To be honest, the Series 66 is a really tough test, but that's no excuse as to why I didn't pass it. I didn't completely bomb it either, but I didn't pass it. I missed it by about 5 or 6 questions. I'm not a math wiz, but I can do simple math. I needed 80 questions out of 110 to get a 73% and I think I got 74 correct. Now, if I got 74 correct when they were only testing the 100 and not the extra 10 they claim they aren't scoring, then I passed. I don't think I actually passed. I think I missed a few of the 74 that I think I got right. If I had to lay money on it, that would be a good bet. I only THINK I got 74 correct. It was probably something closer to 68-70. Oh well, the fact is...I suck!
I didn't want to fail, and maybe not for the reasons that most people don't want to fail. I didn't want to fail so that I could (a) stay out of the stats of those that don't pass the first time (b) be in the stats of those who pass the first time (c) not waste my $$$ that I've already sunk into this, and finally (d) I really really don't want to have to take the damn thing again, but it looks like I will have to do so. I didn't need the Series 66 for a job. I will be hired without it. I didn't need it to trade on the FOREX because I can trade all day and night on it without a license. I am only trading my money, not trading anyone else's money. I don't need the Series 66 to do anything other than have it. It's a step in the direction I am going, and it would have been (will be later) useful.
As I sat at the desk with the two sheets of laminated paper and dry eraser pens that they give you, I created what I thought would be a useful cheat sheet. You can't take one in with you, but you have all the time you want to draw one up and create it from memory when you get into the testing center. I spent about 10 minutes making one, and really, I seriously thought I was doing the right thing. NOT ONE question on that test required me to look at the cheat sheet. Whatever was on the test was NOT what I thought was going to be tested. I really missed the ball on that one. I mean, striking out is one thing, but throwing the bat over your head and into the stands is what I think I did (by comparison). I sat there staring at the monitor, reading the questions, shaking my head, and saying to myself "Hell, I don't know!" more often than I care to admit.
To say that there were questions I had no way of answering is adequate. I would say 10-12 questions were flat out not covered on the study material, and they tell you there will be 10 unscored questions, so OK, that means there were at least a couple that I KNOW were not covered. There were another 20 that were covered, but we were led to believe they really didn't go into it that deeply, but they do. Some of the questions were worded strangely, and you didn't know if they meant to confuse you or if they just like using poor grammar. The answers were always polar opposite at that point and you had a 50% chance of getting it correct. Obviously, I didn't do as well on those odds.
I'll give you an example of a question I got on the test. This is one that I know the answer to, but the way the question was worded it could be one or the other. The question is: Which policy could best utilize a Transfer on Death (TOD) benefit? (a) Joint Tenacy with Rights of Survivorship (b) Life Insurance Contracts (c) IRAs or (d) Individual Account. The answer is (a) if you think it could use it, because it needs one. The answer is (d) if you think it already has one and therefore utilizes it. This is the sort of thing that occurred at least 10-15 times and unless you can decipher what they really want, you can't really answer the way you're really supposed to answer. It was frustrating. I'm sure the monitor captured my cringing facial expressions and maybe even saw me threaten to pound the screen a couple of times.
The really good news is, I can keep studying. I can read more. I can do the Quizlets online. I can do the flashcards. I can purposely go look up Cash Flow Analysis, Fundamental Analysis, Technical Analysis, Tactical Analysis, and Spread Analysis. We were told there were only 2 questions about anything related to analysis....not true. There were 6-10 questions relating to it, I just can't remember the details. I just remember thinking there were so many more questions about it than we were told. I would have and should have studied more about that; and didn't. That's ON ME, not them. I can study that more and then take the test again, but you know what I fear? I think they'll give me a test with more questions on something else. It works that way.
There was one question on ERISA...and I got it right. They told us there would be one. They were right. Oh, and they said there would be a question about UTMA or UGMA, and there was not. I was so ready. I know the fine differences between a 529 and Coverdell, but that wasn't asked. It's good though, I'm OK. I'll just keep my nose to the grind but this time I'll let my employer pay for the test taking. I've done that twice (because I had to cancel one) and at $177 a pop, I'd rather not do that again. Nope, not if I can help it. I don't need the Series 66, but if a boss wants me to have it, they can pay.
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