Test specifications and scoring changes go into effect in June.

WASHINGTON, D.C. – (March 8, 2023) – The North American Securities Administrators Association (NASAA) announced today a planned change to the passing score for its Series 65 examination and updates to the content for the Series 63, Series 65, and Series 66 examinations.

NASAA’s Exams Advisory Committee, with the assistance of Prometric, a leading test development company, undertook a more than year-long review of each examination’s content and scoring, incorporating the feedback received by industry participants and regulators. As a result of this content review, NASAA will be updating the test specifications for each of its examinations to better reflect the knowledge needed by broker-dealer agents and investment adviser representatives in today’s ever-changing financial industry.

“This analysis was a detailed process that is extremely important to maintaining the integrity and relevancy of state securities exams. I am pleased with the outcome and look forward to the June implementation,” says Elizabeth Bowling, Chair of NASAA Exams Advisory Committee and Tennessee Department of Commerce and Insurance’s Assistant Commissioner, Securities Division.

The committee recently analyzed the new test specifications to determine what adjustments, if any, are needed when the new specifications go into effect. As a result of this work, the current passing scores will remain the same for the Series 63 and Series 66 examinations. Currently, to pass the Series 63, candidates must answer 43 of the 60 questions correctly, and at least 73 questions out of the 100 on the Series 66.

The passing score of the Series 65 examination will be revised to require at least 92 out of 130 questions are answered correctly. This change would lower the current passing score from 94 out of 130.

The test specifications for each examination have been updated; however, the content of the examinations has not dramatically shifted. New topic areas were added while others were modified or deemphasized. The new test specifications can be found here.

NASAA will implement the new test specifications and scoring changes beginning June 12, 2023.


About NASAA:

Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of the securities regulators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, the 13 provincial and territorial securities regulators in Canada, and the securities regulator in México. For more information, visit www.nasaa.org.

For More Information:

Fred Baldassaro, Director of Communications
fbaldassaro@nasaa.org | 202-737-0900

Karen Grajales, Communications and Investor Outreach Manager
kgrajales@nasaa.org  | 202-737-0900

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