Tips for Passing the Series 6 Exam

The Series 6 is a securities license entitling the holder to register as a company's representative and sell certain types of mutual funds, variable annuities, and insurance. Holders of the Series 6 license are not authorized to sell corporate or municipal securities, direct participation programs, and options. With Series 6, an individual can purchase or sell certain types of mutual funds, variable life insurance, municipal fund securities, variable annuities, and unit investment trusts.

As you begin your study and preparation for the Series 6, be aware of two things:

The Series 6 exam is administered by the Financial Industry Regulatory Authority, better known as FINRA (Formerly NASD's).

The official name of the Series 6 is the Investment Company/Variable Contracts Products Limited Representative Qualification Exam, and it is used to qualify financial professionals seeking registration to transact in certain types of investment trusts, mutual funds, variable annuities, and insurance. Holders of the Series 6 license are not authorized to sell corporate or municipal securities, direct participation programs, and options (for this you would need the Series 7).

Simply put, a person who wishes to become a registered representative (RR) and sell mutual funds, unit investment trusts (UITs), variable annuities, or variable life insurance must pass the Series 6 exam. A Series 6 RR cannot sell closed-end funds except at their IPO (a prospectus offering).

The Series 6 exam is now heavily oriented toward professional interactions with customers and divided into four main topic sections. The exam must be completed within 90 minutes and contains 50 questions (there are also 5 experimental questions that will appear on the exam, which are ungraded, for a total of 55 questions. Test takers will not know which ones these are). The passing score is 70%.

There are no prerequisites for the exam, but the Securities Industry Essentials (SIE) exam is a co-requisite for Series 6.

Scratch paper, pencils, and calculators are made available to candidates at the testing center.

The Series 6 exam has 50 multiple-choice questions broken up into the four major topic areas, each concerned about the main functions of an RR:

Because there are 50 questions (plus 5 additional experimental questions) on the exam and just an hour-and-a-half to complete them all, candidates have just over one minute and a half to complete each question. Therefore, candidates should carefully budget their time.

Series 6 candidates will normally encounter several questions on the exam that are long and wordy. These are situation-type questions and can take quite a bit of time to work through and answer. Although it is easy to get wrapped up in these questions, you should remember that the simple questions count just as much as those that are long and complex.

A good strategy, therefore, might be to flag a question—the computer program at your testing center will allow you to do this—that will take more time. That way, you can go back and work on answering it after you've finished the test. Choose the questions that you flag carefully: you won't want to do it for 30 questions in a row!

Those who have recently taken the exam report that the structure of the questions is a "bell curve." That is, the first question and the last question on the exam are quite simple. The level of difficulty increases until one is past the midway point, then drops off steadily until the end. Be aware that this is likely to be your experience and don't let the increasingly complex questions frustrate you. Press on. Easier questions will be on the way.

The majority of those who take the Series 6 report that they had time remaining after answering all the questions. If this also happens to you, finish the exam, wait for the congratulatory message, smile and go on about your life! Don't go back and change answers! Statistically, when you change answers, you're wrong most of the time. If you must guess, your first guess is usually the best.

To help increase your speed in answering questions, do many practice questions. As you do the questions, keep track of your progress by noting your weakest topics If you are not performing well—especially in those areas that have a significant number of questions—you'll need to review the subject matter more closely.

When you go to the testing center, be sure to arrive early. After you've signed in and put your personal effects in a locker, you'll be given scratch paper, pencils and a calculator to use during the exam.

You will normally only need to use the calculator two or three times during the whole session. The current test is much less a mathematical exercise than it was several years ago. You must, however, be aware of the basic formulas for mutual funds. The database has a number of questions that require a candidate to recognize the formulas, although you won't have to use them to do computations.

The scratch paper is another matter. Before you start the exam, make all the notes you need on the scratch paper. One of the most useful tools is the teeter-totter illustrating the yields on discount and premium bonds. You may be able to use these to simplify answering several questions. Anything else that you want to use as you take the exam should be on your scratch paper before you start the exam.

Licensees must fulfill continuing education (CE) requirements and receive sponsorship from a FINRA registered company to keep their Series 6 licenses.

