NASAA exam updates (Series 63, 65, 66)

Tyler York
Blog banner - NASAA Exam Updates (Series 63, 65, 66) - 20230506

The North American Securities Administrators Association (NASAA), the organization responsible for writing Series 63, 65, and 66 exam questions, recently announced some important test updates that go live on June 12th, 2023. While these updates are not expected to significantly change the exams, there are some notable differences to be aware of. Good news – the Achievable team has you covered!

Series 63 exam

The Series 63 exam is the least impacted of the three updated exams. There is no change to the number of graded questions (60), the passing score (72%), or the test content. However, NASAA is redistributing the number of questions tested on certain units. In particular:

Regulations of broker-dealers

  • Old exam: 9 questions (15% of the exam)
  • New exam: 7 questions (12% of the exam)

Regulations of agents of broker-dealers

  • Old exam: 9 questions (15%)
  • New exam: 8 questions (13%)

Regulations of securities and issuers

  • Old exam: 3 questions (5%)
  • New exam: 5 questions (9%)

Remedies and administrative provisions

  • Old exam: 6 questions (10%)
  • New exam: 7 questions (11%)

Beyond these slight question allocation changes, the test is unchanged. Here’s the link to the new Series 63 exam outline.

Series 65 exam

The new Series 65 exam is subject to some adjustments, but most of the test will remain the same. There will be no changes to the number of graded questions (130) or the number of questions allocated to each of the four exam units. However, the passing score is being reduced to 70% (from 72%), and some testable content is changing. In particular, NASAA is removing a few test concepts from its question bank and adding several new ones.

Removed test concepts

  • Life (viatical) settlements
  • Investment real estate
  • Dark pools

New test concepts

  • Special purpose acquisition companies (SPACs)
  • Blind pools
  • Blank check companies
  • Digital assets (e.g., cryptocurrencies)
  • ESG and religious-based investment considerations
  • Government benefit implications (e.g., income-related monthly adjustment amounts)
  • Secure Act 2.0 (e.g., RMD updates)
  • Donor-advised funds
  • Regulation of care (Regulation Best Interest)
  • Payment for order flow
  • Clearing and introducing broker-dealers
  • IAR continuing education

While the list above may seem large, it is unlikely a test taker will encounter all these new topics on the new exam. Like all securities licensing tests, questions are pulled from a vast database to create a single test. There are thousands of testable concepts on the Series 65 exam, but only 130 graded questions.

Here’s the link to the new Series 65 exam outline.

Series 66 exam

Like the Series 65, the new Series 66 exam is subject to some changes, but most of the test will remain the same. There will be no changes to the number of graded questions (100) or the passing score (73%). However, the number of questions tested on two of the four big units is changing. In particular:

Economic factors and business information

  • Old exam: 5 questions (5% of the exam)
  • New exam: 8 questions (8% of the exam)

Investment vehicles

  • Old exam: 20 questions (20%)
  • New exam: 17 questions (17%)

Additionally, NASAA is removing a few test concepts from its question bank and adding several new ones. These updates are very similar to those on the Series 65 exam.

Removed test concepts

  • Life (viatical) settlements
  • Investment real estate
  • Dark pools

New test concepts

  • American Depositary Receipts (ADRs)
  • Employee stock option plans (ISOs and NSOs)
  • Special purpose acquisition companies (SPACs)
  • Blind pools
  • Blank check companies
  • Digital assets (e.g., cryptocurrencies)
  • ESG and religious-based investment considerations
  • Government benefit implications (e.g., income-related monthly adjustment amounts)
  • Secure Act 2.0 (e.g., RMD updates)
  • Donor-advised funds
  • Regulation of care (Regulation Best Interest)
  • Payment for order flow
  • Clearing and introducing broker-dealers
  • IAR continuing education
  • Business continuity plans

The list of added topics on the Series 66 exam is slightly more extensive than those on the Series 65 exam, but we still estimate these additions to result in slight overall changes.

Here’s the link to the new Series 66 exam outline.

Achievable program changes

Over the next month, the Achievable team will be making the necessary changes to the NASAA exam programs. The new testable content will be available in the reading materials and question banks by June 1st, 2023. The adjustments to the final exam structures, including the passing score on the Series 65 exam program and the question allocation changes on the Series 63 and 66 exam programs, will go live on June 12th, 2023 (the same day NASAA’s changes go into effect).

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