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Upcoming Changes To The Series 63, 65 and 66 Exams - Effective July 1, 2016

NASAA (North American Securities Administrators Association) has announced changes to the Series 63, 65 and 66 exams, effective July 1st. All of the exams will now include content on cybersecurity and data protection and will increase emphasis on advertising and social media.

Regarding each exam:

Series 63:Remains 60 questions with a passing grade of 72%. Content relating to RIA regulation will be minimized and increased emphasis will be given to definitions.
Series 65:Remains 130 questions with a passing grade of 72%. Increased emphasis will be given to asset backed securities, private funds, pooled investment vehicles, resale restrictions and alternative investments and reduced emphasis will be given to broker-dealer registration and regulation.
Series 66:Remains 100 questions, but the passing grade will be REDUCED from 75% to 73%. Increased emphasis will be given to alternative investments, estate planning, broker-dealer and agent supervision, and private fund and exempt advisers.

We will be updating our text content, question pools and test selection algorithms for these changes effective July 1st, 2016. Because these are fairly minor changes, we do not expect any "shock and awe" to occur when the revised exams take effect.