Free Series 66 Exam Flashcards
Memorize 50 essential terms and definitions for the Series 66 Uniform Combined State Law Exam. See the term, recall the definition, then flip to check yourself.
Uniform Securities Act (USA)
Model state securities legislation designed to prevent fraud and protect investors at the state level. Each state adopts its own version. Regulates securities, broker-dealers, agents, investment advisers, and IA representatives within the state.
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About These Series 66 Flashcards
These 50 flashcards are designed to help you memorize key terms and definitions for the Series 66 Uniform Combined State Law Exam. Each card shows a term on the front and its definition on the back—the classic flashcard format for vocabulary memorization. Use these alongside our practice questions to build both recall and comprehension.
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Frequently Asked Questions
What is the Series 66 exam pass rate?
The Series 66 has an estimated pass rate of 65-70%, based on exam prep company data (NASAA doesn't publish official rates). You must correctly answer 73 of 100 scored questions (73%) to pass. The exam costs $177 and requires the Series 7 as a corequisite. Passing the Series 66 is equivalent to passing both the Series 63 and Series 65 separately.
Should I take Series 63 + 65 or just Series 66?
Take the Series 66 if you have (or will have) the Series 7 - it's one exam instead of two. Series 66: 100 questions, 150 minutes, $177. Series 63 + 65 separately: 190 total questions, 255 minutes, $334 total. However, if you won't sell securities (only provide fee-based advice), take only Series 65. If you only need agent registration without IAR status, take only Series 63.
Why does Series 66 require the Series 7?
The Series 66 is designed for dual-registered representatives who both sell securities and provide investment advice. NASAA requires the Series 7 (or equivalent) as a corequisite because the Series 66 assumes foundational securities knowledge. You can take the exams in any order, but you must pass both before registering as a securities agent AND investment adviser representative with a state.
What topics are on the Series 66 exam?
The Series 66 covers four main areas: (1) Economic Factors and Business Information (5% - about 5 questions), (2) Investment Vehicle Characteristics (20% - about 20 questions), (3) Client/Customer Investment Recommendations and Strategies (30% - about 30 questions), and (4) Laws, Regulations, and Guidelines (45% - about 45 questions). The regulatory section is the largest and covers both state securities laws (Series 63 content) and investment adviser regulations (Series 65 content).
How long should I study for the Series 66?
Most candidates need 50-100 hours for the Series 66. Knopman Marks recommends 75-100 hours over 4-8 weeks. If you recently passed the Series 7, you may need less time for the investment knowledge sections. STC estimates 75-85 hours. Candidates with significant background knowledge may suffice with 30-40 hours of focused review, while those new to advisory regulations should plan 100+ hours.
Is the Series 66 harder than the Series 7?
Most candidates find the Series 7 harder due to its breadth (125 questions covering all securities products, options, and math-heavy calculations). The Series 66 (100 questions) focuses more on regulations and fiduciary concepts with less calculation-heavy content. However, the Series 66's 73% passing threshold is higher than the Series 7's 72%, and the regulatory memorization can be challenging for those unfamiliar with state securities laws.