Yes, yes, I'm one of THOSE people who like to study, and accumulate degrees and licenses for various reasons, and mostly so I can say I have it in case I lose yet another job. I can fall back on one or the other of my professionalism(s) such as selling insurance, and even variable annuities soon. That's another reason I'm taking Series 66 and 7 (both FINRA-regulated exams). I want to be able to say I have the license(s) so I can work literally anywhere in the world and sell securities! I want my CLU and my CPCU also, so I can underwrite all lines of insurance besides being able to sell every line, or adjust the numbers for the clients and/or carriers with a Claims Adjuster's license. It's something I like to do; something I'm good at, so why not? Why not have a dozen licenses and four educational degrees under my belt? Can't hurt!
The Series 66 exam will allow me to both give advice on financial matters, as well as perform some of the wealth management duties I'll need to do if I ever decide to become a Broker/Dealer. The Series 7 is what is referred to as a "top off" exam, something you get so you can sell securities and manage other people's wealth (as well as your own, but you can manage your own without the exams. You just can't advise anyone about what it is that you're doing. You can say "this is what I do" but you can't say, "I think it would be a good thing for your to do as well." Every wealth manager in the United States must be registered with FINRA (Financial Industry Regulation Authority) and if you sell securities for an investment agency, you must, as a representative, register in every state where you do business; whether or not you have an office in that state. There are rules that allow exclusions depending on who your clients are, but that would take too long to go into. Suffice it to say, I'm back in the saddle again! I'm back to studying the study guides so I can pass the Series 66 in November.
I took the test in April and I didn't pass it. You have to have a 70 to pass, and when you do pass the examiners don't tell you your score. I hate that. If you don't pass they do tell you. It's a bit different from the state insurance tests. I found out my passing score! Yea! I was very disappointed when I was told my score for the Series 66 because seeing a score meant I didn't pass. I missed the exam cut-off by literally 1 question! You know you answer at least 3 or 4 questions on a 50/50 hunch, so even if ONE of those questions was correct, I would have passed. I was gutted, but it only made me resolve to do better. I didn't have time to do any real study over the summer months, but now I do. I will hunker down, watch every video, read every chapter again, and go over my PassPerfect account to find all the questions I missed along the way (they have study guides with quizzes to prepare you, and I was able to save them.) www.passperfect.com is the BEST, and no, I'm not sponsored by them; I just really like them. I have used them a number of times to learn various materials for many of the licenses I have now.
My current job is in the back office of a trading firm. I'm learning the ropes from the ground up so that when I do go onto the trading floor I'll have all the puzzle pieces in place. I will understand the entire process; I'll appreciate the folks who do the work behind the scenes to make my trades happen! I'm one of those hardworking folks now; it's only a matter of time before I am able to make a transfer in my position to apprentice trader, then on to floor trading solo. I trade for myself now with Forex, but trading my money vs. trading other people's money is way way different. Our clients are money institutions. I won't say where I work; I want to keep that private. There are rules about what one can and can't say and I won't break a single rule -- not now, not ever. FINRA is the final say in all things regulated regarding being able to buy, sell, and manage money for others. I want to be a top performer by this time next year. I will keep my nose clean! No rule-breaking for me!
In order to be able to sit the test(s) for FINRA, a person must complete an entirely different certification/exam called the SIE or Securities Industry Essentials. It's so NOT easy. The process for the exam is to first study of course, and then take the exam. There are study courses, books, videos, and quizzes online, and there are groups in your area that get together to both support one another, and to study. It's not cheap, it's not easy, it's not something most people wake up and say they want to do, but in the end, it is needed to be in wealth management. If you don't have the SIE you can't work in the industry in any other capacity than clerical or perhaps the management of people, but not money or securities. The SIE was perhaps the hardest exam I've ever taken. I know I failed it once, I may have actually failed it twice. I'd have to go back and look. I think I may have actually failed it twice. I know I passed it finally!! They don't tell you the scores (bastards) when you pass, but I had a little fun tallying up the questions I knew I got right on the exam vs. those I wasn't sure about. I had over 75 that I KNEW I was correct on, and I did pass, so I'm thinking I got about an 80-85 since the ones I KNEW were correct, and there were 83 of them. Give or take factor of 3, let's say.
The Series 66 deals with the Uniform Securities Act, and the laws (both Blue Sky state laws and federal laws) as they pertain to securities. There are 100 questions and you actually have to get 73 correct, not 70. I don't know why. I think they throw in an additional 10 questions that are pilot questions; questions that won't be graded, but they expect you to know 3 of the 10. I don't know how it's weighted, but I know it is. The questions range from interest rate calculations to knowing the duties of individuals in the industry. You have to know intimate details about the business structures, types of accounts, limitations, and mostly suitability for your client(s). You can't think it's OK to sell a long-term bond to an 85-year-old client who is looking for a fast turnaround in his/her investment. You need to know the properties and material facts regarding each security, their functions, and how they will best suit your individual client(s); at any given time. It's a lot to learn, but again, it's essential if you want to do what I want to do. So, I'm doin' it.
The Series 66 is actually a combined exam. It combines the Series 63, and the Series 65 into one exam. If you have the Series 7 you want to take the 63. If you have a Series 6, you want to take the 65, but if you have the 66, you can do all the wheelin' and dealin' that both the Series will allow! It's complicated but easy to Google, and if you're into such things as I am, you may want to find out whether or not the Series 66 is your cup of tea, or if you want to spare yourself a headache or two and just take the more limited exams if your company doesn't need you to do more than what they cover or include. I just want to be over the top prepared in case I ever need to be. I'd rather have more than I need than be short someday and find myself needing to have something I didn't have -- why not put it to rest? I'm also that person who shows up to work 15 minutes early and I stay the entire time I'm asked; I guess I'm anal to a degree, but some people still appreciate the work ethic! I know I do. I can't STAND IT when people are late for work when they have just as many hours and minutes in the day as everyone else. Planning people!! Good planning!! Make it happen.
OK, so hopefully, in about a month or so I'll report back and say I have the Series 66! Then, I'll study for the Series 7. After the Series 7, I'm going to pick up the CLU (Certified Life Underwriter) and the CPCU (Certified Property & Casualty Underwriter) just to have them. Heck, I'll renew my Workers Compensation Adjuster too, to make it that much more fun! You laugh, or maybe you groan, but let me tell you, I am the bookworm of bookworms. If I can learn it, and I could possibly use it after I learn it, I want to learn it. I never wanted to be a CPA, but if it has to do with the management of money, or understanding life needs such as insurance, I'm there. It may be a habit, but it's a good one to have. It's cheaper than cocaine; and safer! That much I can guarantee you. I can't actually guarantee much with FINRA watching, but I can guarantee that selling and understanding financial securities and insurance products is in fact cheaper than, and safer than, doing cocaine! At least we have that going for us.
OK, my Bearded Dragon is staring at me, I think it's time for a cuddle.
For grins and giggles, watch Dean Tinney on YouTube with the Series 7 Guru. He will absolutely answer questions you need to have answered.
Photo Credit: SecurityIndustry.org
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