Series 6 Exam Prep Training & Study Materials
FINRA Series 6 Representative Level Qualification Exam Prep
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Series 6 Training Package Comparison
We offer flexible solutions and packages for every learning preference, specifically designed to help candidates pass their Series 6 Rep Level exam. Our training provides a variety of helpful study tools that prepares candidates for success.
PACKAGE COMPARISON
What is the Series 6 Top-Off exam and what will it do?
The Series 6 exam is designed to assess the competency of entry-level Investment Company and Variable Contracts
Products Representatives and is administered by the Financial Industry Regulatory Authority (FINRA). The Series 6 exam seeks to measure the degree to which each candidate possesses the
knowledge, skills and abilities needed to perform the critical functions of an Investment Company and Variable
Contracts Products Representative. In order to obtain registration as an Investment Company and Variable Contracts
Products Representatives, candidates must pass both the Series 6 exam and a general knowledge co-requisite, the
Securities Industry Essentials (SIE) exam. For more information about the Investment Company and Variable
Contracts Products Representative registration category, see FINRA Rule 1220(b)(7).
VIEW FINRA SERIES 6 EXAM CONTENT OUTLINE
About the Series 6 Rep Level Exam
What are the topics covered on the Series 6 Rep Level Exam?
The Series 6 Rep Level exam is broken down into four parts (by job function). These topics include:
- Seeks Business for the Broker-dealer from Customers and Potential Customers
- Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives
- Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records
- Obtains and Verifies Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions
See below for more detailed breakdown or visit FINRA.
Seeks Business for the Broker-Dealer from Customers and Potential Customers
- Standards and required approvals of public communications
- Types of communications (e.g., retail, institutional, correspondence)
- Seminars, lectures and other group forum requirements
- Prospectus requirements (e.g. timeliness of information, preliminary prospectus (red herring), final prospectus
- Process for bringing new issues to market (e.g. due diligence, registration statement, preliminary prospectus, final prospectus, underwriting agreement, selling group agreement, blue-sky laws and procedures)
- Official statements, preliminary official statements (POS), notice of sale for municipal securities
- Regulation D offerings
- Intrastate offering and securities transactions exempted from registration, including Section 3(a)(11) of the Securities Act of 1933 thereunder
Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives
- Types of accounts (e.g., prime brokerage, advisory or fee-based)
- Account registration types (e.g., tenants in common (TIC), community property, sole proprietorship, partnership, unincorporated associations)
- Requirements for opening customer accounts
- Retirement plans and other tax advantaged accounts
- Wealth events (e.g., inheritance)
- Account registration changes and internal transfers
- Customer screening (e.g., customer identification program (CIP), know your customer (KYC), domestic or foreign residency and/or citizenship, corporate insiders, employees of broker-dealers or self-regulatory organizations (SROs))
- Information security and privacy regulations (e.g., initial privacy disclosures to customers, opt-out notices, disclosure limitations, exceptions)
- Account authorizations (e.g., power of attorney (POA), trust documents, corporate resolutions, trading authority, discretionary account documents)
- Essential facts regarding customers and customer relationships
- Financial factors relevant to assessing a customer's investment profile
- Investment objectives (e.g., preservation of capital, income, growth, speculation)
- Reasonable-basis suitability, customer-specific suitability and quantitative suitability
- Investment strategies and recommendations to hold
- Required review, approvals and documentation for account opening and maintenance
- Physical receipt, delivery and safeguarding of cash or cash equivalents, checks and securities
- Circumstances for refusing or restricting activity in an account or closing accounts
Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records
- Customer-specific factors that generally affect the section of products (i.e., customer's investment profile, including the customer's risk tolerance, investment time horizon and investment objectives, liquidity needs)
- Portfolio of account analysis and its application to product selection (e.g., diversification, concentration, volatility, potential tax ramifications)
- Portfolio theory (e.g., alpha and beta considerations, Capital Asset Pricing Model (CAPM))
- Fundamental analysis of financial statements and types of financial statements included in an annual report, importance of footnotes, material risk disclosures and key terms (e.g., assets, liabilities, capital, cash flow, income)
- Balance sheet and methods of inventory valuation: last-in, first-out (LIFO), first-in, first-out (FIFO) and methods of depreciation
- Types of underlying securities
- Tax treatment
- Packaged products
- Investment companies, exchange-traded funds (ETFs), unit investment trusts (UITs)
- Variable life insurance and annuity contracts
- General characteristics of municipal fund securities
- Purpose and characteristics of specific types of municipal fund securities
- Required disclosures on specific transactions (e.g., material aspects of investments, statement of additional information, material events, control relationships)
- Types of investment risk (e.g., call, systematic and nonsystematic, reinvestment, timing)
- Types of investment returns (e.g., tax-exempt interest, return of capital)
- Costs and fees associated with investments (e.g., markups, commissions, net transactions, share classes, non-discretionary fee-based accounts, surrender charges, 12b-1 fees, mortality and expense charges in variable products, soft dollar arrangements)
- Tax considerations (e.g., unification of gift and estate taxes, lifetime exclusion, annual gift limit, taxation of securities received as a gift, inheritance or securities)
- Market analysis considerations (e.g., market sentiment, market indices, market momentum, available funds)
- Customer confirmations and statements, including components, timing, mailings to third parties, and exceptions
- Account value, profits and losses, realized and unrealized
- Customer account records (e.g., updating for change of address, sending required notifications, investment objectives)
- Books and records retention requirements
- Account closure procedures
Obtains and Verifies Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions
- Orders, offerings, and transactions in customer accounts
- Trade execution activities
- Best execution obligations
- Delivery requirements and settlement of transactions
- Information required on an order ticket (e.g., symbol, account number, price)
- Use of automated execution systems
- Erroneous reports, errors, cancels and rebills
- Requirements for addressing customer complaints and consequences of improper handling of complaints
- Methods of formal resolution (e.g. arbitration, mediation, litigation)
- Form U4 reporting requirements
Additional Series 6 Study Materials
ExamFX offers candidates all the study materials they need to be successful in passing their qualification exam. In addition to our online learning platform, we offer printed study materials that help candidates throughout their learning. Our Study Guide and Tip Sheets can easily be added to any package during checkout.
ExamFX Series 6 packages include unlimited practice exams, designed to the simulate qualification exam. Learn more about these additional study materials by clicking below.
FINRA Series 6 Rep Level Exam Details
The Series 6 Rep Level exam consists of 50 multiple-choice questions. Candidates will be given 1 hour and 30 minutes to complete the exam and must achieve a 70% to pass. The cost of the exam is $40.
What is the ExamFX Guarantee Exam?
ExamFX is so confident in our training program that we guarantee users who successfully complete the Guarantee Exam will pass their licensing exam on their first attempt! If you do not pass your licensing exam within three days after scoring 80% or higher on the Guarantee Exam, we will refund the cost of your course. It is that simple. Some restrictions may apply.