Achievable FINRA and NASAA exam dump sheets updated for 2024

When preparing for a FINRA or NASAA exam, “dump sheets” can be a big help. If you’ve never heard of them, dump sheets are study sheets you can memorize and recreate while sitting for the actual test. Of course, you can’t bring the sheet into the exam room, but you can write it out from memory onto your notepad when the test begins.

A dump sheet serves as a personalized reference guide, containing key formulas, concepts, or definitions that are most critical for your exam. This simple tool isn’t essential for success, but many test-takers find it invaluable for calming nerves and ensuring they have a quick go-to resource during the exam. And before the exam, dump sheets serve as a truncated note card that you can use to memorize key information. Here’s how dump sheets work, and why you might consider incorporating them into your study routine.

The science behind “dump sheets”

One of the main benefits of a dump sheet is psychological. Sitting for a big exam can be intimidating and having a dump sheet committed to memory helps alleviate the feeling of being overwhelmed. A dump sheet allows you to have the essentials at your fingertips, literally.

More importantly, the act of using a dump sheet can reinforce learning. Studies on memory and learning have long demonstrated that retrieving information from memory significantly boosts long-term retention. By memorizing and rewriting key information, you are actively engaging your brain in retrieving and organizing knowledge, thereby strengthening those neural pathways for test day.

How to use a dump sheet to study

Start by highlighting concepts and definitions you struggle with on paper or jotting them down. Summarizing and writing repetition force you to memorize complex topics in their simplest forms, enhancing retention. When studying, regularly refer to the dump sheet to reinforce your understanding and quickly identify areas on which to focus. Before exams, periodically rewrite the sheet from memory to further strengthen recall, making the material easier to retrieve under pressure.

How to use a dump sheet during the exam

Once you have committed your dump sheet to memory, you can quickly recreate it at the beginning of your exam. Most exams allow a few minutes for initial instructions or note-taking, and this is the perfect time to write out your dump sheet on your scratch paper or notepad. Now, instead of worrying about recalling key formulas or concepts under pressure, you have your reference guide at hand, leaving your brain free to focus on solving the actual problems.

Why these dump sheets work:

• Simplify complex concepts: Easy-to-understand explanations make options trading, tax calculations, and market orders crystal clear.
• Perfect for memorization: Review, memorize, and recreate this dump sheet during your exam for a quick, reliable reference.
• Boost confidence: Know you’re walking into the exam prepared to tackle any question with this tried-and-tested tool.

Achievable FINRA and NASAA exam dump sheets

Here are the links to printable and downloadable PDFs of Achievable’s FINRA and NASAA exam dump sheets, updated for 2024:

• General information: FINRA SIE; Series 7; Series 65/66
• Regulators, laws, and rules: FINRA SIE/6/7
• Product suitability: Series 6/7; Series 65/66
• State laws and regulations: Series 63/65/66
• Federal laws, regulations, ethics, and customer accounts: Series 65/66

For more details about what is in each dump sheet, read on.

General information dump sheet

Achievable’s expertly crafted FINRA SIE, Series 7, and Series 65/66 general information dump sheets have helped over 95% of test takers pass their exams with ease. These powerful study tools cover all the essential information you need to succeed without feeling overwhelmed. Perfectly designed to reinforce your learning and calm your test-day nerves, they break down complex topics into simple, digestible pieces.

What you’ll learn:

• Options strategies simplified: Nail down long/short call and put strategies, complete with max gain, max loss, and break-even points.
• Key financial formulas: Memorize must-know formulas like Current Yield (CY), Yield to Worst, and Mutual Fund NAV and POP calculations.
• Critical dividend dates: Master the important dividend dates (Declaration, Ex-Dividend, Record, Payable) and settlement timelines.
• Tax basics and income types: Grasp the differences between earned income, portfolio income, and passive income to ace those tricky questions.

Key regulations at a glance:

• Securities Act of 1933 (Primary Market)
• Securities Exchange Act of 1934 (Secondary Market)
• Investment Company Act of 1940 (Mutual Funds and UITs)

Regulators, laws, and rules dump sheet

Achievable’s FINRA SIE and Series 6/7 dump sheet is more comprehensive, and it’s the next step on your path to success. It is packed with all the essential regulations, laws, and rules you need to know, from the SEC’s role in protecting investors to FINRA’s disclosure and registration requirements. This sheet breaks down complex topics into easy-to-understand summaries.

What you’ll get:

• All major securities acts: Including the Securities Act of 1933, the Securities Exchange Act of 1934, and the Insider Trading Act of 1988, explained simply.
• Critical FINRA rules: Everything you need on Form U4 disclosures, registration processes, and disciplinary actions, right at your fingertips.
• Key compliance guidelines: From recordkeeping requirements to outside business activity rules, you’ll have the confidence to tackle any question that comes your way.

Product suitability dump sheet

Achievable’s product suitability dump sheet is designed to streamline your study process by breaking down complex financial products, risks, and investment strategies into easy-to-understand sections. Whether you’re aiming to master common and preferred stocks, bonds, mutual funds, or ETFs, this dump sheet will help you confidently tackle exam questions and ace your licensing exams.

1. Simplified product breakdown

• Common stock: Know exactly what it means to own equity, and how capital appreciation, dividends, and risks like market and inflation can impact your investment strategy. Perfect for young, aggressive investors!
• Growth vs. value stocks: Learn how to differentiate high-growth companies with potential from established, dividend-paying value stocks.

