study system:
    • Read and understand. Read the Solomon Study Guide, carefully. The Series 63 is a knowledge test, not an IQ test. Many students read the Study Guide two or three times before taking the exam. To increase your ability to focus while reading, or as an alternative to reading, listen to the Series 63 Audiobook, which is a word-for-word reading of the Study Guide.
    • Answer practice questions in the Exam Simulator. When you’re done with a chapter in the Study Guide, take 4–6 chapter quizzes in the Solomon Exam Simulator. Use these quizzes to give yourself practice and to find out what you need to study more. Make sure you read and understand the question rationales. When you’re finished reading the entire Study Guide, review your handwritten notes once more. Then, and only then, start taking full practice exams in the Exam Simulator. Aim to pass at least six full practice exams and try to get your Solomon Pass Probability score to at least an 80%; when you reach that point, you are probably ready to sit for the Series 63 exam.
Use these effective study strategies:
    • Take handwritten notes. As you read the Study Guide, take handwritten notes and review your notes every day for 10 to 15 minutes. Studies show that the act of taking handwritten notes in your own words and then reviewing them strengthens learning and memory.
    • Make flashcards. Making your own flashcards is another powerful and proven method to reinforce memory and strengthen learning. Solomon also offers digital flashcards for the Series 63 exam.
    • Research. Research anything you do not understand. Curiosity = learning. Students who take responsibility for their own learning by researching anything they do not understand get a deeper understanding of the subject matter and are much more likely to pass.
    • Become the teacher. Studies show that explaining what you are learning greatly increases your understanding of the material. Ask someone in your life to listen and ask questions. If you don’t have anyone, explain it to yourself. Studies show that helps almost as much as explaining to an actual person (see Solomon’s previous blog post to learn more about this strategy!).
Take advantage of Solomon’s supplemental tools and resources:
    • Use all the resources. The Series 63 Resources folder in your Solomon student account has helpful study tools, including documents that summarize important exam concepts. There is also a detailed study schedule that you can print out – or use the online study schedule and check off tasks as you complete them.
    • Watch the Video Lecture. This provides a helpful review of the key concepts in each chapter after reading the Solomon Study Guide. Take notes to help yourself stay focused.
  • Good practices while studying:
    • Take regular breaks. Studies show that if you are studying for an exam, taking regular walks in a park or natural setting significantly improves scores. Walks in urban areas or among people did not improve test scores.
    • Get enough sleep during the period when you are studying. Sleep consolidates learning into memory, studies show. Be good to yourself while you are studying for the Series 63: exercise, eat well, and avoid activities that will hurt your ability to get a good night’s sleep.

You can pass the NASAA Series 63 Exam! It just takes focus and determination. Solomon Exam Prep is here to support you on your path to becoming qualified to sell securities within a state!

Explore all Solomon Exam Prep Series 63 study materials, including the Study Guide, Exam Simulator, Audiobook, Video Lecture and Flashcards.

Looking for more support as you prepare for the Series 63 exam? Solomon offers Live Web Classes for the Series 63

For more helpful securities exam-related content, study tips, industry updates, and promotional offers sent directly to your inbox, join the Solomon email list. Just click the button below:

Solomon Exam Prep Launches Investment Adviser Representative CE

Solomon’s NASAA-approved IAR CE courses are now available for investment adviser representatives who must complete the new CE requirement for 2022. Continue reading

Solomon Exam Prep is excited to announce the launch of its Investment Adviser Representative Continuing Education (IAR CE). All Solomon IAR CE courses are approved by the North American Securities Administrators Association (NASAA) and earn credit to fulfill the new, annual CE requirement for IARs (Investment Adviser Representatives).

About Solomon IAR CE

As a leader in securities exam prep, including the NASAA Series 63, Series 65, and Series 66, Solomon brings the same level of expertise to creating high quality IAR CE content. Course content is delivered in self-paced online modules accessible on any web-enabled device, so you can study when and where you like. Short, engaging modules use a read-and-quiz format that results in higher retention for better learning. Plus, the user-friendly platform allows you to easily jump into the course and start learning.  
 
