Study Question of the Week: October 23, 2012 Edition

This week’s study question from the Solomon Online Exam Simulator question database is now available (Relevant to Series 6, 7, 65, 66, 24, 26 and 99). Be sure to submit your answers in the comments section and check back tomorrow for the correct answer and rationale. Continue reading

This week’s study question from the Solomon Online Exam Simulator question database is now available. Be sure to submit your answers in the comments section and check back tomorrow for the correct answer and rationale. Happy studying!

Question (Relevant to Series 6, Series 7, Series 65, Series 66, Series 24, Series 26 and Series 99):

Which of the following is true of UGMA/UTMA accounts?

I. Only family members may contribute to a UGMA/UTMA
II. Annual contribution limit of $13,000 per year, per child
III. Assets may only be used for education expenses
IV. Earnings reported under adult custodian’s tax identification

Answers:

A: I, II

B: III, IV

C: II, III

D: None of the choices listed

Study Question of the Week: September 19, 2012 Edition

This week’s study question from the Solomon Online Exam Simulator question database is now available. Be sure to submit your answers in the comments section and check back tomorrow for the correct answer and rationale! Continue reading

This week’s study question from the Solomon Online Exam Simulator question database is now available. Be sure to submit your answers in the comments section and check back tomorrow for the correct answer and rationale!

Happy studying!

Question (Relevant to Series 7, Series 79, Series 24, Series 62, Series 99, and Series 82):

Before allowing a customer to buy shares in an IPO, the member firm must receive a representation that the account is not restricted by the account owner. How can this form be obtained initially?
I. Negative consent letter
II. Positive affirmation letter

Answers:

A: I

B: II

C: Either I or II

D: Neither I nor II

Exam Alert: Operations Professionals must pass the Series 99 by October 17

Anyone who was identified by their firm as an Operations Professional as of October 17, 2011, must pass the Series 99 (or other appropriate qualification exam) by October 17, 2012. Those who need to pass the exam should note the 30-day waiting period for retaking the exam. The waiting period increases to 180 days if an individual fails the exam three or more times in succession. Continue reading

Anyone who was identified by their firm as an Operations Professional as of October 17, 2011, must pass the Series 99 (or other appropriate qualification exam) by October 17, 2012.  Those who need to pass the exam should note the 30-day waiting period for retaking the exam.  The waiting period increases to 180 days if an individual fails the exam three or more times in succession.

If an individual fails to pass the Series 99 (or other qualification exam) by October 17, then the individual must stop functioning as an Operations Professional until he or she passes the exam.  FINRA has stated that it will not grant exceptions or waivers to the waiting period rule.

 

Sources:

“Operations Professional Qualification Exam” (FINRA website)

“Qualifications FAQ-Operations Professional” (FINRA website)

NASD Rule 1070, Qualification Examinations and Waiver of Requirements

 

This alert applies to the Series 99.

Exam Alert: New passing score for the Series 99 is 68%

First off, congratulations to all of our students who have passed the Series 99: FINRA Operations Professional Exam! We know many of you were anxious about this brand new exam Continue reading

First off, congratulations to all of our students who have passed the Series 99: FINRA Operations Professional Exam! We know many of you were anxious about this brand new exam (and brand new experience with standardized testing for many of you). But your hard work paid off, so well done!

As our students let us know they’ve passed, they’ve also told us that the current passing score for the Series 99 is 68%. Don’t let that low score fool you – this exam will still require hard work and diligent studying to pass. We continue to monitor this brand new exam and will keep you updated to any changes to the passing score or to the exam. Be sure to subscribe to our Blog and regularly check our Exam FAQs and Exam Updates pages to keep current with exam information!

Take advantage of our NEW reduced prices for our Series 99 products!

Blame the eggnog or perhaps it’s just the holiday spirit, but we have recently reduced our prices for our Series 99 Operations Professional Exam study materials! Continue reading

Blame the eggnog or perhaps it’s just the holiday spirit, but we have recently reduced our prices for our Series 99 Operations Professional Exam study materials! This Bernie Madoff-inspired exam was designed to encourage accountability amongst back office professionals. We currently offer a class and online exam simulator to help you with all your study needs. Our class price has been reduced to $139.95 and our online exam simulator is a steal at $69.95. If you purchase the Basic Package, you will save an extra 10% off the total price!

For more information about our Series 99 products, please click 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.