Exam Alert: FINRA revises Series 7 outline, effective November 7

The FINRA General Securities Representative Series 7 exam is about to change and the passing score will increase from 70 Continue reading

The FINRA General Securities Representative Series 7 exam is about to change and the passing score will increase from 70 to 72! While the exam outline is longer (47 pages vs. the current 40) and is divided into five major categories, rather than the current seven, it appears that the most significant change may be the increase in the passing score.  These changes will take effect for anyone taking the exam on or after November 7, 2011.

Jeremy Solomon, President of Solomon Exam Prep, recommends that “anyone considering taking the Series 7 do so ASAP, before the changes take effect and, like the Series 63, 66 and 65 last year, it becomes more difficult to pass this important securities licensing exam.”

To look at FINRA’s newly published outline for the Series 7 to take effect on November 7, 2011, please click here!

Exam Alert: IRS publishes outline for Registered Tax Return Preparer exam

If you prepare tax returns, no doubt you have heard about the upcoming IRS Registered Tax Return Preparer exam requirements. This new exam will focus on Continue reading

If you prepare tax returns, no doubt you have heard about the upcoming IRS Registered Tax Return Preparer exam requirements. This new exam will focus on the completion of Form 1040 series and ethical responsibilities of tax preparers. The IRS recently published an outline that shows what applicants will need to study to pass the exam.  It is divided up into seven domains:

  1. Preliminary work and collection of taxpayer data (15% of the exam)
  2. Treatment of income and assets (22% of the exam)
  3. Deductions and credits (22% of the exam)
  4. Other taxes (11% of the exam))
  5. Completion of the filing process (10% of the exam)
  6. Practices and procedures (5% of the exam)
  7. Ethics (15% of the exam)

The IRS will begin requiring this exam in October 2011, although if you have a PTIN before then, you have until December 31, 2013 to take the test. Additionally, certain tax preparers are exempt from this exam requirement. This includes attorneys, CPAs, enrolled agents and those supervised by any of the former categories. Details for this exam are still being ironed out. However, the IRS has indicated that the exam will be approximately 120 questions and will last between 2-3 hours.

Solomon Exam Prep is working on materials to help you prepare for this important new test. If you would like to be updated on our progress with materials for this exam, please join our mailing list by clicking here.

Exam Alert: Delayed results for new Series 99 exam candidates

FINRA announced last week that if you take the Series 99 within the first 60 days of October 17, 2011, your exam result will not be Continue reading

FINRA announced last week that if you take the Series 99 within the first 60 days of October 17, 2011, your exam result will not be provided to you the day of the test.  Instead, candidates will be notified of their results on or shortly after December 16, 2011.  This delay is to give FINRA a chance to review the effectiveness of the exam, which will include analyzing candidates’ performance during this initial period.  Those who fail the exam during this initial 60 days will be allowed to re-take the exam at no additional charge.

Find more details about the Series 99 exam from FINRA by clicking here.

Exam Alert: The New Series 99 Exam for Operations Professionals

The SEC recently adopted FINRA’s proposal to create a new Operations Professional Exam to be called the Series 99 exam. This exam will affect people Continue reading

The SEC recently adopted FINRA’s proposal to create a new Operations Professional Exam to be called the Series 99 exam. This exam will affect people involved in back office functions such as recordkeeping, trade confirmation and transaction settlement. Importantly, it will not be required for those who are already licensed under the Series 6 or 7 exams. This new rule goes into effect on October 17, 2011.

Exam Alert: proposed exam for Operations Professionals will focus on basics

On March 4, 2011, FINRA filed documents with the SEC that describe the content covered by the proposed exam for Operations Professionals. The exam will focus Continue reading

On March 4, 2011, FINRA filed documents with the SEC that describe the content covered by the proposed exam for Operations Professionals.  The exam will focus on ethics and basic knowledge of the securities industry regarding products, markets, and broker-dealer activities.  An Operations Professional would not be held to the same standard of knowledge about a product as a product specialist or representative selling the product.

FINRA rule filing: http://www.finra.org/Industry/Regulation/RuleFilings/2011/P123267

Analysis by the Securities Technology Monitor: http://www.securitiestechnologymonitor.com/news/-27324-1.html

Exam Alert: SEC to nationalize exam program

According to the Wall Street Journal, the SEC is putting the finishing touches on a new uniform manual for its examiners. The WSJ states that the SEC expects Continue reading

According to the Wall Street Journal, the SEC is putting the finishing touches on a new uniform manual for its examiners.  The WSJ states that the SEC expects that the new manual will nationalize the agency’s examination program, allowing for uniform processes and procedures across all regional offices.  The SEC intends to distribute the manual to examiners in 30 to 60 days and to the public in 30 to 90 days (as of 2/8/11), according to the WSJ.

http://online.wsj.com/article/SB10001424052748704364004576132231587877342.html

Study and Test-taking Tips From Memory Research

Research shows that time spent studying is a very important factor in how much you learn. For example, it has been shown that simply reading material Continue reading

Research shows that time spent studying is a very important factor in how much you learn. For example, it has been shown that simply reading material twice, rather than once, greatly improves memory retention. However, time is not the only factor in learning and in preparing for an exam. The quality of time spent studying is also critically important. For example, rather than trying to learn something all at once, try to pace your learning over a longer period of time and take breaks. So called “spaced” or “distributed” learning is much more effective than “cramming” at the last minute. Testing yourself has also been shown to substantially increase long-term recall which means that the more quizzes and practice questions you do, the better prepared you will be for your exam. Finally, studies show that mnemonics help, especially those that create a mental image.

One last word of wisdom: avoid overconfidence at all costs! Studies show it is among the top reasons people do poorly on exams.