Solomon’s on-demand courses can be purchased individually, or through a membership to the entire course library to complete all your IAR CE in one place. The Solomon IAR CE platform helps guide course selection for you so that you know you are taking the right number of credits in the required course categories.  
 
Curious about Solomon’s IAR CE courses? Explore the Solomon IAR CE course library.

Solomon investment adviser representative CE course platform
Solomon IAR CE course platform

IAR CE FAQs (frequently asked questions)

Solomon has compiled some of the most common frequently asked questions about the new IAR CE requirement and how Solomon IAR CE works: 

Why is there a new CE requirement for IARs? 

CE courses are designed to keep a financial professional up to date on industry developments, current regulations, and ethical standards. NASAA received support from state regulators and the securities industry for the creation of a CE program to ensure that IARs, like broker-dealer agents, insurance agents, certified financial planners, and real estate agents, maintain or expand their level of knowledge and competence throughout their careers. 

Who must complete IAR CE? 

Every investment adviser representative (IAR) registered in a jurisdiction that adopts the NASAA model rule is subject to the CE requirement. The requirement applies to all registered IARs of both state-registered and federal-covered investment advisers. IARs must meet the CE requirements of any state in which the IAR is registered. 

When do IARs need to start complying with the CE program? 

Compliance starts in the 2022 calendar year in states that have adopted the model rule with an effective date of January 1, 2022. To view the states that adopted the new CE requirement, see the NASAA website or the Solomon IAR CE webpage. CE credits must be reported by the end of each calendar year. Newly registered IARs must meet the annual IAR CE requirement by the end of the first full calendar year following the year in which they first become registered. 

How many courses do I have to take? 

You have to complete 12 credits of CE coursework per year. Six of the 12 credits must be in the Products and Practices category. The other six credits must be in the Ethics and Professional Responsibility category, at least three of which must specifically be about ethics. The category that each course belongs to is indicated in the Solomon IAR CE course library. All Solomon courses are at least one credit. 

Where can I take NASAA-approved courses? 

NASAA has approved several vendors to provide IAR CE courses, including Solomon Exam Prep. All of the courses in the Solomon IAR CE library have passed an approval process with NASAA and Prometric, the course management vendor. 

How are the courses delivered? 

Solomon Exam Prep’s IAR CE courses are delivered online and are self-paced, so students can study when and where they like. 

Do I have to pass an assessment to complete a course? 

Yes, every course has an assessment that is at least 10 questions in length. In Solomon IAR CE courses, the assessment is broken up into shorter assessments that appear throughout the course, instead of a single assessment at the end of the course. You must pass assessments with a score of 100%, and you have an unlimited number of attempts. You may also be asked to complete a satisfaction survey as part of the course activities.

If I earn more than 12 IAR CE credits in a calendar year, can I carry over extra credits to the next year? 

No, credits earned beyond the 12 required credits do not carry over into a subsequent year. 

What happens if I do not complete the IAR CE requirement by the end of the calendar year? 

You will be required to pay the registration renewal fee, and CRD will set your IAR CE status to “CE Inactive.” This status will appear in the Investment Adviser Public Disclosure (IADP) and in BrokerCheck. You can continue to do business; however, if IAR CE is not completed by the end of the subsequent year, you will not be able to renew your registration. An IAR that is CE Inactive will hold that status in all states where the CE rule is effective following adoption of the model. If a state has not yet adopted the CE model rule, the CE program will have no impact on the registration status of the IARs registered with that state – the current registration practices will remain the same. 

Do I need to make up missed CE credits? 

Yes. If you complete courses in the current year, those credits will first apply to the previous year if you hadn’t completed 12 credits in the previous year. Once the missing credits for the previous year have been completed, then additional courses taken in the current year will apply to the current year’s requirement. Remember that any excess credits completed in a year will not carry forward to the next year. 

Who reports course completion? 

