I have a STC book my company gave me and it has the 2004 numbers for all the retirement plans. I know there was a major change in late 2006, so should I know the old rules or the new ones?
Also, I’m getting at least 90% on all practice exams and understand the options in the book very well. The only thing I have trouble with is remembering some details like all the exemptions for rule 2790. Is the exam that detailed?
The exam is not that detailed regarding retirement plans and IRS rules and regs. In fact not much is covered at all in this area.
Basically the exam is an arcane test the focusses on rules regarding options, client communication and suitability. You’ll find that you’ll only need about 10% of it in your daily job if you will be working for a major brokerage house.