FINRA’s continuing education program includes two elements: a regulatory element and a firm element. On the regulatory side, FINRA requires licensees to complete a computer-based training session within 120 days of the second anniversary of registration. FINRA also requires a computer-based training session every three years after that. The firm element requires broker-dealers to establish and maintain a continuing education program.

If you follow the advice we've outlined here, you will be well on your way to passing your upcoming exam. To ensure you are at your best, go to bed early the night before the exam and do not try cram in study time immediately before your test. Relax as much as possible and go into the exam confident that you'll pass the first time. Remember: 70% is a passing score—an A. 71% is an A+!

10 Questions to Ask a Financial Advisor

Before you commit to a financial planner, you want to make sure you’re hiring the best person for you and your situation. Start by asking yourself a key question, then check out the 10 questions you should ask an advisor before hiring one.\

First, what type of financial help are you looking for?

1. I just need to get started investing for my financial goals: A robo-advisor may be the best fit if you're just starting out or only need investment management. For a low fee, these computer-based services choose and manage an investment portfolio for you. Some also offer access to financial advisors if you have questions about your investments or your goals. Robo-advisors often have low or no account minimums, so it's easy to get started.

2. I want personalized financial advice but don't need to meet my advisor in person. There are many services that offer online financial planning for less than you'd pay a traditional in-personal financial advisor or financial consultant. These companies provide complete investment management and holistic financial planning; the major difference is that you'll meet your advisor virtually — by phone or video chat — rather than in a local office. Most services pair you with a dedicated advisor or certified financial planner; some less-expensive options offer access to a team of advisors.

3. I want a local advisor or a wider array of financial advice: On the other hand, if you want in-person financial planning or have a more complex situation, you may decide a traditional financial advisor near you is the right choice.

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10 questions to ask financial advisors

If you think exploring a relationship with a traditional financial advisor is the right move, be sure to ask these 10 questions during the interview process.

1. Are you a fiduciary?

A fiduciary works in the best interest of the client and only recommends investments that are the best fit. Nonfiduciaries, such as broker-dealers, need only to recommend products that are “suitable” — even if they're not the lowest-cost or most ideal for you.

2. How do you get paid?

Advisors can use a variety of fee structures. To keep it simple and avoid conflicts of interest, consider focusing on fee-only advisors. They don’t get commissions for selling products.

"Make sure it’s fee-only — those particular words," says Alice Finn, founder of PowerHouse Assets and author of "Smart Women Love Money," a guide to investing. (Some of the questions here are from her book.)

Fee-only advisors might charge a percentage of the assets they manage for you (1% is common), a flat fee for services, or an hourly fee. If cost is a concern, you may want to go with a low-fee robo-advisor, or an online planning service like those mentioned above.

3. What are my all-in costs?

In addition to paying the advisor, you’ll face other fees — and you'll want to know what they are. Fees can reduce your savings over time. "You can lose half your net worth without even knowing it," Finn says. "You want to be vigilant."

4. What are your qualifications?

Financial professionals can have a confusing list of initials behind their names. And whether a finance professional goes by "investment advisor" or has a certified financial planner designation, it's your job to vet them. The Financial Industry Regulatory Authority's professional designations database will tell you what they mean; if there are any education requirements; if anyone accredits the designation; whether there's a published list of disciplinary actions; and if you can check professional status. [0]

You can also use a Form ADV to check an advisor's record.

5. How will their relationship work?

Put another way: How much access will you have to the advisor? You want to know how often you’ll meet and whether they're available for phone calls or emails outside of scheduled appointments. (Learn more about what financial advisors do and what you can expect from the relationship.)

6. What's your investment philosophy?

It’s important to know whether you have the same investment management philosophy. Here’s why: “You have to believe in what they’re doing to stick with it,” Finn says. “When financial advisors really do their job is when the market is down and they can convince you to stick to the same page,” she says, so you don’t sell at the bottom of a market cycle.

It's also important to make sure you and your advisor align on investment style. For example, if impact investing is important to you, you may want to ask whether your advisor will be able to help you create a portfolio that aligns with your values.

Also ask: Who are your typical clients? Find an advisor who is used to a situation like yours, and is able to help you meet your goals.

