About this free resource
advisortrain.com is provided by Parsonex Enterprises, Inc. as a free educational tool for individuals preparing for financial services licensing examinations. The practice questions, study materials, and other content on this site have been compiled from various sources and are intended solely for educational and exam-preparation purposes.
How we write, check and source these questions is set out in How these questions are made below.
This site is independent.
advisortrain.com is not affiliated with, endorsed by, or sponsored by FINRA, NASAA, the CFA Institute, the CFP Board, The American College of Financial Services, or any other credentialing body. Names of specific examinations are used solely to identify the exam being studied for.
No guarantee of exam performance.
Success on any examination depends on the individual’s preparation, and use of this site does not guarantee a passing score or professional certification.
Not professional advice.
Content on this site is educational in nature and does not constitute legal, tax, investment, insurance, or financial advice. Users should consult qualified professionals for advice specific to their situation.
Users are responsible for their own preparation.
advisortrain.com is a supplemental study tool. Users should also refer to official exam materials published by the applicable exam sponsor (including FINRA test specifications, the CFP Board’s exam blueprint, the CFA Institute’s curriculum, and The American College’s course materials) for authoritative content and current exam specifications.
How these questions are made
Many of the questions and explanations on this site are first drafted with AI. None of them is published until a person reviews and approves it, and every approval is recorded and kept.
Drafting
Draft questions are written to the official content outline for each exam. Before anyone reviews a draft, it is checked automatically for formatting problems, near duplicates of existing questions, and explanations that disagree with the answer key.
Checks before a question goes live
A separate AI model that did not write the question answers it from the question and choices alone. If it picks a different answer, or if a second choice could also be defended, the question goes to a person to decide. A second check reads each explanation against the answer key. These checks flag questions for review and never change a question by themselves.
Sources
Where an official source states the rule behind an answer, it is linked under the explanation. Sources are limited to federal law and regulations, regulators and self-regulatory organizations such as the SEC, FINRA, NASAA, the MSRB and the IRS, and the published standards of the credential bodies. Prep books, wikis and other practice sites are never used as sources.
Some questions link only to the exam's official content outline, which shows where the topic sits on the exam but does not prove the answer. A question that rests on a formula or on judgment may have no public source, and then none is shown.
Exam details
Exam facts such as format, length and passing score come from the exam sponsor's official pages. Where a figure could not be confirmed on an official page, it is left out.
Question counts
The number of questions shown for each exam is rounded down from the number of approved questions that exam serves, so the real number is always at least what you see.
Corrections
Every question has a Report a problem button. Reports go to a reviewer. When three different learners report the same question as wrong or out of date, it stops being shown until a reviewer checks it. A corrected question goes through the same review and approval before it returns.
What this site is not
Advisor Train is not affiliated with FINRA, NASAA, the CFP Board, CFA Institute or The American College. Always check the official materials for current exam rules.
How guides and explanations are checked
Every rule, fee and date in a guide or explanation links the FINRA, NASAA or SEC page it comes from. Those pages are rechecked, and each guide and explanation shows the date they were last checked.
Figures on the learn pages, such as bond prices and option payoffs, are calculated by code and checked by automated tests.