| SERIES #7 - UPDATE | December 8, 2011 |
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All of our Series #7 printed materials have been updated to reflect the latest FINRA study guide. If you have any questions, please contact us at info@passperfect.com.
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| NEW SERIES #7 SUPPLEMENT NOW AVAILABLE! | October 3, 2011 |
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The revised Series #7 exam will be delivered by FINRA starting November 7th, 2011. We have reviewed the complete study outline versus the content that we cover in our text, and there are only a few areas that are not covered. The major ones are SEC Regulation M; SEC Regulation FD; SEC Regulation AC; Regulation SP; and the systems that surround NASDAQ Single Book. In addition, in the supplement, there is more detail on certain areas that appear to be more heavily weighted on the exam. Anyone who has purchased our Series #7 material in the past year can get the supplement, either in PDF or hard copy form, by e-mailing us with your order information to: info@passperfect.com We strongly encourage anyone who is "on the fence" about whether to take the "Old" test or the "New" test to get in before the November 7th deadline. Whenever FINRA revises a test, they tend to make it much harder and this, coupled with the increase in the required passing grade to 72% (from the previous 70%), will likely make it much more difficult to get a passing grade. |
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| SERIES #7 - UPDATE | September 8, 2011 |
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FINRA has announced the long-awaited revised Series 7 test, with an effective date of November 7th. The exam stays at 250 questions to be completed in 6 hours, but the passing grade has been raised to 72%. The topic areas have been fundamentally reallocated, with less emphasis on municipal bonds and options (however these areas are still each about 10% of the exam); with more emphasis being given to suitability, retirement planning, investment companies and regulations. Because we have been continually updating our material for new products and rules, our current material already covers the new study content. We will be able to delete obsolete information from the material, knowing that it has been deleted from the study outline. Please be aware that with any major test change like this (the Series 7 had its last major revamp in June of 1986!), the "shock of the new" can dramatically lower the passing rate. Anyone who is thinking about taking the exam in November or December may wish to move up his or her test date and take the exam before it changes. However, we don't expect that this will dramatically affect our passing rate, since we completely cover the content in our current program. Because our Series 7 question sample pool is so varied and deep (over 7,000 questions), all we have to do is change our question selection algorithms to reflect the make-up of the revised test. |
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| SERIES #99 - OPERATIONS PROFESSIONAL | August 24, 2011 |
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FINRA released the Series 99 "Operations Professional" Study Outline on August 24th, 2011. Upon our review of the study outline, the exam content is quite basic and the questions are likely to be very straightforward. We are estimating that we will have study material ready for this exam by September
20th, 2011. Remember that this exam is not required for all back office personnel. The FINRA list of "covered persons" that must be registered essentially encompasses supervisors of client-facing back office functions, and persons who design and implement back-office operations and control systems. Clerical personnel are excluded from the requirement. Also remember that anyone who currently has a Series 6 or Series 7 license is grandfathered.
FINRA is requiring each member firm to identify its covered persons that must be licensed with the Series 99 by October 17th, 2011. These individuals then have 1 year to complete the exam. |
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| SERIES #56 - PROPRIETARY TRADER EXAMINATION | July 31, 2011 |
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We are pleased to announce the new Series #56 Study Program. The Series #56 Proprietary Trader Examination, created by the options exchanges, is required for any individual who is a proprietary trader in options and equities. The exam is weighted heavily towards options trading rules, but also includes equity trading rules. The Pass Perfect Series #56 Study Program is designed to cover all items tested on the examination while making the most effective use of a candidates time. The course is divided into 5 chapters:
Each chapter is divided into Sections, followed by Section Examinations. In addition, there are four (4) 100 question simulated #56 Final Exams. More information can be found by visiting the Series 56 page.
