Series 65 Tutor
The Series 65 exam is a difficult exam that qualifies an individual to be an investment adviser representative. It can be challenging for someone without investment experience or an academic background in finance to be successful on this test. It is not unusual for someone to seek our help after failing the series 65 exam multiple times. In order to be successful on the exam, you need to have an advanced understanding of investments and portfolio management. This is where a Series 65 Tutor with academic as well as hands on experience can help you. The owner of this company worked as an investment analyst and managed portfolios for companies like Merrill Lynch Investment Managers and Wachovia Bank (Now Wells Fargo)
Many students are unsure as to which exam to sit for; the Series 65 or Series 66. Conventional wisdom suggests that the level of difficulty is the same for the Series 65 and Series 66. While it is true that the questions might be of comparable difficulty, the passing scores are not the same. You need a 75% to pass the Series 66 while you need a 72% to pass the Series 65. Three points does not seem like a lot but that margin could be the difference between passing and failing the Series 66. It is not unusual to score in the the low to mid 70's on the Series 66. These are challenging exams and as a result, very few people, score in the 90s on these exams! You might also want to consider your strengths and weaknesses in terms of the content. On the Series 66, there is greater emphasis on the laws and regulations compared to the Series 65. The Series 65 has a greater emphasis on investment topics. Lastly, you should consider getting a Series 66 or Series 65 Tutor.
The difficulty level for the Series 65 Exam is comparable to that of the Series 7 Exam but some students find the 65 especially challenging. Do the people taking the Series 65 Exam have less experience than those taking the Series 7 Exam? Actually, the opposite is probably true. Then, what is the deal here? There are a few factors that work against the Series 65 test takers but most importantly, they don't have as much motivation to pass the test compared to people taking the Series 7 Exam. For many people taking the Series 7 Exam, they need to pass( sometimes on the first try) to stay employed. Series 65 test takers don't usually have this issue. Students taking the Series 65 Exam need to find the motivation to study and should approach the test as if their job is on the line. This is where a Series 65 Tutor can very helpful. Not only will the tutor help you understand difficult concepts but at the same time, a Series 65 Tutor can help motivate student to study.
There are some very complicated formulas that are covered on the Series 65 and Series 66 Exams. Without a background in finance, it might be difficult to calculate the net present value (NPV) or the internal rate of return (IRR) of a project. Then there is the capital asset pricing model (Er = rf + b(rm-rf) and a few other challenging ones such as modified duration. Well, the good news is that the probability of having to calculate something like NPV is very low. I can teach you how to do it but we would likely be wasting our time. The calculator you get to use is very limited. You cannot even raise a number to a power! Much more importantly, you need to know how to identify stuff. In other words, you need to know the hows, the whens and the whys of these formulas.
Series 65 Exam Students should make sure they are familiar the changes to the Private Adviser Exemption, especially at the Federal level. There is also a state level model rule that address the issues. Here is some background and a summary of some of the changes at the Federal level
Advisers to private funds largely avoided registering with the SEC because of an exemption that applies to advisers with fewer than 15 clients – Each Fund counted as a client. This broad exemption was eliminated.
Exemptions were added but they are more targeted and are listed below:
- Advisers to venture capital funds.
- Advisers to private funds with less than $150 million in assets under management in the U.S.
- foreign advisers without a place of business in the US and fewer than 15 clients and private fund investors and less than $25 million in assets under management from US clients and private fund investors