Yes! This is me complaining. I will and I can, because this is just silly. I guess I had forgotten how much it costs an individual to sit for the FINRA Series 66 exam. DAMN! It was $177.00 and yes, I know, I must have paid it the last time I took it. I harp on that experience nearly once a week at least because of where I work and what I do. I missed passing the exam in April I think it was, by ONE QUESTION! There are 100 questions on the test, you have to pass with a 70% and I got a 69 or a 68, I can't remember. I could have missed it by two questions, but still, this is just so so so sad. I can't and won't say that I wasted the $177 because I did not. I tested. I failed. It's that simple. I won't fail this time!
I haven't really been studying the way I should in order to retake the exam. I will start that process again. I could do the whole Pass Perfect online course again. It's about $99 I think. I did myself a few favors when I had the course availability. I did make myself "Poor Man Flashcards" as they are called. I bought a pack of 100 index cards and I think I used them all. I could make another 100 without a problem! There is just so much to be learned. I do actually know a great deal, but the issue is that I don't know what questions I missed. They don't tell you that. Because I wasn't fantabulous in any of the areas, barely being able to say I mustered the percentages I needed to pass with an "acceptable" score in all of the categories, I did fail in two or three subareas that had I been even a tiny tiny bit more confident in my answers I am sure I would have swayed the machine! (It's taken on the computer) You're scored digitally.
I did NOT pass. I did not win. I did not pass Go. I suppose, if I'm honest, I need to spend the time and study all the sections again and again until I can say I have more than a basic knowledge of it. I really don't want to JUST pass. I do want to know the content. It's more important to me to know what I'm doing than it is to pass the exam just for the sake of being lucky enough to choose the best random answers when I really have no clue and choose to guess rather than leave a question blank. I won't leave a question blank. I will take a stab at it! I have four choices, and I have a 25% chance of making it! I just really want to KNOW the answer(s) that's all. Call me crazy. I want the guts, the innards. I want to be able to recite the correct response rather than guess it.
If you go to Quizlet.com and you type in Series 66 you'll come across a few sets of flashcards that you can read, study, memorize, and/or just go through. The really funny and quirky thing about Quizlet, and I have no idea why this is the way that it is; almost every flashcard has incredibly poor spelling. It's as if they didn't care if they got it right, they had 13 seconds to type the question and only 7 seconds to type the answers for each card. I really have no idea why they're all misspelled, but it is hilarious when you see the word "conbumor" and your brain knows it's really supposed to read "consumer". I found the word "idivual" and realized they wanted me to see "individual". Makes me laugh. It's free. Free is free. You can't expect more, and lamenting over it will not produce results. You just go with it.
For me, Series 66 is a logical step in my career path as a trader. I'm learning the ropes now; I'm saving for the time I'll need to be unpaid while I wait for commissions to roll in from the sales I make. I'll actually be more of a salesperson than I will be a trader. Our company deals in selling bonds. I don't need the FINRA licensures to sell and trade on the FOREX for myself. I do, however, need the Series 7 and at least another exam for the company sales force. That's regulated due to the fact that I'll be selling and advising. I'm taking OTHER people's money, not just my own. You can't imagine how very very strict the Securities Exchange Commission and of course, FINRA regulate things like that. It's impenetrable. It's the Fort Knox of the industry, and no one is getting by without the golden pass. No one. That's why so many A-listed celebrities are in hot water right now with their advice and strong suggestions for the general public's purchasing of BitCoin and other FTX products. You don't do that, folks!
I remember I saw a couple of these celebrities during the Super Bowl commercials hawking BitCoin and the first thing I thought was "I know she's not licensed! I bet he's not either." I was right. You can't just sign up and go. You have to sit the exams!! YOU, not someone else, YOU have to sit the exams. It's so freaking regulated. MONEY will not buy them the licenses. They didn't have the licenses. This was the issue; their defense was that they were told to do it by their agents. WHATEVER!!! No, that's not an excuse. It will likely be a nothing burger, as they'll probably just be fined, but rules are rules, laws are laws, and even the elite don't get a pass on the exchange of currency sales and/or advising others to buy it. NOPE.
One more point before I go. When I do pass Series 66, I'll have another exam to take before I am actually licensed. It's called Series 7. I will have to really study for that one as well, and maybe by February, I'll be ready for it. I hope so. I'll not want to trade or go full commission until the summer of 2023. I will need time to stash some cash in the bank for a minute so I can rest without worry and deal without feeling I'm being dealt. I won't put myself into a situation where I'll be chasing the numbers. Nope. That is no way to maintain a professional attitude. You can't worry when you advise. If they see you sweat they won't have a reason to trust you, well, me. I have a plan, and the plan has a backup, so no worries there. It will happen. Soon and very soon, I could be working from home in Scotland and selling American bonds overseas. It could be a reality.
My boss asked me last week why I wasn't taking Series 7 first, as that's the normal thing to do. I told him that I was smart like that. He smiled but didn't understand. I explained, "If I take Series 7 I am worth more, but if I take Series 66 first, I'll be priceless. Someone will sponsor me to take Series 7; they'd be stupid not to." He smiled again and said "You're right. Let's do this." The plan is working -- baby steps.
Photo Credit: Momentrix.com
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