The Series 66 qualifies individuals as both state securities agents and investment adviser representatives. It is taken with the Series 7.
Exam format at a glance
| Format | 110 multiple-choice questions (100 scored, 10 unscored pretest) in 150 minutes. The Series 7 is a corequisite. |
| Cost | NASAA and FINRA list the fee — check the current exam fee before you enroll. |
| Scoring | You need 73 of 100 scored questions correct. Practice scores here use a 73% pass line. |
| Validity | Generally valid for two years if you aren't registered in the related capacity during that time. |
Who this exam is for
- Series 7 representatives who also want to act as IARs
- Dual registrants at firms offering brokerage and advisory services
- Candidates who would otherwise need both the Series 63 and 65
How to actually study for it
- Laws and ethics are 45% of the exam — master the Uniform Securities Act definitions, exemptions and Administrator powers.
- Know NASAA's unethical practices for both broker-dealer agents and investment advisers.
- Recommendations are 30% — practice suitability, portfolio strategies, tax and retirement questions.
- Review fiduciary duty, custody, performance fees and brochure delivery for advisers.
Where to go next
Start with the free 10-question diagnostic to see where you actually stand, or go straight to the one-page Series 66 cheat sheet. The full Series 66 practice exam covers every domain at the real exam's weighting, with every answer explained.