7. What asset allocation will you use?

You’ve heard how important it is to be diversified, right? Your asset allocation is how you create a diversified portfolio.

“It drives most of your returns,” Finn says.

“You don’t want someone who is just going to pick U.S. large-company stocks,” she says.

She says your portfolio should include domestic and international stocks, and small-, mid- and large-cap companies.

8. What investment benchmarks do you use?

Advisors should use benchmarks that directly relate to what they’re invested in, or be able to explain why they don’t.

Some managers will use a “straw-man benchmark,” Finn says. For example, the advisor says: “My goal is to beat the Standard & Poor's 500.” But if that advisor is investing in a diversified portfolio beyond simply large-cap U.S. companies, that benchmark is a mismatch.

“Over time, they should beat the S&P 500, because they’re taking on more risk,” Finn says.

9. Who is your custodian?

Ideally, your financial advisor has hired an independent custodian, such as a brokerage, to hold your investments, rather than act as their own custodian. That provides an important safety check.

“If I send my clients performance information … and it tells them how much I say is in their account, they can go online any minute and double-check,” Finn says.

10. What tax hit do I face if I invest with you?

This helps ensure the advisor has your tax bill in mind when making financial decisions. And asking about taxes and fees is a way to explore what your estimated net return might be.

“What you want to know is: What do you get to keep after fees and after taxes?” Finn says.

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How To Pass The ASWB Exam To Become A Licensed Social Worker

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Social work licensing practices vary widely by state. Some states require entry-level and generalist social workers to pass an exam and earn licensure. In other states, you only need a license to become a licensed clinical social worker (LCSW) and provide psychotherapy services.

In many states, social work licensure at any level requires you to pass an exam administered by the Association of Social Work Boards (ASWB). The ASWB exam is a nationally recognized exam that evaluates your comprehension of human behavior and development.

If you’re a social work major or considering pivoting into the human services field, read on to discover how to prepare for, take and pass the ASWB licensure exam—with or without a social work degree.

ASWB is a nonprofit organization comprising all of the state social work regulatory boards in the United States and Canada. This body regulates the social work profession and administers the licensure exam that evaluates prospective social workers’ ethics and expertise. Passing the ASWB exam is the final step to earning a social work license in many states.

ASWB offers five exam categories—associate, bachelor’s, master’s, advanced generalist and clinical—each tailored to a specific education and experience level. A candidate’s exam category determines their title and scope of practice post-licensure.

Within a four-hour window, ASWB exam-takers must answer questions concerning:

All ASWB exam categories contain 170 questions on human development and behavior, but question types may vary among categories. For example, the associate and bachelor’s exams lean more heavily on recall questions than other exam categories, which feature larger proportions of reasoning questions.

Each exam category may lead to a different level of social work licensure depending on your state’s licensing processes. Not all states offer all five categories of the ASWB exam.

This category offers a licensure pathway for applicants who want to practice social work without earning a four-year degree in the field. In most cases, associate-level social workers can only practice under supervision.

A handful of states offer this licensing pathway: South Dakota, Michigan, Ohio, New Hampshire and Massachusetts. Only South Dakota, New Hampshire and Massachusetts require associate-level social workers to pass the associate ASWB exam.

Registration for the associate ASWB exam category costs $230.

The ASWB bachelor’s exam, which also costs $230, evaluates your generalist understanding of social work practices and ethics. You must hold a bachelor’s degree in social work from an accredited college to sit for this exam category.

The bachelor’s category features the same questions as the associate category.

Passing the bachelor’s exam qualifies you to become a non-clinical baccalaureate social worker. Exact titles vary among states; in Oregon, these professionals are called registered baccalaureate social workers, while North Carolina calls them certified social workers.

In most cases, social workers at this level interview clients, manage cases, conduct research and advocate for social justice. Depending on the state, they may only be able to practice autonomously after gaining supervised work experience post-licensure.

The ASWB master’s category requires a master of social work (MSW) and usually qualifies applicants for the licensed master social worker (LMSW) credential. Again, the exact title may vary by state—Indiana calls these professionals licensed social workers, for example.

