Series 66 Exam Overview & Requirements
Everything you need to know about the Uniform Combined State Law Examination, the efficient path to dual registration as a securities agent and investment adviser representative.
100
Questions
100
Multiple choice questions covering state law, federal regulations, and investment advisory topics.
150
Minutes
150
Ample time allocation, averaging 1.5 minutes per question, to address the combined content of the exam.
73%
Pass Score
73%
Need to answer 73 out of 100 questions correctly to pass. A slightly higher threshold than other exams.
$165
Exam Fee
$165
FINRA exam fee paid directly to testing centers. Lower combined cost than taking the Series 63 and 65 separately.
Series 66 Eligibility Requirements
Series 7 Co-requisite
You must have an active Series 7 registration to take the Series 66 exam. The Series 66 serves as a “combination” exam, replacing the need to take both the Series 63 and Series 65.
✓ Prerequisite: Series 7
Firm Sponsorship
You must be sponsored by a FINRA member firm to take the Series 66. Your employer will file Form U4 on your behalf, requesting the exam.
✓ Employer-driven process
Series 66 Exam Format Breakdown
The Series 66 combines state law with investment adviser regulations. Here’s how the content is weighted:
Economic Factors & Business Information
Economic indicators, financial reporting, quantitative analysis, and characteristics of business entities.
Investment Vehicle Characteristics
Types of investments, risks, returns, and features of stocks, bonds, options, and other securities.
Client Investment Recommendations
Suitability, asset allocation, portfolio management, retirement planning, and tax implications.
Laws, Regulations, & Ethics
Uniform Securities Act, Investment Advisers Act, fiduciary duty, and prohibited practices.
The Efficient Path to Dual Registration
The Series 66 exam is the ideal solution for Series 7 holders who need to add state law and investment adviser qualifications. Get the best prep course to ensure you pass this comprehensive exam.