NASAA to Allow 5-Year Breaks for Brokers, IARs

While all eligible individuals can enroll in the program, the program “will only be recognized when an individual reenters the industry and registers in states that have adopted the program,” NASAA explained. Only Minnesota has adopted the rule for BDs; several states are currently in the adoption process for BDs, IARs or both, NASAA says.

NASAA is also developing a similar program for investment adviser representatives to extend their NASAA qualification exam (IAR EVEP), the Series 65, with enrollments beginning later this year, the group said.

“To extend both parts of the Series 66 exam, an individual must enroll in both programs, AG EVEP and IAR EVEP, to extend both Series 63 and Series 65 Credits, if applicable,” NASAA said.

Series 65 Passing Score

Meanwhile, the Series 65 passing score was updated on June 12 “in response to a job analysis project that was performed last year,” Jennifer Lerner, Regulatory Services Specialist at NASAA, told ThinkAdvisor. “Candidates must now answer 92 out of 130 questions correct to earn a passing score.”

The passing score, Lerner stated, “is 92 out of 130 and not simply a 70%,” as explained in NASAA’s Exam FAQ:

Why did I receive a “fail” on my Series 65 exam even though I scored a 70%?

The passing grade for the Series 65 exam is not 70% and is not calculated as a percentage.  Candidates must answer 92 out of 130 questions correct to earn a passing grade on the Series 65 exam.