FINRA exam concepts
Detailed breakdown of topics covered on various FINRA exams
Successfully preparing for a FINRA or NASAA exam involves meticulously preparing for seemingly endless questions on dozens of testable concepts. Within each concept, hundreds of test points can exist. Many test takers begin their studies with little-to-no understanding of the broad topics their exam covers. The uncertainty can manifest in frustration and test anxiety, neither of which are productive for studying.
Good news - Achievable has you covered! Our programs provide industry-best preparation tools for securities licensing exams, and we've also created a visual guide for the topics covered on each exam. You'll find a list of 30 common testable concepts and their relevant "testability." We've color-coded each concept to reflect a range between non-testable and heavily tested.
Topic weighting on various FINRA exams
Empty
Lightly tested
Moderately tested
Heavily tested
Topic
SIE
Series 6
Series 7
Series 63
Series 65
Series 66
Equity securities
Debt securities
Investment companies
Alternative pooled investments
Non-option derivatives
Basic option strategies
Advanced option strategies
Tax considerations
Primary market
Secondary market
Broker-dealers
Investment advisers
Fundamental analysis
Technical analysis
Economic policies
Discounted cash flow
Capital market theory
Customer accounts
Margin accounts
Advanced margin
Client profiles
Suitability
Retirement plans
Education plans
Insurance products
FINRA rules
MSRB rules
SEC rules
Blue sky (state) laws
Securities laws & ethics
Topic descriptions
Topic
Description
Equity securities
Characteristics of equity securities including common and preferred stock
Debt securities
Characteristics of debt securities including corporate, municipal, and US government securities
Investment companies
Characteristics of investment company securities including mutual funds, closed-end funds, ETFs, and UITs
Alternative pooled investments
Characteristics of alternative pooled investments including DPPs, REITs, and hedge funds
Non-option derivatives
Characteristics of non-option derivatives including rights, warrants, futures, and forwards
Basic option strategies
Characteristics and strategies involving call and put option contracts
Advanced option strategies
Advanced option strategies including hedging, income, straddles, and spreads
Tax considerations
Tax consequences, equivalent yields, and strategies for minimizing taxation
Primary market
Participants, regulations, and process of issuing securities in the primary market
Secondary market
Participants, regulations, and structure of the secondary market
Broker-dealers
The role of broker-dealers in the securities markets and relevant regulations
Investment advisers
The role of investment advisers in the securities markets and relevant regulations
Fundamental analysis
Analyzing an issuer's financial strength through analysis of balance sheets, income statements, and cash flow statements
Technical analysis
Predicting a security's future price movements based on analysis of past market trends
Economic policies
Factors influencing the economy, including monetary and fiscal policy
Discounted cash flow
Discounting future income streams to present value to determine security valuations
Capital market theory
Utilizing modern forms of analysis to determine security valuations
Customer accounts
Understanding brokerage accounts, registrations, and the roles of account participants
Margin accounts
Basic principles and strategies involving investing borrowed assets in margin accounts
Advanced margin
Advanced principles and strategies involving investing borrowed assets in margin accounts
Client profiles
Understanding client backgrounds, investment objectives, and risk tolerance
Suitability
Recommending securities to clients based on their profiles, goals, and circumstances
Retirement plans
Characteristics of qualified and non-qualified retirement plans
Education plans
Characteristics of education plans including 529 plans and Coverdell ESAs
Insurance products
Characteristics of life insurance and annuity insurance products
FINRA rules
FINRA rules impacting firms and registered representatives across the securities markets
MSRB rules
MSRB rules impacting firms and registered representatives across the municipal securities markets
SEC rules
SEC rules impacting firms and registered representatives across the securities markets
Blue sky (state) laws
State laws and regulations impacting firms and registered representatives across the securities markets
Securities laws & ethics
Ethical considerations and legal impacts relating to firms, registered representatives, and their clients
Frequently asked questions
Do I need to buy the Series 63 program if I already have access to the Series 65 or 66 programs?
We recommend you buy the program for each exam you plan on taking. You could possibly avoid buying the Series 63 program if you've bought our Series 65 or 66 programs and cost cutting is a priority, but it's not optimal. The 63 tests state (blue sky) laws and regulations, which is a unit of the 65 and 66. There is no material covered on the 63 that isn't also covered on the 65 and 66.
However, each exam tests material in different weightings. For example, the 65 and 66 heavily test investment adviser businesses, while the 63 heavily tests broker-dealer businesses. We've crafted the final exams for each program to provide the closest possible representation of the exam. A person using the 65 or 66 programs to prepare for the 63 will not have access to practice exams that resemble the actual Series 63 exam.
Do I need to buy the Series 65 program if I already have access to the Series 66 program (or vice versa)?
If cost is a significant concern, the Series 65 program can be used to prepare for the Series 66 (or vice versa), but it's not optimal.
There's a great deal of common ground on these two exams - roughly 95-98% of the material overlaps. However, some concepts only appear on one of the exams. In particular, the Series 65 covers economic principles, business factors, and some options strategies that are not on the Series 66. Additionally, each exam presents a different number of questions - 130 on the Series 65 and 100 on the Series 66. Each exam tests the material in different weightings as well. For example, the Series 65 allocates 30% of its exam to laws and regulations, while the Series 66 allocates 45% to this unit. Therefore, practice exams on one program will not closely resemble the other exam.
Does the Series 7 include all the material of the Series 6? What does the 6 cover that the 7 doesn't?
Virtually all Series 6 test concepts overlap with the Series 7. The 6 tends to go further in depth on investment companies and insurance products, but the 7 covers many more test concepts than the 6.