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 NASAA exams, there are some notable differences to be aware of. Good news – the Achievable team has you covered!
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
Regulations of agents of broker-dealers
Regulations of securities and issuers
Remedies and administrative provisions
Beyond these slight question allocation changes, the test is unchanged. Here’s the link to the new Series 63 exam outline.
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.
Technically, the passing grade for the Series 65 exam is not calculated as a percentage. Candidates must answer 92 out of 130 questions correctly (~70.77%) to earn a passing grade on the Series 65 exam.
Removed test concepts
New test concepts (with links)
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.
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
Investment vehicles
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
New test concepts (with links)
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.
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).
