Exam Alert: FINRA Revises Series 6 Outline

On December 16, 2013, FINRA will implement a revision to the Series 6 Investment Company and Variable Contracts Products Representative examination. If you will be taking the Series 6 exam before December 16th you will not be affected, but if not, keep on reading! Continue reading

On December 16, 2013, FINRA will implement a revision to the Series 6 Investment Company and Variable Contracts Products Representative examination. Periodically, FINRA revises its qualification exams to parallel changes made to laws, rules, and regulations associated with the content tested on the exam. If you will be taking the Series 6 exam before December 16th you will not be affected, but if not, keep on reading!

The most significant change will be to the organization of the Series 6 exam.  Rather than having six sections covering individual topics, there will be four sections relating to job functions:

  • Function 1 — Regulatory fundamentals and business development (22 questions)
  • Function 2 — Customers’ financial information, identifies investment objectives, provides information on investment products, and makes suitable recommendations (47 questions)
  • Function 3 — Opens, maintains transfers and closes accounts, and retains appropriate account records (21 questions)
  • Function 4 — Obtains, verifies, and confirms customer purchase and sale instructions (10 questions)

All of the information on the present outline (and Solomon Exam Prep’s current study materials) will still be covered on the updated Series 6 exam. However, FINRA is adding several rules that anyone sitting for the exam after December 16 should know, including:

  • FINRA Rule 8312 – FINRA BrokerCheck Disclosure
  • FINRA Rule 2266 – Disclosure of SIPC Information
  • FINRA Rule 3220 – Influencing or Rewarding Employees of Others
  • FINRA Rule 11870 – Customer Account Transfer Contracts
  • NASD 2510 – Discretionary Accounts
  • NASD 3110(i) – Holding of Customer Mail
  • NASD 2340 – Customer Account Statements

Solomon Exam Prep continually updates materials to mirror the changes in the exams so a new Series 6 study guide will be available soon (and the exam simulator even sooner).  Until then, a detailed summary of the additions to the Series 6 is available to Solomon customers in the Solomon Exam Prep online system, located in the “resources” folder.

The revised study outline is available on FINRA’s website.

Source: http://www.finra.org/