Pass Perfect News

We Are Ready for the SIE Exam

We have completed our Securities Industry Essentials (SIE) Textbook and are currently wrapping up our SMART SIE Interactive Web Training Program. The SIE Course is divided into three modules, covering the content of the FINRA Study Outline.

The Three Modules are:

Module I Module II Module III
New Issues
Customer Accounts
Packaged Products
Retirement / Education Plans
Analysis / Taxes
Trading Markets

Each module is followed by a Mastery Exam. By breaking apart the content into three modules, students can more easily cover the three "more difficult" areas of the examination - Debt, Options and Regulations, and can also refresh on these areas as they are getting close to taking the actual examination. After completing the three modules, students can take representative sample Finals from our extraordinarily large pool of exam-related questions.

The textbook is 525 pages long, excluding Chapter Exams, Mastery Exams and Final Exams. With over three years of experience in writing, teaching and building FINRA exam training courses, we are confident that our program has the depth of content necessary to pass this new exam.

While the SIE cannot be taken until October 1st, 2018, we will start shipping the program on July 1st to the general public. Pricing will be announced at that time. Firms that wish to obtain sample copies can contact us directly for a free review copy at:

Sign up for the latest SIE news, updates and discounts at:

Additional Series Added To Mobile App

Pass Perfect updated its DATABANK To Go App for iOS and Android users.

In addition to the Series 6 and 7, Pass Perfect students studying for the Series 63, 65, 66, 9, 10, and/or 24 exams can also study on the go with the app.

Designed as a supplemental tool for students studying for the mentioned exams, the DATABANK To Go App can be used offline as the perfect prep addition whenever the opportunity arises.

The app is included with the purchase of the SMART Interactive Web Training or the DATABANK Practice Exams, and can be download on the App Store or Google Play Store.

Google Play

App Store

2018 Tax Law Changes - Impact On The Securities Licensing Exams

The impact of the 2018 tax law changes on the items tested on the securities licensing exams is minimal. The biggest changes are major reductions to corporate tax rates and pass-through businesses, both of which are not tested on the exams.

Note that with major changes like this, the usual procedure is to "turn off" the affected questions and rewrite them, reintroducing them into the exam at a later date. For the first few months of 2018, this should be the case. Here are the changes that will affect the exams:

  1. The estate tax exclusion is doubled from $5.6 million to $11.2 million. The unlimited marital deduction stays the same. Note that the actual exclusion amount is not a tested item, since it is adjusted for inflation annually, but the unlimited marital exclusion must be known.
  2. Distributions of up to $10,000 per year without tax due can now be taken from 529 Plans to pay for schooling below the college level. Prior to the change this year, this was not permitted. As before, distributions can be taken to pay for college and graduate school education without limit or tax due. Also note that the "super funding" of 529 Plans by contributing 5X the gift limit amount of $15,000 is still allowed - it has not been changed.
  3. The Alternative Minimum Tax (AMT) is retained, but the exemption amounts have been increased and the list of AMT items that are to be included has been revised. The biggest change is that property and state income tax deductions are no longer deductible from federal tax, except for the 1st $10,000 of property taxes paid. This often threw people in high tax states who had big "SALT" (State And Local Tax) deductions into the AMT, because these are NOT deductible when computing the AMT. SALT deductions are still excluded from the AMT, so this has not changed, but far fewer people will fall into the AMT because they cannot take the SALT deduction on their regular tax return.
  4. The maximum income tax rate has been reduced to 37% from 39.6%. The actual rate is not tested, however it must be known that cash dividends and long-term capital gains are taxed at a preferential rate of 15% (or 20% for those in the highest federal tax bracket) and that these rates are lower than those imposed on short-term capital gains, which are taxed at ordinary income tax rates.

Note that there have been no changes to the tax treatment of retirement plan types, (which is a major tested item); nor are there changes to the tax rules for taxable and tax-free (municipal) bonds. The tax rules for stocks remain unchanged, including the ability to choose either FIFO or Specific Identification when selling shares of stock for capital gain or loss calculations (the ability to use Specific Identification was proposed to be eliminated, but it was retained in the revised tax law).

The changes will be reflected in our on-line programs over the next 90 days. Finally, the actual impact on these changes on the exams is minor and should not be a concern when studying for the exams.

About Pass Perfect

Pass Perfect is a leading developer of targeted, effective training programs for Series 7 and other FINRA and NASAA securities licensing exams.

Our level of experience and expertise is unmatched. Over the last 30 years we have successfully trained over 1,000,000 individuals for these exams.

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