Latest NASAA Exam Updates

Kaplan Financial Education

On February 6, 2023, the North American Securities Administrators Association (NASAA) announced changes to three exams. The Series 63, 65, and 66 exams will have updated content coverage and topic weightings for any exam administered on or after June 12, 2023.

More information about preparing for the Series 63 Exam Prep
More information about preparing for the Series 65 Exam Prep
More information about preparing for the Series 66 Exam Prep

Series 63, Series 65, and Series 66 Exam Weight Changes

Below are the current exam weights for each topic and what the new topic weights will be after the changes are made on or after June 12, 2023.

Series 63 Exam Topic Weight Changes

Curriculum Topic	Current Topic Weight and Number of Questions	New Topic Weight and Number of Questions
Regulation of Investment Advisers Including State-Registered and Federal	5%, 3	5%, 3
Regulation of Investment Adviser Representatives	5%, 3	5%, 3
Regulation of Broker-Dealers	15%, 9	12%, 7
Regulation of Agents of Broker-Dealers	15%, 9	13%, 8
Regulation of Securities and Issuers	5%, 3	9%, 5
Remedies and Administrative Provisions	10%, 6	11%, 7
Communication with Customers and Prospects	20%, 12	20%, 12
Ethical Practices and Obligations	25%, 15	25%, 15

Series 65 Exam Topic Weight Changes

Curriculum Topic	Current Topic Weight and Number of Questions	New Topic Weight and Number of Questions
Economic Factors and Business Information	15%, 20	No Changes
Investment Vehicle Characteristics	25%, 32	No Changes
Client Investment Recommendations and Strategies	30%, 39	No Changes
Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices	30%, 39	No Changes

Series 66 Exam Topic Weight Changes

Curriculum Topic	Current Topic Weight and Number of Questions	New Topic Weight and Number of Questions
Economic Factors and Business Information	5%, 5	8%, 8
Investment Vehicle Characteristics	20%, 20	17%, 17
Client/Customer Investment Recommendations and Strategies	30%, 30	30%, 30
Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices	45%, 45	45%, 45

Series 63, 65, and 66 Exam Question Changes

The total number of questions on the Series 63, 65, and 66 exams are not changing. For each of the three exams, the number of questions will remain the same.

Exam Content Outline Changes on Series 63, 65, and 66 Exams

The content outline is not changing for the Series 65 exam. The structure will be very similar for the Series 63 and Series 66 exams.

Content Outline Updates for Series 63 Exam

For the Series 63 exam, Regulation of Broker-Dealers (2) and Regulation of Agents (1) have 3 fewer questions but there are 2 more on Regulation of Securities and Issuers and 1 more on Remedies and Administrative Provisions.

Content Outline Updates for Series 66 Exam

For the Series 66 exam, Economics and Business Information has been increased from 5 to 8 questions. Correspondingly, Investment Vehicle Characteristics has been reduced from 20 to 17 questions.

Score Changes To Series 63, 65, and 66 Exams

The Series 63 and Series 66 will not have any scoring updates. The Series 65 will be updated to require candidates to submit 92 correct answers instead of 94 in order to receive a new passing score of 70%, reduced from 72%.

Content Updates To Series 63, 65, and 66 Exams

There are no changes to the content in the Series 63 exam. The Series 65 and Series 66 exams will have additional material, as well as updates for recent regulatory changes in the Secure Act 2.0. Most of the additions will be identical with two exceptions.

Added to the Series 66 exam is Business Continuation and Succession which, up until now, has been only in the Series 65.
The portion on Investment Vehicle Characteristics for the Series 66 now contains information about many of the topics covered in the Series 65. For example, ADRs and the different types of preferred stock will be tested. Money market instruments and incentive and nonqualified employee stock options are also testable.

Summary of Content Additions to Series 65 and 66 Exams

Predominantly, the additional material reflects changes in the advisory world.

Special purpose acquisition companies (SPACs)/blind pools/blank check companies
Non-liquid REITs
Digital assets (distinction, characteristics, and risks; securities, currencies, and assets)
As part of the client profile, values including environmental, social, and governance (ESG) and religious criteria
Government benefit implications (e.g. income related monthly adjustment amounts)
Donor advised funds
Recommendations meeting a standard of care (essentially, Regulation BI)
Payment for order flow and distinguishing between introducing and clearing broker-dealers
Continuing education requirements for IARs
Exploitation of vulnerable adults

Summary of Content Deletions to Series 65 and 66 Exams

Some examples of what is being deleted from the Series 65 and 66 content are:

viatical/life settlements
investment real estate
dark pools

How Kaplan is Responding to NASAA Exam Changes

Kaplan will release addendums to current Series 65 and 66 material to cover all new content in Student Dashboards under Updates/Corrections by June 1. No addendum will be needed for the changes to the Series 63, as the current study materials have full topic coverage. On June 12, we will transition our SecuritiesPro^TM QBank, simulated exams, and practice exams to reflect the new test weights and covered content.

Frequently Asked Questions About NASAA Exam Changes

Below are common questions we receive about how Kaplan responds to NASAA exam changes.

If I take the exam before June 12 and do not pass, will my retake exam include the new material or the material covered on my initial test?

From June 12 on, any exam administered, whether a first attempt or a retake, will follow the new content and structure.

After the changeover, will NASAA make available the questions from the previous question bank?

NASAA, like FINRA, never releases retired questions. Questions on the few areas deleted from the content outlines will no longer be used on securities exams.

How To Ask More Questions About NASAA Exam Changes

If you are a current user of one of our study packages and have any content questions along the way, just send us an email through InstructorLink located on your homepage.

If you are not a current user of one of our study packages contact our support or service teams, by calling 877.731.5061.

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