2. Master debt securities and mutual funds easily

Get clear on corporate bonds, municipal bonds, and U.S. government securities. Whether it’s interest income, default risk, or call features, you’ll have everything memorized in no time.

Our breakdown of interest rate, inflation, and liquidity risks makes it easy to know what matters for older, conservative investors or those seeking reliable income. Our sheet makes it simple to understand the difference between actively managed and passively managed funds. Learn when NAV matters, how sales charges affect your investments, and why some funds try to “beat the market” while others “match” it.

3. Critical definitions

• Preferred stocks and beyond: Learn about fixed dividend rates, convertibility, and callability with easy-to-remember points on liquidity and business risks.
• Government and municipal bonds simplified: Understand how Treasury bills, notes, and bonds work, alongside tax-exempt municipal bonds that can save high-tax investors big bucks. We break it down, so you don’t have to.
• Investment companies and ETFs: Get an instant handle on mutual funds, unit investment trusts (UITs), and exchange-traded funds (ETFs). Whether it’s diversification, leverage, or index tracking, we’ve got you covered with just the right amount of detail.
• Types of funds at your fingertips: From growth and income funds to specialized sector funds, our sheet clearly outlines which funds are best for different investor needs and risk tolerances.

State laws and regulations dump sheet

Navigating state laws and regulations is a critical part of preparing for the FINRA/NASAA exams. Our dump sheet simplifies this complex information, providing everything you need to understand broker-dealers, investment advisers, agents, state administrators, and more. With this guide, you’ll master the rules governing securities, exemptions, and penalties, helping you pass your exams with ease and confidence.

1. Key definitions and roles simplified

• Understand the distinctions between broker-dealers, investment advisers, and agents, including their responsibilities, registration forms (Form BD, ADV, U4, and U5), and exclusions from registration.
• Grasp the nuances of investment adviser representatives (IARs) and how they interact with state and federal-covered advisers.

2. Registration and exemptions made clear

• Learn the vacation rule, institution rule, and de minimis rule, which dictate when professionals and firms need to register based on client locations and transactions.
• Understand the exemptions for federally covered advisers, who handle large accounts or operate across multiple states.

3. State administrators and enforcement

Our dump sheet breaks down the role of state administrators in the registration and regulation of both individuals and securities. Learn how they enforce securities law, handle fraud, and impose penalties, such as the “5-5-3 rule” for criminal violations.

4. Securities and transaction exemptions

Master the exemptions for securities, including government, bank, insurance, and private placements, and understand how exempt transactions (like unsolicited, fiduciary, and debt-related transactions) differ from regular sales.

5. Registration methods

Get the scoop on the three main registration methods: notice filing, coordination, and qualification. Learn when each method applies and how securities can be registered at the federal and state levels.

Federal laws, regulations, ethics, and customer accounts dump sheet

Navigating federal laws, regulations, ethics, and account types is essential for passing the FINRA/NASAA exams. Our dump sheet breaks down key legislative acts, trading rules, ethical guidelines, and various account types, ensuring you have a clear understanding of complex securities regulations. With our detailed guide, you’ll be equipped to tackle any exam question with confidence.

• Securities Act of 1933: Focuses on the primary market and requires issuers to disclose information via a prospectus. Learn about the 20-day cooling-off period, prohibited activities, and exemptions like government securities and Regulation D private placements.
• Securities Exchange Act of 1934: Regulates the secondary market and governs securities trading and market participants. Understand prohibited actions like market manipulation, including schemes like “pump and dump,” and penalties for breaking these rules.
• Investment Advisers Act of 1940: Defines federally covered advisers and their SEC registration requirements. We explain exemptions for specific advisers, unique rules, and the penalties outlined in the 5-10-5 rule for criminal violations.
• Ethical standards and compensation: Understand ethical guidelines for broker-dealers, investment advisers, and agents when using testimonials, ensuring proper disclosures, and managing conflicts of interest. You’ll also learn about permissible forms of compensation, such as wrap fee programs and soft dollar compensation.
• Unethical actions to avoid: This section covers practices to steer clear of, including churning, unsuitable recommendations, excessive fees, and market manipulation. Learn how to avoid actions like selling away, failing to deliver a prospectus, and improper handling of client assets.
• Account types explained: Master the intricacies of individual and joint accounts, including TOD (transfer on death), WROS (joint with rights of survivorship), and TIC (tenants in common). You’ll also understand the fiduciary responsibilities in accounts like custodial, discretionary, and fiduciary accounts.

You don’t need dump sheets, but they can be very helpful

It’s important to note that while dump sheets can be helpful, they aren’t a requirement for success. You may never use one and still perform exceptionally well. However, many test-takers report that creating dump sheets helped calm their nerves during high-pressure situations. The act of memorizing and writing out this information can serve as a mental warm-up, helping you “get into the zone” and approach the test with confidence.

Additionally, the practice of writing out key information ahead of time can aid in committing these formulas and topics to long-term memory. Even if you don’t need to recreate your dump sheet during the test, the process of building it reinforces your understanding and mastery of the material. Whether or not you decide to use this technique, the key is to tailor your approach to what works best for your learning style and the demands of your exam. At the end of the day, a well-prepared mind is your greatest asset.

Tyler York

17 Oct 2024, 10 min read