The master’s-level exam tests your foundational understanding of the social work field and evaluates your application of specialized skills gained during their MSW program. Licensees know how to apply advanced practice skills and specialized knowledge in their roles.

LMSWs can drive social change and justice for various communities. In some states, they can provide clinical therapy with oversight from an LCSW. The registration fee for this ASWB exam category is $230.

The advanced generalist category is tailored to prospective LMSWs who aspire to work in macro-level roles. This means working with large populations, such as entire states and countries. The advanced generalist ASWB exam indicates a desire to work with public policy, state or national campaigns, or other government initiatives.

To sit for the advanced generalist ASWB exam, you must hold a master’s degree in social work plus two years of nonclinical professional experience.

With a fee of $260, test takers can prove their expertise in social justice, public policy and administration, and public welfare to their state licensing boards.

The minimum requirements for this ASWB category include an MSW and two years of clinical experience. The clinical ASWB test serves prospective social workers who want to provide mental health services in clinical settings.

LCSWs (who may work under different titles, depending on where they practice) provide psychotherapy services to prevent, diagnose and treat mental illnesses. Through individual or group therapy, these professionals help people struggling with emotional distress.

Clinical social workers practice independently in various settings, including hospitals, schools, psychiatric facilities and social service agencies. Registering for the clinical ASWB exam category costs $260.

First, you must get your state board’s approval to register for the ASWB exam. Approval processes differ depending on the state where you want to practice.

Typical requirements vary by state and license level but may include college transcripts, a license application fee and proof of supervised experience, which you can send to the board via email or fax. Some states may also require you to provide fingerprints and undergo a background check.

Once you receive approval from your state social work board, you must register for the appropriate ASWB licensure exam, either online, via mail or by fax. Registration costs between $230 and $260, depending on your exam category.

If your registration is successful, you’ll receive an “authorization to test” email from ASWB.

Pearson VUE provides testing centers for licensure applicants nationwide. You can schedule, cancel and reschedule exam appointments with Pearson VUE through the testing authorization email.

The ASWB exam is a four-hour, computer-based test comprising 170 multiple-choice questions that test your expertise and decision-making skills as a social worker.

Exam questions cover various content areas and competencies you should have covered during your degree program. You may also find knowledge, skills and abilities statements resembling real-life situations that require critical thinking. To pass the licensure exam, you must answer about 100 out of the 150 questions correctly.

Although self-study is necessary to pass professional exams, practice tests can help you prepare better. By taking a mock test, you can identify loopholes in your study plan, learn the testing software, understand your strengths and areas for improvement, and prepare for complex questions.

After you register for your exam, ASWB offers a 30-day window to take a practice test for an additional $85. Practice exams exist for all categories except the advanced generalist exam.

Other test prep resources offer free practice tests, but ASWB warns against those resources because their content may be misleading.

ASWB enforces several security measures on test day to ensure a reliable exam process. Prepare to present two photo IDs and sign a confidentiality agreement.

Pearson VUE test centers are fitted with surveillance tools to detect exam malpractice. Test center personnel may also walk through the room at intervals.

You cannot enter the testing center with personal items, but you will receive erasable note boards, markers and other necessary materials from the test center personnel. You must return the items after the exam or risk invalidating your score.

The testing equipment should look like a typical computer setup. Test administrators may provide a short on-screen tutorial to help you navigate the software.

Upon completing the licensure exam, you’ll receive an unofficial score report at the test center indicating your performance. ASWB will then send the official score report to your state’s social work board two weeks after the exam.

Note that your scores cannot be altered at any point, so all you can do is wait for your state board to contact you or go ahead with other state-specific requirements. This may take anywhere from two weeks to a month.

If you fail the licensure exam, you can retake it after 90 days.

The ASWB exam stands for the Association of Social Work Boards examination. This test determines whether a candidate is fit to practice social work at their desired licensure level.

A recent ASWB report showed that 75.8% of first-time test takers passed the clinical exam category in 2021. The master’s and bachelor’s categories had pass rates of 73% and 68.7%, respectively.

Specific passing score thresholds on the ASWB exam may vary with each passing year. ASWB recommends that testers correctly answer 90 to 107 of the graded questions to pass the licensure exam.