About the Series 66
Key Takeaways
Series 66 is the Uniform Combined State Law Exam (NASAA/FINRA).
It combines Series 63 + Series 65 into one exam.
Corequisites: you must also pass the SIE and the Series 7 to register.
100 scored questions; you need at least 73 of them correct to pass.
Qualifies you as both a securities agent AND investment adviser representative.
About the Series 66 Exam
Quick Answer: The Series 66 is a 2.5-hour NASAA exam with 100 scored questions (110 in total) that requires at least 73 correct answers and costs $177. It combines the Series 63 and Series 65 into one exam. You must also pass the SIE and Series 7 (corequisites). 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 (exam written by NASAA) |
| Questions | 100 scored + 10 unscored (pretest) |
| Time Limit | 2.5 hours (150 minutes) |
| Passing Score | 73 of 100 scored questions |
| Cost | $177 |
| Corequisites | SIE and Series 7 (must also pass to register) |
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 |
| Scored Questions | 100 | 60 + 130 = 190 |
| Total Time | 2.5 hours | 1.25 + 3 = 4.25 hours |
| Total Cost | $177 | $147 + $187 = $334 |
| SIE + Series 7 Required | Yes (corequisites) | No |
| 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.
What is the passing score for the Series 66 exam?
70 of the 100 scored questions
72 of the 100 scored questions
73 of the 100 scored questions
75 of the 100 scored questions
The Series 66 exam is a combination of which two exams?
Series 6 and Series 65
Series 7 and Series 63
Series 63 and Series 65
Series 7 and Series 65
Which exam is a co-requisite for the Series 66?
Series 6
Series 7
Series 63
Series 65
Sections you finish are checked off in the contents.