Key Takeaways
- Series 66 is the Uniform Combined State Law Exam (NASAA/FINRA).
- It combines Series 63 + Series 65 into one exam.
- Co-requisite: You must also pass the Series 7 exam.
- 100 scored questions with a 73% passing score (73/100).
- Qualifies you as both a securities agent AND investment adviser representative.
About the Series 66 Exam
Quick Answer: The Series 66 is a 100-question, 2.5-hour NASAA exam with a 73% passing score and $177 fee. It combines the Series 63 and Series 65 into one exam. You must also pass the Series 7 (co-requisite). The Series 66 qualifies you as both a securities agent AND investment adviser representative—more efficient than taking Series 63 + 65 separately.
The Series 66 exam, officially known as the Uniform Combined State Law Examination, is administered by FINRA on behalf of NASAA. It qualifies individuals to act as both securities agents AND investment adviser representatives.
Exam Overview
| Detail | Information |
|---|---|
| Full Name | Uniform Combined State Law Examination |
| Administered By | FINRA (on behalf of NASAA) |
| Questions | 100 scored + 10 unscored (pretest) |
| Time Limit | 2.5 hours (150 minutes) |
| Passing Score | 73% (73 out of 100) |
| Cost | $177 |
| Co-requisite | Series 7 (must also pass) |
What Does the Series 66 License Allow?
Passing the Series 66 exam (combined with Series 7) qualifies you to:
- Sell securities as a registered representative
- Provide investment advice for compensation
- Act as a fiduciary to advisory clients
- Work for both broker-dealers and investment advisers
- Register in multiple states with one exam
Key Benefit: The Series 66 is more efficient than taking both the Series 63 AND Series 65 separately. One exam, dual qualification.
Who Needs the Series 66?
The Series 66 is ideal for individuals who:
- Already hold or plan to obtain a Series 7 license
- Want to provide both brokerage AND advisory services
- Work for dual-registered firms (broker-dealer + RIA)
- Need flexibility in their career path
- Want to minimize exam-taking
Series 66 vs. Series 63 + Series 65
| Factor | Series 66 | Series 63 + 65 |
|---|---|---|
| Number of Exams | 1 | 2 |
| Total Questions | 100 | 60 + 130 = 190 |
| Total Time | 2.5 hours | 1.25 + 3 = 4.25 hours |
| Total Cost | $177 | $147 + $187 = $334 |
| Series 7 Required | Yes | No (for 65) |
| Content Coverage | Combined | Separate |
Exam Structure by Section
The Series 66 covers four major content areas:
| Section | Topic | Weight | Questions |
|---|---|---|---|
| I | Economic Factors & Business Information | 8% | 8 |
| II | Investment Vehicle Characteristics | 17% | 17 |
| III | Client Investment Recommendations & Strategies | 30% | 30 |
| IV | Laws, Regulations & Guidelines | 45% | 45 |
Focus Area: Section IV (Laws & Regulations) comprises nearly half the exam. Master registration requirements, prohibited practices, and fiduciary obligations.
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