The course provider (i.e. Solomon Exam Prep) reports course completion to FINRA, NASAA’s vendor for program tracking. IARs should still keep a record of their completed courses for their own records. Solomon Exam Prep will distribute a course completion notice, once credits are reported, for this reason. 

Is there a reporting fee? 

Yes, the reporting fee, also known as the roster fee, is $3 per credit hour. For Solomon IAR CE courses, the reporting fee is included in the cost of the course or membership. Solomon submits the reporting fee and course completion information to FINRA, the manager of NASAA’s CE reporting database. 

How do I make sure my completion of the annual IAR CE requirement is shown in FINRA’s CE reporting database? 

The course provider (i.e. Solomon Exam Prep) is responsible for reporting successful completion information to both the IAR and to FINRA. To do this, Solomon must collect the IAR’s CRD number, and first and last names. The IAR is responsible for communicating this information to Solomon when prompted. The IAR is also responsible for ensuring they receive documentation of courses completed and keeping track of the number of CE credits awarded for each course. 
 
For more information about IAR Continuing Education, visit the NASAA FAQs page.

Disclaimer: NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.

Wisconsin Adopts Continuing Education Requirement for Investment Adviser Representatives

Wisconsin is the latest state to adopt the new NASAA continuing education requirement for investment adviser representatives. Continue reading

On January 24th, Wisconsin became the latest state to adopt NASAA’s new continuing education requirements for Investment Adviser Representatives.

Starting in 2022, every investment adviser representative (IAR) registered in a jurisdiction that has adopted the NASAA model rule will be subject to the CE requirement. The requirement applies to all registered IARs of both state-registered and federal-covered investment advisers.

Affected IARs will have to complete 12 credits of CE coursework each year. Six credits must be about product knowledge and industry practices, called Products and Practices CE. The other six credits must be about ethical and regulatory obligations, called Ethics and Professional Responsibility CE, and at least three of these must specifically be about ethics.

For Wisconsin and other states that adopt the CE requirement this year, the requirement will go into effect on January 1, 2023. For states that adopted the CE requirement last year (Maryland, Mississippi, and Vermont), it is currently in effect.

Solomon Exam Prep’s NASAA-approved IAR CE courses will be available soon. To stay informed, visit the Solomon website and join our Continuing Education email list.

Disclaimer: NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.

Solomon Approved as Investment Adviser Representative CE Provider

As a leader in securities exam prep, Solomon Exam Prep will offer courses for IARs to complete the new NASAA IAR CE requirement. Continue reading

If you’re an Investment Adviser Representative (IAR) who will need to complete the new North American Securities Administrator Association (NASAA) IAR Continuing Education (CE) requirement starting in 2022, Solomon Exam Prep is an approved IAR CE provider! Solomon will be launching several of its planned CE courses soon.

What is the NASAA IAR CE requirement? 

Starting in 2022, investment adviser representatives will be subject to a requirement that broker-dealer representatives have long been familiar with: Continuing Education. These courses are designed to keep a financial professional up to date on industry developments, current regulations, and ethical standards. Every IAR registered in a jurisdiction that adopts the NASAA model rule will be subject to its CE requirements. The mandatory CE program will apply to all registered IARs of both state-registered and federal-covered investment advisers. IARs will be required to meet the CE requirements of any state in which the IAR is registered. These requirements mandate: 

    • 12 credits of CE coursework per year. One credit is at least 50 minutes of instruction.
    • Courses may be in person or online.
    • 6 of the 12 credits must be about product knowledge and industry practices. NASAA calls this Products and Practices Continuing Education. IARs who are dually registered as broker-dealer agents are exempt from the Products and Practices CE if they complete their FINRA CE requirements.
    • The other 6 credits must be about ethical and regulatory obligations. At least 3 of these must be specifically about ethics. NASAA calls this Ethics and Professional Responsibility Continuing Education.
So far, the following states have adopted the IAR CE requirement for 2022: 
    • Maryland
    • Mississippi
    • Vermont 


Adoption of the IAR CE requirement is pending in Michigan, Nevada, and Wisconsin, but implementation may not occur until January 1, 2023. For the latest information on which states have adopted the requirement, see the NASAA website or the Solomon IAR CE webpage

For more information about NASAA IAR Continuing Education, see these FAQs.

