Todd Talk: 2023 Changes to IAR CE Requirements

Todd Rosenfeld, Chief Learning Officer at STC, discusses 2023 changes to continuing education (CE) requirements for investment advisor representatives (IARs).

If you’re registered as an investment advisor representative (IAR), you’ll want to be aware of your CE requirements. Some changes went into effect for 2023. Here are those updates:

  • New IAR CE Requirements in 8 States – As you may know, in 2022 there were three states that approved IAR CE: Vermont, Maryland and Mississippi. I’m excited to say that in 2023 another eight states have been added: Arkansas, Kentucky, Michigan, Oklahoma, Oregon, South Carolina, Washington D.C. and Wisconsin, making a total of eleven states that require IAR CE.
  • Changes to the Minimum Passing Score – In 2022 the minimum passing score was 100%. You needed to answer all ten questions correctly in order to receive credit, and you had an unlimited number of attempts. In 2023 and going forward, the passing score has been reduced to 70%. You need to score at least seven of the ten questions correctly, and you get three attempts in order to receive the 70%. If you do not pass with 70% in three attempts, you’re automatically reenrolled, and you get another three attempts. You have to go through the course again, and that’s the disadvantage.STC has a unique feature of automatically reenrolling if you do not pass in the first three attempts. If you get a question wrong there are explanations that will help you review, so when you take the test the second or third time, you’ll have a better idea of what the correct answer is. That’s pretty exciting news, very well received by the industry.
  • IAR CE in 2024 – Lastly, it’s important to note that if any states approve IAR CE in 2023, those requirements will not be effective until 2024.

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