What Is the Series 66?

The Series 66, formally the Uniform Combined State Law Examination, folds two exams into one. It covers the investment adviser law of the Series 65 and the agent state law of the Series 63, so a single pass qualifies you for both broker-dealer agent and investment adviser representative state registration. NASAA writes it; FINRA delivers it.

The catch is the corequisite: the Series 66 pairs with the Series 7. You must pass both to complete your registration, which is why the Series 66 is the standard route for new hires at firms that register their representatives as both brokers and advisers. It is 100 scored questions in 150 minutes, and passing takes 73 correct.

Format at a Glance

  • Questions: 100 scored multiple-choice, plus 10 unscored pretest items (110 on screen)
  • Time: 150 minutes (2 hours 30 minutes)
  • Passing score: 73 of 100
  • Fee: $177 (NASAA)
  • Delivery: Prometric test centers or online proctoring, scheduled through FINRA
  • Corequisite: the Series 7 (both are required to register)
Key Concept

The Series 66 only makes sense alongside the Series 7. If you are not taking the Series 7, the standalone Series 65 is the exam that gives you investment adviser registration on its own.

What It Tests

NASAA organizes the Series 66 into four areas:

  • Economic factors and business information (about 5%): economic indicators, financial reporting, and analytical methods
  • Investment vehicle characteristics (about 20%): equity and fixed-income securities, pooled vehicles, derivatives, and alternatives
  • Client and customer investment recommendations and strategies (about 30%): the advisory and brokerage process, portfolio construction, taxation, and retirement basics
  • Laws, regulations, and guidelines, including prohibition on unethical business practices (about 45%): state securities law, the Investment Advisers Act, fiduciary duty, registration, and ethics

Law and ethics are nearly half the exam. Because the Series 66 assumes you have the product knowledge from the Series 7, it leans harder on the legal and regulatory material than the Series 65 does.

How Hard Is It, Really?

The Series 66 is law-heavy and assumes Series 7 product fluency, and the roughly 72% per-attempt pass rate reflects a generally well-prepared, firm-sponsored candidate pool. Most candidates put in 50 to 90 hours, often right after the Series 7 while the product knowledge is fresh. The highest-leverage prep is drilling the state-law and ethics scenarios rather than rereading statutes.

Free Series 66 Practice

FreeFellow hosts more than 850 free Series 66 practice questions across every NASAA outline area, each with a step-by-step solution, plus a glossary and a formula sheet. No signup is needed to browse. Start with the free diagnostic to see where you stand, then drill the Series 66 practice page by topic.

If you are deciding between routes: the Series 65 overview covers the standalone adviser exam, and the Series 63 overview covers the shorter agent state-law exam that the Series 66 absorbs.

FreeFellow is not affiliated with, sponsored by, or endorsed by FINRA or NASAA. The Series 66 exam is written by NASAA and administered through FINRA.