IAR

Take the Series 65 if you are not holding another securities licence and need the combined adviser-law and investment content. Take the Series 66 only if you already hold or will hold the Series 7, since the 66 assumes that general securities knowledge. Your sponsoring firm usually decides which one it wants.

Both exams are computer-delivered, multiple-choice tests with four answer options per question and no penalty for guessing. Some questions are unscored pilot items. The official bodies publish the current question count, time limit and appointment rules, so check the FINRA and NASAA websites for the numbers in force when you book.

Most candidates find the regulatory and ethics material harder than the math, because the answer turns on judgement rather than a formula. Budget several weeks of consistent study rather than a cram weekend. Score yourself on full-length practice sets and delay booking until you are comfortably above the target on repeated attempts.

Yes, but there is a waiting period before you can reschedule, and repeated attempts carry fees and paperwork. The exact waiting period and any attempt limits are set by the administrator, so verify the current rule on the official site before you plan a retake. Use the score report to see which domains cost you the most.

Start with investment vehicle characteristics, because products underpin both recommendations and suitability rules. Then move to client strategies, where products meet client objectives. Study economics early but lightly, and leave the laws and ethics block for last so it stays fresh, revisiting it in short daily reviews.

Three things: confusing registration tiers and when federal versus state rules apply; mixing up prohibited practices such as custody, commingling and performance-based fee limits; and rushing calculation questions. Another common error is answering what is legal rather than what the question asks - often the best answer is the most conservative, disclosure-heavy choice.

It depends on the exam and your situation. Some candidates can schedule without a firm sponsor, while registration as an IAR always requires an advisory firm to file on your behalf. Confirm eligibility and filing requirements with your firm and the relevant regulator before paying for an appointment.

Less than candidates fear, but enough to matter. Expect risk and return measures, time value of money, bond pricing and yield relationships, and basic ratio analysis. Learn the formulas well enough to estimate an answer, since distractors are usually built from common arithmetic slips rather than obscure theory.

Only on the official sites. FINRA and NASAA publish current fees, scoring, appointment policies and any identification requirements, and those details change. Treat any figure quoted in a forum or a prep advertisement as unverified until you have checked it at the source.