Hey there, and welcome to our informative read on Series 6 study guide.
This is the third article in our Series 6 study series.
Find study guides for the thriteen chapters covered in the four functions of the investment company and variable contracts products representative tested in the Series 6 exam.
When done reading, you’ll have learned about tips to help you make the most of the Series 6 study guide and why it’s important to use the guide.
In brief, we’ll discuss:
- Tips to make the most of Series 6 study guide
- Importance of using a Series 6 study guide
Let’s get started right away.
Other free series 6 study materials:
- Series 6 exam prep
- Series 6 study plan
- Series 6 study guide
- Series 6 practice exam
- Series 6 flashcards
- Series 6 cheat sheet
- Series 6 Exam FAQ
- Best Series 6 study materials
While prepping for the Series 6 exam, it’s best to use a content outline.
FINRA provides an excellent one that includes the various sections the Series 6 exam will follow which you can find here.
Module 1 | Finding business for a broker-dealer from both potential and current customers
While many registered representatives will be handed customers by the firms they work for, in some cases, they may need to find new customers too.
Or, in the case of existing clients, it’s important that they identify other areas where the client may want to invest.
That’s the basis of what’s covered in this module.
- 1.1 Reaching out to current and potential customers
- 1.2 Describing products/services and the market to customers
Module 2: Opening a customer account after securing and assessing both their financial background and their objectives for investment
In this module, we will mainly be focusing on customer accounts, both in terms of the various types there are and their restrictions.
We will also be looking at customer documentation, their circumstances when it comes to the suitability of products, and the recommendations a registered representative makes.
- 2.1 Provides information about the different account types
- 2.2 Secures customer information/documentation and looks out for suspicious activity
- 2.3 Tries to secure investment profile information regarding the customer
- 2.4 Opening accounts and the supervisory approval necessary to do so
Module 3: Gives customers investment information, provides recommendations, keeps suitable records, transfers assets
In Module 3, we look at the processes that follow once a registered representative has found out all the information they need from a new customer.
This includes providing them with information related to investment strategies, providing various data, studying their current investment profiles, disclosing information on the various products, and then keeping records as well as dealing with customer queries.
- 3.1 Give customers details regarding strategies for investment
- 3.2 Studies and scrutinizes the investment profiles of customers to understand suitability standards and make recommendations
- 3.3 Highlights various disclosures to customers about investment products
- 3.4 Keeps customer records, provides them with information about their accounts
Module 4: Acquire and confirm purchase and sale directives from customers; executes and confirms transactions
We move on to the final module we look at a number of subjects dealing with customers and transactions.
- 4.1 Gives current quotes
- 4.2 Confirmation for customer transactions in line with all regulatory requirements
- 4.3 Informs the appropriate supervisor and assists in resolutions
Tips to Make the Most of Series 6 Study Guide
The Series 6 exam has 55 test questions.
To pass this exam, you must score at least 35 out of the 50 scored questions.
Using the Series 6 study guide will help you work towards the passing score.
So, how can you make the most of the guide?
You are about to find out.
Read the Source Provided by the Exam Prep Course Provider
Most test prep providers provide their own textbooks for FINRA exams.
So, when studying for the Series 6 exam, it’s crucial to read the source text before delving into the study guide.
A study guide acts as a map that points you to the important areas you need to internalize.
It supplements the source text and is not meant to be used alone.
Pinpoint Knowledge Gaps
A study guide helps you identify the knowledge gaps.
As you review each chapter, you’ll better understand the key concepts and determine the areas you need to focus on more.
This way, you can review the chapters repeatedly and go through the source text again and again for a deeper understanding.
Further, the internet is an excellent platform for researching more information.
Review the Chapter Summaries Alongside the Source
Another excellent strategy is to read each chapter of the source alongside the chapter review in the Series 6 study guide.
At the end of each chapter, take a break to reflect on what you’ve learned.
The important points will stick better because any information you might have missed in the source you’ll find in the study guide.
This way, you can build a more comprehensive understanding of the ideas in each chapter.
Note Down Sections that Stood Out
While a study guide compresses all the important information, it’s still important to highlight the information that stands out while reading.
You can write the points that caught your attention or simply highlight them.
Revisit these sections often, especially when the exam is around the corner.
Making notes helps you learn more about the sections you don’t understand.
You can do more research on them and add that information to your notes.
Use with Other Study Resources
A study guide works best when used with study resources.
In the case of Series 6, there are several study materials that will come in handy to make the most of the study guide.
Many test prep providers have question banks with dozens of questions to help you cover the exam topics.
You can also leverage Series 6 flashcards and the exam practice questions.
The study guide is the best way to revise after taking Series 6 practice exams.
It’s straight to the point.
The best Series 6 prep course providers have an array of resources you can use together with the study guide.
So, be sure to inquire about the Series 6 study materials available when purchasing a self-study package or online class sessions.
Importance of Using Series 6 Study Guide
Our FINRA Series 6 study guide will help you prepare for the exam in many ways.
Here is a breakdown of how you stand to benefit if you use our free Series 6 study guide.
Better Understand the Exam Content
A study guide summarizes key points of the coursework.