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| SERIES #56 UPDATE | July 26, 2011 |
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The effective date for the Series #56 Proprietary Trader exam has been pushed back from August 12th, 2011 to September 19th 2011. This is a much more reasonable time-frame. We will have our study material for this new exam ready on August
3rd, 2011. Also remember that anyone currently holding a Series #7 license can apply to the CBOE for a waiver from the exam. |
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| SERIES #99 - BACK OFFICE EXAM | July 25, 2011 |
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We have been getting inquiries about this yet-to-be released FINRA exam. FINRA has not yet released a study outline or effective date and no study materials can be prepared for this exam until this occurs. When FINRA releases the study outline, they usually give 60 days before the test will be given. Once the study outline is released, we will have study material prepared within 30 days. Also note that anyone who is already registered as a representative at the time the new exam is announced will be exempted from having to take the exam. After the exam is announced, this will no longer be the case and these individuals will be required to take the exam. Finally, FINRA has stated that only "back office supervisors" are required to take this exam; and has also listed the functions supervised that will come under the requirement. Please check with your firm's compliance department or FINRA as to whether you are required to take this exam. |
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| NEW SERIES #56 PROPRIETARY TRADER EXAM | July 7, 2011 |
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On July 5th, 2011, the study outline for the CBOE-required proprietary trader exam was released. Anyone who is defined as a proprietary trader by the CBOE must take the examination by August 12th, 2011. Anyone who has a Series 7 license and relevant trading experience can "apply" for a waiver, but granting the waiver is not automatic. This is the first time that a minimum of 60 days has not been given between the release of a study outline and the requirement to complete an exam. We are hoping that the August 12th, 2011 date will be extended, since just preparing study material for the examination will take about 30 days. The examination is 100 questions long (plus there are 5 "extra" trial questions that do not count in the grading), to be completed in 2 1/2 hours. The study outline is EXTREMELY broad (it is 60 pages long), and is a essentially a compilation of rules covered in the existing Series #24 General Principal Exam; Series #55 OTC Equity Trader Exam and Series #4 Registered Options Principal exam. We have started preparing study material, but with a study outline release date of July 5, 2011, we will not have material ready until August 1st, 2011. This means that there will be a very short window to prepare for the exam by the August 12, 2011 deadline. Anyone who might qualify for a waiver should explore this option with their firm's compliance department. |
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| SERIES 63/65/66 - DELAY OF NEW RULES FOR FEDERAL COVERED ADVISERS | June 30, 2011 |
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On June 22, 2011, the SEC adopted final rules under the Investment Advisers Act of 1940 that define a "federal covered adviser" and delayed the implementation date until March 30, 2012. (Originally, the new rules were to take effect on July 21, 2011.) The asset test for a federal covered adviser has been raised from the previous $25 million to $100 million of assets under management. The "old" rule gave advisers with between $25 million and $30 million of assets under management the option of either registering with the SEC or the State. The new rule gives an adviser with between $100 million - $110 million of assets the option of either registering with the SEC as a federal covered adviser or of registering with the State. Please note that because of the implementation delay, the increased dollar limits should not be tested until March 30, 2012. Until that date, the "old" limits must be known for the Series #63, #65 and #66 exams. |
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| SERIES 11 DATABANK | March 26, 2011 |
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In an ongoing effort to improve the Pass Perfect product line, the Series 11 Exam CD has been replaced with the Series 11 Databank CD. Users familiar with our Databank line will enjoy the familiar look and feel of our other Databank programs. This program will include 8 exams available either as a timed test or as practice tests and can be downloaded immediately after purchase. If you have any questions about the Series 11 Databank program, please call our sales number at (800) 349-3396. |
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| CHANGE TO SIPC CASH COVERAGE | November 5, 2010 |
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The Dodd-Frank "Wall Street Reform" Bill that was passed in mid-summer 2010 included a provision, effective October 28, 2010, increasing SIPC cash coverage from $100,000 to $250,000 per customer name.
Thus, SIPC coverage is now $500,000 per customer name, inclusive of maximum cash coverage of $250,000. When there is a rule change such as this, FINRA typically "turns off" the affected questions and then reintroduces them into the exam after about 90 days with the changed information. Therefore, this item of information should not show in your exam until after the beginning of 2011. |
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| SMART 65™ - INVESTMENT ADVISER | July 20, 2010 |
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We have released Smart 65™ on the Web. As with our other Smart programs, Smart 65™ contains
the full study text as well as over 4200 practice, quiz and exam questions. It is divided into four books
(Economics and Analysis, Investment Vehicles, Investment Recommendations, and Legal Guidelines) with
chapter quizzes after each book. Simulated finals follow the study program.
For more information, including links for ordering, please visit the Series 65 page. |
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| SERIES 27 - FINANCIAL AND OPERATIONS PRINCIPAL EXAM | April 29, 2010 |
We now offer a Series 27 Databank to complement our printed Series 27 material. The Series 27 Financial
and Operations Principal examination is required for the Chief Financial Officer of FINRA member firms,
and also for senior accounting staff personnel that prepare member firm financial reports. The Series 27
text covers the following test areas:
For more information, visit the Series 27 page. |
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| SERIES 55 - EQUITY TRADER EXAM | December 1, 2009 |
We have just completed the Series 55 Databank program.
The program consists of 5 Final Exams drawn from the major topics found on the
actual exam, including:
More information can be found by visiting the Series 55 page. |
| SERIES 51 - MUNICIPAL FUND SECURITIES EXAM | November 24, 2009 |
We are pleased to announce the new Series
51 Databank. Our Series 51 Databank consists of 6 Final Exams drawn from the
major topics found on the actual exam, including:
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| SERIES 26 - REVISION AND DATABANK | November 17, 2009 |
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Our Series #26 - Investment Companies / Variable Annuities - product has undergone a substantial revision and a new
Series #26 Databank product has also been created. The Series #26 examination is required for persons that
will supervise Investment Company Products / Variable Contracts Representative (Series #6) individuals. The
prerequisite license is the Series #6. Series #26 now contains over 500 pages with over 1000 simulated exam
questions. Our Series #26 Databank contains 6 Final Exams drawn from the major topics found on the exam.
More information, as well as links for ordering, is available on the Series 26 page. |
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