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Series 66 Exam Overview

The Series 66, officially called the Uniform Combined State Law Examination, is designed to qualify individuals as both securities agents and investment adviser representatives. Developed by the North American Securities Administrators Association (NASAA) and administered by FINRA, it combines the regulatory coverage of the Series 63 and Series 65 into a single exam. Candidates must also hold the Series 7 license to use the Series 66 for registration purposes.

Exam Format and Key Facts

• Number of questions: 110 (100 scored, 10 unscored)
• Time allowed: 150 minutes (2 hours, 30 minutes)
• Passing score: 73% (73 out of 100 scored questions)
• Question type: Multiple-choice
• Cost: $177
• Prerequisite: Series 7 license (must be held in conjunction)

Content Breakdown

Series 66 vs. Series 65

• Series 66 combines the material from both the Series 63 (state securities law) and the Series 65 (investment adviser law).
• The Series 65 can stand alone as a requirement for becoming an investment adviser representative (IAR).
• The Series 66 requires you to also pass the Series 7 exam. Without the Series 7, the Series 66 does not qualify you for registration.
• In short: Series 65 = IAR only, Series 66 = IAR + securities agent (when paired with Series 7).

Series 66 vs. Series 63

• The Series 63 qualifies individuals as securities agents under state law.
• The Series 66 goes beyond the Series 63 by including investment advisory content similar to the Series 65.
• A candidate with only the Series 63 would still need an additional exam (like Series 65 or 7) to act as an investment adviser representative.
• The Series 66 is essentially the more comprehensive option, covering both roles in one exam (with Series 7 as a companion).

Series 66 vs. Series 7

• The Series 7 is a federal licensing exam administered by FINRA that qualifies individuals to sell a wide range of securities products.
• The Series 66 is a state law exam focusing on regulation, ethics, and advisory responsibilities.
• Passing the Series 7 alone does not qualify you as an IAR or satisfy state registration requirements.
• When combined, Series 7 + Series 66 allows an individual to function as both a securities agent and an investment adviser representative.

Series 66 Exam Prep

• Learn the regulations: Much of the exam tests knowledge of the Uniform Securities Act and ethical responsibilities.
• Practice suitability questions: Be prepared for scenario-based items that test client recommendations and fiduciary duties.
• Know the products: Review features, risks, and uses of common investment vehicles, including mutual funds, ETFs, and annuities.
• Use practice exams: Simulate timed tests to build confidence and improve pacing.
• Focus on detail: Small distinctions in rules and state vs. federal law often appear on the exam.
• Study consistently: Short, frequent sessions tend to be more effective than cramming.

Day of the Exam

The Series 66 is delivered at testing centers and through online proctoring. Candidates must bring valid government-issued identification. Personal items are prohibited in the exam room, but scratch paper and a basic calculator are provided.

Final Thoughts

The Series 66 is one of the most practical exams for financial professionals, combining state law, regulatory knowledge, and investment advisory responsibilities into one license requirement. Together with the Series 7, it provides the foundation to operate as both a securities agent and investment adviser representative, opening the door to a broader financial services career.