Financial and operations positions at an NASD firm usually require the Series 27 license. There are several areas and departments of a brokerage firm. People looking to become brokers will usually need to take the series 6 or series 7. Supervisors of brokers or sales people may need the series 24.
This examination is governed by the Financial Industry Regulatory Authority (FINRA) for the North American Securities Administrators Association (NASAA). Once you pass this test, you can trade securities in whichever state you wish. This test consists of 65 questions that need to be completed in no more than 75 minutes. All of them are in multiple choice format. As of January 2010, a minimum passing score of 72 % has been set. It is anything but necessary, that candidates must prepare exhaustively before they sit for this test. This article will focus on the main steps towards the series 63 test prep.
This generally will mean that all owners and associated persons of a Forex investment firm will need to provide proof to the NFA that they meet the minimum proficiency requirements.
Test Breakdown -The Series 27 covers several main topic areas, they include:
Balance sheet and net capital.This section will cover computing a firm's net capital, understanding the rules and minimums of keeping minimum net capital, and understanding the balance sheet. It will also test the candidate on the effects of loans and securities on net capital and its effect on the balance sheet. This is the area that covers the most math on the test.
Reporting -This area of the Series 27 includes purchases and sales of securities, transfer of securities, customer settlements and confirmations, and other items that require record keeping and reporting.
Administrative provisions: The remaining 10% questions are based on this topic.
Margin Accounts -A fairly large section of the Series 27 deals with lending of money and securities in margin accounts. The margin section will cover market values, equity, debit balance, SMA, hypothecation and the markets effect on margin accounts. There is some math in this section. You need to know basic calculation and the rules associated with margin accounts. Federal Reserve Board and NYSE margin rules are covered in this section.
Since years, many people have worked on this and as a result a productive approach has been formulated. It will be extremely beneficial if one prepares summary or short notes on all the topics covered by him. There is no point if you forget what you have studied so painstakingly. This is where your notes will help. You can also make small cards and brief the key concepts and terms on them, in the form of bulleted points or lists. A brief look will be enough for refreshing your memory.
That is, applicants will want to read some sort of study guide and will want to drill practice questions. It is also a good idea to make flashcards for increased study opportunities.
This examination is governed by the Financial Industry Regulatory Authority (FINRA) for the North American Securities Administrators Association (NASAA). Once you pass this test, you can trade securities in whichever state you wish. This test consists of 65 questions that need to be completed in no more than 75 minutes. All of them are in multiple choice format. As of January 2010, a minimum passing score of 72 % has been set. It is anything but necessary, that candidates must prepare exhaustively before they sit for this test. This article will focus on the main steps towards the series 63 test prep.
This generally will mean that all owners and associated persons of a Forex investment firm will need to provide proof to the NFA that they meet the minimum proficiency requirements.
Test Breakdown -The Series 27 covers several main topic areas, they include:
Balance sheet and net capital.This section will cover computing a firm's net capital, understanding the rules and minimums of keeping minimum net capital, and understanding the balance sheet. It will also test the candidate on the effects of loans and securities on net capital and its effect on the balance sheet. This is the area that covers the most math on the test.
Reporting -This area of the Series 27 includes purchases and sales of securities, transfer of securities, customer settlements and confirmations, and other items that require record keeping and reporting.
Administrative provisions: The remaining 10% questions are based on this topic.
Margin Accounts -A fairly large section of the Series 27 deals with lending of money and securities in margin accounts. The margin section will cover market values, equity, debit balance, SMA, hypothecation and the markets effect on margin accounts. There is some math in this section. You need to know basic calculation and the rules associated with margin accounts. Federal Reserve Board and NYSE margin rules are covered in this section.
Since years, many people have worked on this and as a result a productive approach has been formulated. It will be extremely beneficial if one prepares summary or short notes on all the topics covered by him. There is no point if you forget what you have studied so painstakingly. This is where your notes will help. You can also make small cards and brief the key concepts and terms on them, in the form of bulleted points or lists. A brief look will be enough for refreshing your memory.
That is, applicants will want to read some sort of study guide and will want to drill practice questions. It is also a good idea to make flashcards for increased study opportunities.
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You can visit here for more details: FINRA Series 27 Exam Guide and FINRA Series 28 Exam Guide
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