Solomon IAR CE Courses

Solomon Exam Prep will soon be launching its on-demand IAR CE courses, which will be available individually or as part of a full membership to the entire course library. IARs who are required to complete CE in 2022 will be able to take all the required 12 credits of CE coursework via the Solomon website.

Solomon has helped thousands of IARs pass their NASAA licensing exams with our innovative learning system, including the Series 63, Series 65, and Series 66. We are extending the same level of commitment to delivering quality IAR CE courses, and we look forward to supporting IARs as they navigate this new CE requirement.
Photo of Jeremy Solomon
Jeremy Solomon
Solomon president and co-founder

Disclaimer: NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions. 
 

Be sure to get the latest updates about Solomon’s IAR CE courses by joining our email list! Sign up on the  Solomon website here or click the button below.

Interview: How Alec Orudjev Passed Four Securities Licensing Exams

What does it take to pass securities licensing exams like the SIE, Series 24, Series 63, and Series 79? Read about one student’s approach to success. Continue reading

No one said career changes are easy, and when they involve taking several difficult securities licensing exams, the challenge is real. Having an effective study system is an important part of passing securities licensing exams, and hearing about others’ strategies can help you develop a system that works for you. Solomon Exam Prep recently interviewed Alec Orudjev, General Counsel at FT Global Capital, about passing the SIE, Series 24, Series 63, and Series 79 exams (in three months!). Alec shares valuable insights into his study process and how he utilizes Solomon materials to achieve success.

“… the Solomon study materials are the best and the most comprehensive (notes, resources, simulated exam questions, etc.) in their class, in my view.

Photo of Alec Orudjev

Alec Orudjev

Solomon Exam Prep: What motivated you to pursue multiple securities licenses?

Alec Orudjev: After about two decades of being an attorney in private practice, I decided to change my career path and accepted an in-house legal counsel position earlier in the year. As a condition of such change, I needed to secure certain FINRA licenses.

Solomon Exam Prep: Why did you take your exams in the order that you did? Was this order helpful, or would you change anything if you had to do it again? 

Alec Orudjev: I have passed the SIE, Series 79, 63 and 24 tests, and am currently studying for the Series 7 exam. While some of this sequence is dictated by FINRA rules, etc., a great deal of it is a matter of personal planning. Given the overlapping nature of the substance of these tests, I thought it would be helpful to plan the sequence to benefit from common points/concepts across different tested areas. Basically, I focused on the end objective and reviewed the substance of each test to line them up so as to utilize my time most efficiently and effectively.

Solomon Exam Prep: Out of the exams you passed, which one required the most study time and why? 

Alec Orudjev: Looking back, I think the Series 24 exam commanded most of my study time and attention. I think the volume of what was to be covered and the overall fatigue of having to study and pass three FINRA exams in a 2 ½ month period both made this test preparation more difficult than it would or should have been. It is a very saturated, broad themed exam that requires a lot of focus and attention.

Solomon Exam Prep: How did you approach studying for your exams?  

Alec Orudjev: My approach included: (i) outlining, and (ii) attending Solomon live classes and utilizing exam simulators. With respect to the first element, I approached all my exam preparations the way I did my law school exams – by first preparing thorough outlines of the reading materials. I would start by reading the Solomon preparation materials, actively engaging them and highlighting key points, concepts and examples. Next, I would transfer (literally and figuratively) those notes into an outline of my own, condensing the reading materials down to their bare essence. For example, five chapters of the Series 24 prep book (about 500 pages) were condensed to a 50-page outline (10:1 ratio or so) which, then, I used in reviewing in preparation for the test. Needless to say, one’s outline is as good as one’s effort and the quality of the underlying study materials. On the latter point – the Solomon study materials are the best and the most comprehensive (notes, resources, simulated exam questions, etc.) in their class, in my view. While this outlining approach seems like a lot of work, it is. However, it has worked for me for years and I do strongly recommend this approach to all.

