After 2 months of preparation with a readiness score of 99%, I took the Series 63 this afternoon and, unfortunately, I failed by 4 points (39/60).
21 out of 33 correct in “State and Federal Securities Acts and related rules and regulations”
18 out of 27 correct in “Communications with customers and prospects; Ethical practices and obligations.”
Very close but this one stings! I did see a question or two on “Selling Away” and “Frontrunning” but got a wonky question on PFAs. Despite my readiness score, I think what killed me is that I didn’t re-read the material and focused on practice tests after practice tests (27 total).
I am back to the drawing board but I’d love any advice you may have. Wish me luck as I plan to retake it!
IMO, the S63 is one of the hardest exams since it’s so short and nuanced. Every question basically counts more, and tricks in the wording can really drag you down.
I agree with your approach to focus on rereading sections of the material. Because the S63 content is comparatively thin, you’ll get better returns focusing on the reading material than drilling practice exams for this one.
Thanks so much! You’re right — the questions and sentences are super nuanced and complex. Not a biggie but I even saw several questions with the phrase “state securities administrator.” I had to reread the question to make sure they’re simply talking about “state administrators.”
Oh well — I’ll take a break and pick it up on Monday.
Also — there was a question on what’s considered a security and one of the answers included the phrase “indebtedness.” Indebtedness? Is that simply another word for debt securities?
It sounds like it might have been referencing a Certificate of Indebtedness?
As you probably guessed, it’s a general term for many debt securities, in which the issuer must pay back principal plus interest within a specified time frame.
That’s right – it was “a certificate of indebtedness.” I thought so and guessed correctly! I wonder – after taking the SIE, is this a common trait with the test writers for NASAA to throw in legalese language into the mix? I imagine that “debt securities” would’ve been too simple of an answer (or “state administrator” instead of “securities state administrator”) but I suppose would another approach to retaking the test is to “think like a lawyer”?
We have varied language throughout our course to expose you to as much as possible, but yeah, unfortunately, there are an endless number of ways they can refer to the concepts.
We’ve met many of the FINRA/NASAA regulators, and despite how it might seem, they’re not trying to be tricky with the language, and actually want people with the knowledge to pass. But, they are regulators in a very formal industry, so their writing tends to be very stiff and verbose.
Moreso than “think like a lawyer,” I’d suggest you “think like a regulator.” Questions are designed to test a certain learning objective, and if you can “think beyond the question” and get a sense of what they’re trying to see if you understand, the way they ask it will start to make more sense.