FINRA Series 6 – Investment Company and Variable Contracts Products Representative Practice Exam
FINRA Series 6 – Investment Company and Variable Contracts Products Representative
About Investment Company and Variable Contracts Products Representative Certification
The Series 6 exam — the Investment Company and Variable Contracts Products Representative Qualification Examination (IR) — assesses the competency of an entry-level representative to perform their job as an investment company and variable contracts products representative.
The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of an investment company and variable contract products representative, including sales of mutual funds and variable annuities.
Who should take the exam?
The Series 6 exam seeks to measure the degree to which each candidate possesses the knowledge, skills, and abilities needed to perform the critical functions of an Investment Company and Variable Contracts Products Representative. To obtain registration as an Investment Company and Variable Contracts Products Representative, candidates must pass both the Series 6 exam and a general knowledge co-requisite, the Securities Industry Essentials (SIE) exam.
Course Structure
The FINRA Series 6 – Investment Company and Variable Contracts Products Representative Exam covers the following topics-
Domain 1 - Understanding to seek Business for the Broker-Dealer from Customers and Potential Customers (24% )
- Learn to contact current and potential customers in person and by telephone, mail, and electronic means
- Learn to develop promotional and advertising materials and look for approvals to distribute marketing materials
- Learn about investment products and services to current and potential customers with the intent of soliciting business
Domain 2 - Understanding how to open accounts after obtaining and evaluating Customers’ Financial Profiles and Investment Objectives (16% )
- Learn to inform customers of the types of accounts and their appropriateness and provide disclosures regarding various account types and restrictions
- Learn about updating customer information and documentation, including required legal documents, and identify and escalate suspicious activity
- Learn about making reasonable efforts to obtain customer investment profile information including, but not limited to, the customer's other security holdings, financial situation and needs, tax status, and investment objectives
- learning supervisory approvals required to open accounts
Domain 3 - Understanding to provide Customers with Information about Investments, Makes Suitable Recommendations, Transfers Assets, and Maintains Appropriate Records (50%)
- Learn about providing customers with information about investment strategies, risks, and rewards, and communicate relevant market, investment, and research data to customers
- Learn about reviewing and analyzing customers' investment profiles and product options to determine suitable investment recommendations
- Learn about providing appropriate disclosures regarding investment products and their characteristics, risks, services, and expenses
- Learn about communicating with customers about account information, process requests and retain documentation
Domain 4 - Understanding to verify Customers’ Purchase and Sales Instructions; Processes, Completes and Confirms Transactions 10%
- Learn about providing current quotes
- Learn about processing and confirm customers’ transactions under regulatory requirements and inform customers of delivery obligations and settlement procedures
- Learn about Informing the appropriate supervisor and assisting in the resolution of discrepancies, disputes, errors, and complaints
Exam Pattern
- Exam Name: Investment Company and Variable Contracts Products Representative
- Number of Questions: 50 Questions
- Length of Time: 90 minutes
- Passing Score: 70 (on a scale of 0 to 100)
- Exam Language English
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