Financial Advisor Series 4

Question 1

Which co-requisite exam must be completed alongside or before the Series 57 to be fully licensed as a Securities Trader?

Accepted Answer

SIE (Securities Industry Essentials)

Answer

All FINRA representative-level qualifications now require the SIE (Securities Industry Essentials) exam as a co-requisite.

Question 2

What is the total number of questions on the Series 65 exam?

Accepted Answer

130

Answer

The Series 65 consists of 130 questions (125 scored + 5 unscored pretest questions) with a 180-minute time limit.

Question 3

An investment adviser representative (IAR) in most states can waive the Series 65 requirement by holding which professional designations?

Accepted Answer

CFP, CFA, or CPA (active)

Answer

Most states waive the Series 65 requirement for individuals holding active CFP, CFA, CPA, ChFC, CLU, or PFS designations.

Question 4

The Series 7 exam was restructured in 2018 to become a 'top-off' exam. What does this mean?

Accepted Answer

Candidates must first pass the SIE before taking the Series 7

Answer

The 2018 restructuring created the SIE as a prerequisite baseline exam; the Series 7 became a 'top-off' that builds on SIE knowledge.

Question 5

Which Series exam qualifies a person to act as a municipal securities representative?

Accepted Answer

Series 52

Answer

The Series 52 (Municipal Securities Representative) qualifies individuals to engage in the purchase and sale of municipal securities.

Financial Advisor Practice Test