RIA Compliance and Practice Management Blog

NASAA Announces Updates to the Series 63, 65, and 66 Examinations

Posted by RIA in a Box

Feb 10, 2016 6:03:00 PM

After completing a review lasting over a year, on February 4, 2016, the North American Securities Administrators Association (NASAA) announced a content update for the Series 63, 65 and 66 examinations that will be implemented starting on July, 1 2016. With the assistance of Prometric, a leading test development company, and feedback from over 1,000 industry participants and regulators, NASAA assessed each examination’s content and scoring criteria. 


The results of NASAA’s content review will lead to updated test specifications set to be rolled out on July 1, 2016. The examination updates will allow for new topics to be introduced and a modification of previous subject areas – all of which are expected to better reflect the skills and knowledge broker-dealer agents and investment adviser representatives need in today’s evolving financial industry.

Click here to read What to Consider When Taking the Series 65 Exam

A few new areas of interest being added to each exam include:

  • Series 63: Social media, cybersecurity and data protection
  • Series 65: Social media; cybersecurity and data protection; custody obligations; and anti-money laundering
  • Series 66: Social media; cybersecurity and data protection; custody obligations; and anti-money laundering

The Series 65 exam, which is a pre-requisite for becoming a representative of a registered investment adviser (RIA) firm unless an individual has a qualifying professional designation or other exemption, will now have the following section weightings and questions by topic:

Series 65 Exam Section Weightings and Questions

Source: NASAA Series 65 Test Specifications

It's also important to note that the new passing score for the Series 66 exam will now be 73 out of 100. In addition, NASAA has noted that in general the content of each test has not undergone a dramatic shift. For more insight on what changes to expect on the Series 63, 65, and 66 exams, NASAA has created an Exam Change Summary and Updated Test Specifications resource page.


Topics: RIA Compliance

RIA in a Box LLC is not a law firm, investment advisory firm, or CPA firm. RIA in a Box LLC does not provide legal advice or opinions to any party or client. You should always consult your relevant regulatory authorities or legal counsel if applicable.

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