Tag: exams

FINRA Says Big Changes Coming to Securities Exams

Solomon Exam Prep has learned that FINRA is considering making the following changes to the securities exam system… Continue reading

Solomon Exam Prep has learned that FINRA is considering making the following changes to the securities exam system:

  • In 2015, the Series 55 and the Series 56 will be combined to become the Series 57. The Series 57 will not have a prerequisite.  A Series 57 rep will need the Series 24 to become a principal.
  • In 2016, FINRA will begin a new exam, to be called the Securities Industry Essentials exam (SIE).  The SIE will cover basic security industry knowledge and will become a prerequisite to the Series 6, Series 7, Series 22, Series 57, Series 79, Series 82, Series 86/87, and Series 99. You will not need be sponsored by a FINRA member firm to take the SIE.  SIE exam results will not appear in BrokerCheck.
  • After passing the SIE, individuals can continue on to what FINRA is calling a “top-off exam” for the Series 6, Series 7, Series 79, Series 82 and Series 99.  So, for example, if someone wants to be Series 7 and Series 79 registered, the individual will take and pass the SIE then take and pass the top-off exams for the Series 7 and Series 79. FINRA says the SIE is estimated to be 100 questions, and the top-off exams will consist of the remaining balance of questions (i.e. Series 7 currently has 250 questions, so the Series 7 top-off would contain 150 questions.)
  • Those who are currently registered will be grandfathered in and will not need to take the SIE.
  • Individuals who have been out of the industry 2-4 years will only need to take the top off.  Individuals who have been out of the industry for more than four years will need to take the SIE and top off.
  • FINRA will be retiring the Series 62 exam.

Follow Solomon Exam Prep as we keep you up-to-date on these important changes.

Exam Alert: Test takers with limited English proficiency must submit a form to FINRA to receive extra time

Effective September 1, 2012, FINRA will implement a new policy for providing additional time to people with limited English proficiency on qualification exams and on Regulatory Element Continuing Education sessions. The new policy requires that people requesting additional time must submit an LEP Request Form to FINRA and receive confirmation from FINRA that the form has been processed before scheduling the exam or Continuing Education session. Continue reading

Effective September 1, 2012, FINRA will implement a new policy for providing additional time to people with limited English proficiency on qualification exams and on Regulatory Element Continuing Education sessions.  The new policy requires that people requesting additional time must submit an LEP Request Form to FINRA and receive confirmation from FINRA that the form has been processed before scheduling the exam or Continuing Education session.

This new policy replaces the current policy covering people who speak English as a second language.  Test center personnel will no longer be authorized to provide additional time to people who speak English as a second language or to people with limited English proficiency.

A person is considered to have “limited English proficiency” if they “(1) do not speak English as their primary language; and (2) have limited ability to read, speak, write and understand the English language.”

Further details on the new policy may be found on FINRA’s website.

Sources:

FINRA Information Notice 8/1/2012

Candidates with Limited English Proficiency (FINRA website)

This alert applies to all FINRA-administered exams.  This includes (among others) the Series 24, Series 26, Series 6, Series 7, Series 55, Series 62, Series 79, Series 82, Series 99, Series 56, Series 63, Series 65, and Series 66.