PDF Version DemoFINRA Series6 Exam Overview:
| Certification Vendor: | FINRA |
| Exam Name: | Investment Company and Variable Contracts Products Representative Qualification Examination (IR) |
| Exam Number: | Series 6 |
| Real Exam Qty: | 55 (50 scored + 5 unscored pretest) |
| Available Languages: | English |
| Passing Score: | 70% |
| Exam Duration: | 90 minutes |
| Exam Format: | Multiple-choice |
| Certificate Validity Period: | Valid while associated with a FINRA member firm and completing continuing education |
| Exam Price: | $100 USD |
| Related Certifications: | Securities Industry Essentials (SIE) Series 63 Series 66 Series 7 |
| Recommended Training: | FINRA Official Content Outline |
| Exam Registration: | Prometric Scheduling FINRA Series 6 Registration |
| Sample Questions: | FINRA Series6 Sample Questions |
| Exam Way: | Computer-based testing at authorized Prometric test centers |
| Pre Condition: | Must be sponsored by a FINRA member firm; corequisite: pass the Securities Industry Essentials (SIE) exam |
| Official Syllabus URL: | https://www.finra.org/registration-exams-ce/qualification-exams/series6 |
FINRA Series6 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Seeks Business for the Broker-dealer from Customers and Potential Customers | 24% | - Communications with the public and regulatory rules - Prospecting and identifying customer needs - Advertising and sales literature regulations - Telemarketing and solicitation rules |
| Topic 2: Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives | 16% | - Anti-money laundering (AML) and compliance - Financial profile and investment objectives assessment - Customer identification and verification - Account types and registration |
| Topic 3: Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records | 50% | - Investment company products: mutual funds, UITs, closed-end funds - Variable contracts: variable annuities, variable life insurance - Retirement plans and 529 savings plans - Product features, risks, costs, and tax considerations - Recordkeeping and disclosure requirements - Suitability rules and recommendations |
| Topic 4: Obtains and Verifies Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions | 10% | - Order entry and processing procedures - Payment and settlement processes - Trade confirmations and account statements - Error resolution and correction procedures |
FINRA Investment Company and Variable Contracts Products Representative Examination (IR) Sample Questions:
1. Which of the following relationships regarding shares of common stock are necessarily true?
I. shares outstanding > issued shares
II. authorized shares >= issued shares
III. issued shares = treasury shares
IV. issued shares >= shares outstanding
A) II and IV only
B) II, III, and IV only
C) I and II only
D) I, II, and III only
2. Andy and Annie Raggedy own their own graphics art business that they operate out of their home and,
happily, generate enough income to meet their current needs. The couple is planning on having children
in the not too distant future, however, and they want to start putting money aside for their children's
college education and also want to start saving for retirement more aggressively. Which of the following
describes one of their primary investment objectives?
A) preservation of capital
B) current income
C) tax-exempt income
D) capital appreciation
3. Tex Payor is an investor in the Invest4U Mutual Fund. The manager of the fund, fearing a substantial
decline in the stock market, sold a lot of the fund's holdings to lock in profits. As a result, the fund earned a
lot of long-term capital gain income. Which of the following statements is true regarding the tax treatment
of this income?
A) Tex must pay taxes only on dividend income distributed by Invest4U.The mutual fund itself pays tax on
any capital gains it earns.
B) None of the above is a true statement.
C) Tex must pay taxes on that portion of the long-term capital gain income that Invest4U distributes to
him.
D) Tex must pay taxes on his proportionate share of the long-term capital gain income earned by Invest4U,
whether distributed or not.
4. Which of the following retirement plans requires the employer to match employee contributions in
accordance with specific guidelines?
A) SIMPLE IRAs
B) 401(k) plans
C) Section 457 plans
D) both A and B
5. Which of the following steps in the underwriting process will occur last?
A) A red herring prospectus is circulated to the public.
B) The selling group is organized.
C) The public offering price is set.
D) The underwriting syndicate is formed.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: C |
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