It makes it easy to identify the important areas likely to be tested in the exam.
Since it’s a summary, the content takes on new meaning, unlike when you are reading directly from a textbook.
The same goes for our Series 6 study guide.
We’ve summarized the chapters tested in the exam to give you a comprehensive overview of the key elements in the Series 6 exam study materials.
This way, you can better understand the exam coverage.
Retain and Remember Information Long Term
Reading a textbook gives you a rough overview of the Series 6 exam, but you’ll barely grasp the important concepts.
The study guide, on the other hand, makes it easier to process the information and internalize concepts.
Since the information is summarized, you can review it repeatedly.
Further, revisiting the information in the guide is easier than in the prep course textbook.
Compress the Information You Need to Learn
Of course, reading the Series 6 study guide cannot replace reading the entire text.
However, it distills important information and makes it easy for you to learn.
You don’t need to fumble looking for key points.
The important information that would take ages to identify in the whole text is already summed up in an easy-to-understand way.
Builds Your Confidence
Nothing boosts confidence when preparing for exams than mastery of the exam content.
And a Series 6 study guide helps you do just that.
When you have a deeper understanding of the content, you’ll feel more confident to take the Series 6 qualification exam.
Next Step for Studying for the Series 6 Exam
That’s all for today.
We hope our Series 6 study guide will help you prepare adequately for the exam.
You can leverage our other Series 6 study resources and use them together for the best results.
All our study resources are free.
All the best in your Series 6 exam test preparation.
Series 6 FAQs
Which test is harder, SIE or Series 6?
The securities industry essentials exam and Series 6 exam have almost the same difficulty level. These securities exam content are digestible. These FINRA Series exams require between 40-60 hours of test preparation. You need to put extra effort into passing the Series 6 and SIE exam.
How hard is the Series 6 exam?
The Series 6 exam is fairly difficult. The exam pass rate is 58%. To pass on the first attempt, start your exam test prep early. Purchase the Series 6 prep course and make the most of the study materials. Commit to at least 40 hours of studying.
What is Series 6?
Series 6 or the Investment Company/Variable Contracts Products Limited Representative exam is a securities licensing exam designed for financial securities professionals interested in selling:
– Certain types of mutual funds
– Municipal fund securities
– Variable annuities
– Unit Investment trusts
– Variable life insurance
Is the Series 6 exam hard?
Series 6 exam is particularly difficult for individuals who the exam is their first introduction to the securities industry field. That means test-takers must start exam prep in good time. Those who’ve taken the other securities exam may find it bearable. So, they may not need as much prep time.
How to get a Series 6 license?
Here is a step-by-step process:
– Take the SIE exam and pass
– Get sponsorship from an SRO or FINRA member firm. You have to work for a firm first.
– Take and pass the Series 6 exam
– Register your Series 6 license
How many chapters to study for the Series 6 exam?
Series 6 exam is broken down into the following functions.
– Developing business opportunities for the broker/dealer
– Opening customer accounts
– Providing information, making recommendations, transferring assets, and maintaining customer records
– Obtaining, verifying, and confirming customer transactions
The FINRA website has the content outline of the actual exam.
How fast can you study for Series 6?
It takes 40-60 hours to prepare for the Series 6 exam. You can take less than 40 hours if you’ve taken other Financial Industry Regulatory Authority qualification exams. Further, the time can be shorter if you have experience in the securities industry.
How do I start studying for Series 6?
– Review Series 6 content outline
– Create or download the Series 6 study plan
– Take enough time to study
– Leverage Series 6 study materials such as flashcards, a study calendar, and a study guide.
– Use practice exams and Series 6 practice tests to enhance your learning
How many questions is the Series 6 test?
The Series 6 exam has 55 multiple-choice questions. Five of these questions are not scored. That means you have 50 scored questions, and you must get at least 35 questions correct to pass. Answer the Series 6 exam questions to the best of your ability.
Do I need to study for the Series 6 exam?
You need to study for the Series 6 exam to have any chance of passing it. The passing score is 70%. And only 59% of test-takers pass on the first try. To pass, you must have a clear plan to review the exam content thoroughly before exam day.
What does Series 6 allow you to do?
The Series 6 exam allows you to sell:
– Variable annuities
– Municipal fund securities
– Unit investment trust
– Variable life insurance
– Certain types of mutual funds.
The main drawback of the Series 6 license is you can’t sell exchange-traded funds.
What are the differences between Series 6 and Series 7?
The Series 7 exam allows registered representatives to sell a wide range of products compared to the Series 6 exam. Series 7 license holders can sell life insurance products, real estate, futures, and commodities. With a Series 6 license, you can sell variable life insurance, municipal fund securities, and UITs.
What is the Series 6 exam about?
The Series 6 exam is an entry-level exam that tests representatives on their competency in investment company and variable contracts products representative job functions, responsibilities, and daily activities. FINRA Series 6 license allows one to sell limited financial products such as variable life insurance and municipal fund securities.
What are some common mistakes made on the Series 6?
Some of the mistakes that test-takers make include:
– Not reading the question fully to properly understand what is asked
– Failing to plan the exam time well
– Failing to review the exam questions once one is done
– Panicking when the exam gets tough