With respect to the second element of my approach, I made every effort to attend live classes and utilize exam simulator questions. I will then turn to Solomon’s online exam question bank and answer those questions, noting what I got right and, more importantly, what and why I got wrong. Also, a significant part of my preparations involved participation in live classes offered by Solomon (I enrolled in the SIE and 63 sessions). You tend to get lot more out of these sessions if you review the materials ahead of time. Overall, they are terrific – the instructor is sharp and very knowledgeable, with a healthy sense of humor to get you through some rather dense and tedious parts of the material. I would highly recommend taking live sessions as they force you to focus on the totality of the study materials in five days, 3-4 hours a day – a daunting, but useful exercise.

Studying for any difficult test is no pleasant experience … take breaks, change the nature of your mental engagement (read something else altogether, watch, take a walk, etc.) to refresh and resume your studying effort.”

Solomon Exam Prep: How did you take the exams – at a testing center or remotely? How was your experience, and do you have any tips to share? 

Alec Orudjev: I took all exams (4 + 1 more to go) at the ProMetric testing center in Bethesda, MD. Given the stress of test-taking, in general, I did not want to add the stress of doing it remotely, etc. The conditions at the center were superb, the staff – very friendly and helpful. I offer no new advice on how to handle this experience other than what is commonly suggested for test takers, e.g., arrive early, read test center instructions carefully and follow them to the letter, give yourself enough time to travel, relax and focus before the test, pace yourself during the test, etc. Keep in mind, however, that FINRA tests are uniquely stringent in the way they are administered, etc. So, to reiterate – read the test taking instructions closely.  

Solomon Exam Prep: Any words of wisdom to help motivate others who are preparing for exams? 

Alec Orudjev: Focus on the reasons why you have undertaken this effort. Studying for any difficult test is no pleasant experience, and very few things can make that less so. However, take breaks, change the nature of your mental engagement (read something else altogether, watch, take a walk, etc.) to refresh and resume your studying effort. There will be many distractions and excuses – acknowledge and indulge to some extent, but do not lose your focus. Most importantly, be honest with yourself about how disciplined you are studying and preparing for your exams.

Solomon Exam Prep: How has passing the SIE, Series 24, Series 63, and Series 79 exams affected your work and your career?

Alec Orudjev: Certainly. Apart from the obvious, studying helped me to be a better legal professional and advisor. Understanding and internalizing a large, complex body of laws, rules and regulations governing the conduct of member firms is a daunting task indeed. These exams set a useful baseline for developing this understanding and building upon it. Take solace in this idea and keep at it.

Visit the Solomon Exam Prep website to explore study materials for 21 different securities licensing exams, including the SIE, Series 7, Series 24Series 63, and Series 79.

Interview: How Andrew Nerys Passed Three Securities Licensing Exams

If you’re preparing to take a securities licensing exam, such as the SIE, Series 7, or Series 63 (or all three!), Solomon’s latest student interview is a must-read. Continue reading

If you are interested in becoming a securities industry professional, there are many paths to follow, most of which require you to pass one or more securities licensing exams. Depending on your work and the type of employer, a common exam track is the SIE, Series 7, and Series 63 exams. The SIE exam covers fundamentals of the securities industry and is a co-requisite to several qualification exams, including the Series 7. The Series 7 qualifies you to buy and sell the widest range of securities. The Series 63 covers the principles of state securities regulation.

Passing all three exams requires considerable effort – but it is possible! Solomon Exam Prep recently interviewed Andrew Nerys, Brokerage Operations Specialist at Cash App Investing, about passing the SIE, Series 7, and Series 63. Read about how Andrew approached studying for these exams, his experience taking exams both remotely and in-person, and how passing these securities licensing exams has benefited his career.

“Passing these exams allowed me to make an exciting transition to a new team and gave me a sense of direction for my professional future.”

Andrew Nerys

Andrew Nerys

Solomon Exam Prep: What motivated you to pursue multiple securities licenses?

