Economics and business
- Fed tools: open market operations, discount rate, reserve requirements
- Normal yield curve slopes up; inverted can signal recession
- Current ratio = current assets ÷ current liabilities
Investment vehicles
- Bond prices and yields move in opposite directions
- Open-end funds redeem at NAV; ETFs trade intraday
- Variable annuities are securities; fixed annuities are not
Recommendations and strategies
- Know the client: objectives, risk tolerance, time horizon, liquidity, taxes
- Beta measures market risk; standard deviation measures total risk
- Strategic allocation sets long-term targets; rebalance back to them
Laws and ethics
- Advisers owe clients a fiduciary duty
- Performance fees generally only for qualified clients
- Disclose conflicts; get consent for principal and agency cross trades
Test yourself on Series 65
Reading a summary is the easy part. Take the free 10-question diagnostic to see which of these domains you actually have, then drill the rest.