Study for the Series 6 Exam

The Series 6 Exam content is wide ranging, and includes knowledge of required disclosures about investment products and their characteristics, risks, services and expenses. For example, the Series 6 Exam covers the various cost and fees associated with investments such as markups, commissions, net transaction and fees of various share classes. FINRA's Test Specifications for the Series 6  Exam discuss these fees and expenses in Section 3.3. Bob Eder in his Study for the Series 6 Exam covers these fees and expenses in detail. Here is an example of Bob Eder's treatment: Asset-Based Charges (3.2) If a mutual fund has an asset-based charge under Section 12b-1 of the Investment Company Act of 1940, and uses the fees generated to pay for the maintenance of shareholder accounts ("service fees"), the maximum sales charge, including front-end and deferred sales charges, cannot exceed 6.25 percent of the amount invested. FINRA Rule on 12b-1 Charges (3.2) FINRA restricts

The Series 6 Exam asks questions about gift and estate taxes, including the annual gift limit, the lifetime exclusion, and the taxations of securities received as a gift or by inheritance. How do I know this? I know that there are tax questions on the Series 6 because FINRA publishes Content Outline for the Series 6 that list these tax considerations in Section 3.3. Bob Eder in his Study for the Series 6 Exam presents a detailed discussion of gift and estate taxes in Chapter 8. Here is a sample of Bob Eder's discussion and treatment: Unification of Estate and Gift Exemption (3.3) When talking about the $12.92 million life time exclusion, we must remember that this amount applies to not only the size of one's estate but also to the amount of gifts that a person gives during his or her lifetime that exceed the exempted amount. Currently, for tax year 2023, a taxpayer may give up to $17,000 per year to another person without having to pay tax on this amount. This amount does no