Andrew Nerys: To be considered for a permanent role with my organization, it was required for me to pass the three exams I took.

Solomon Exam Prep: Why did you take your exams in the order that you did? Was this order helpful, or would you change anything if you had to do it again? 

Andrew Nerys: I took the SIE, followed by the Series 7 and, lastly, the Series 63. I ultimately didn’t get much say in the order or scheduling of my exams but I did find it helpful all the same. I found that preparing for the SIE (and taking the exam) was a good introduction to the concepts and regulations of the securities industry. The Series 7 built on the concepts that were introduced in the SIE and gave me a good foundation. Taking the Series 63 last was refreshing, in a way, since I found it easier to absorb the material and there was much less to cover in preparation for the exam. I don’t think I’d change anything if I had to do it all again which, hopefully, won’t ever be the case!

Solomon Exam Prep: Out of the exams you passed, which one required the most study time and why? 

Andrew Nerys: The Series 7 definitely required the most study time. There’s a lot of material to cover and some of the concepts were challenging for me to understand. As a result, I found the need to re-read several sections and to take more of the practice tests at the end of each chapter. I also started studying each chapter by watching its corresponding Video Lecture, so it sometimes took several hours to get through one chapter’s worth of material. In total, I estimate that I spent just under 100 hours studying for that one exam.

Solomon Exam Prep: How did you approach studying for your exams?  

Andrew Nerys: For each of the exams, I started by watching the chapter’s Video Lecture and taking very brief notes. Once finished with the video, I’d move on to reading the Study Guide and taking more comprehensive notes to fill in the gaps. I used a couple of wire-bound notebooks and tried to space everything out so I’d have an easy time finding any info I might be hunting for when I went back to review my notes. I also tried to stick to the study schedules provided by Solomon as much as I could, but didn’t beat myself up if I fell a day behind. I found that I’d usually make up for it soon enough. I only made flashcards for concepts that I really struggled with, or specific equations that required memorization. Otherwise, I leaned heavily on practice tests – both for each chapter and the ones provided for exam review. The pie charts and Pass Probability™ metrics were very useful in helping me identify areas where I needed more study.

It’s always worth remembering that passing these exams is achievable, especially on those days where it feels impossible.”

Solomon Exam Prep: How did you take the exams – at a testing center or remotely? How was your experience, and do you have any tips to share? 

Andrew Nerys: I had a blended experience with taking the actual exams: I took the SIE and 63 at a testing center and took the Series 7 remotely. I didn’t really have a preference for one over the other, but I’d strongly encourage anyone taking it remotely to make the space as distraction-free and free of clutter as possible. Not only did I find that helpful in keeping me focused, but it also made me feel more confident that my exam result wouldn’t be nullified for failing to meet the remote testing requirements. The other thing to consider when deciding whether or not to take an exam remotely is that you’re not allowed to have any paper, pen, or calculator on your desk when testing remotely. That means all of the notes and calculations have to be done using your computer, which might be a disadvantage when compared to taking the exam at a testing center.  

Solomon Exam Prep: Any words of wisdom to help motivate others who are preparing for exams? 

Andrew Nerys: Establish a study routine early in the process that’s easy to stick to and that keeps you regularly engaged in the material. If I took more than one day off between studying, I found it more difficult to get back into study mode. It’s always worth remembering that passing these exams is achievable, especially on those days where it feels impossible. I also use Reddit and subscribed to a couple of Subreddits that focus on the Series 7 and other related exams. I found it really helpful to have a community that was going through the experience (or had recently been through it) to help keep me motivated and to encourage my success.

Solomon Exam Prep: How has passing the SIE, Series 7, and Series 63 exams affected your work and your career?

Andrew Nerys: Passing these exams allowed me to make an exciting transition to a new team and gave me a sense of direction for my professional future. In a more indirect way, it also helped reinforce the feeling that I’m capable of achieving my goals when I have the right resources and mindset.

Visit the Solomon Exam Prep website to explore study materials for 21 different securities licensing exams, including the SIE, Series 7, and Series 63.