How NASAA Exam Outlines Are Created
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
How NASAA Exam Outlines Are Created
Published on finra-exam-mastery.com
📋 What Is NASAA and Why Its Exam Outlines Matter
The North American Securities Administrators Association (NASAA) is the body responsible for developing and maintaining the Series 63, Series 65, and Series 66 exams. These outlines serve as the official blueprints for what test-takers need to know to become licensed securities professionals at the state level.
🛠️ How NASAA Builds Its Exam Outlines
- Job Task Analysis (JTA)
NASAA begins by conducting a Job Task Analysis, which involves surveying professionals across the industry to understand what knowledge, skills, and tasks are essential to the roles being licensed.
✔️ Input from investment adviser representatives, broker-dealer agents, compliance officers, and regulators
✔️ Reflects real-world responsibilities and day-to-day functions - Subject Matter Expert (SME) Panels
Groups of industry experts and regulators form panels to analyze the data from the JTA.
✔️ They define key content areas (e.g., ethics, client recommendations, regulatory framework)
✔️ Each topic is assigned a weight based on how critical it is in practice - Drafting the Outline
NASAA’s Education and Testing Committee creates a structured outline with:
✔️ Broad content categories
✔️ Detailed subtopics
✔️ Realistic test question formats and examples
✔️ Focus on both knowledge and application - Public and Industry Feedback
Before finalizing, NASAA may seek feedback from:
- State securities regulators
- FINRA representatives
- Broker-dealer and advisory firms
- Industry educators
This helps ensure fairness, clarity, and relevance to current regulatory practices.
- Ongoing Review and Updates
NASAA reviews its outlines every few years—or sooner if market conditions or laws change. For example:
- Digital assets and cryptocurrency regulation
- Changes to fiduciary rules or exemptions
- Implementation of new federal acts (e.g., SECURE Act 2.0)
📘 Why It Matters to You as a Test-Taker
✔️ The exam outline determines exactly what is tested
✔️ It shapes your study priorities
✔️ It ensures the exam reflects current industry standards
✔️ It gives transparency to what’s required for licensure
🎯 Use the Outline as a Study Map
Always download the most recent version of the NASAA outline before you begin preparing. Treat it as your study contract—every bullet point is fair game for exam day.
🔗 Access official outlines and aligned study plans at finra-exam-mastery.com and prepare with purpose.