The Series 66 (the Uniform Combined State Law Examination) is two exams folded into one. It covers the agent state law from the Series 63 and the investment adviser law from the Series 65, so a single pass qualifies you for state registration as both a broker-dealer agent and an investment adviser representative. NASAA writes it and FINRA delivers it. There are 100 scored questions in 150 minutes, and you need 73 right. The fee is $177 (NASAA), and roughly 72% of attempts pass.
It only makes sense alongside the Series 7, which is a corequisite, and you have to pass both to complete your registration. That's why the 66 is the standard route for new hires at firms that register their reps as both brokers and advisers. If you're not taking the Series 7, the standalone Series 65 gets you investment adviser registration on its own.
The 66 also has 10 unscored pretest questions, so you'll see 110 on screen. You can test at a Prometric center or online, scheduled through FINRA.
What it covers
In NASAA's outline, 45% of the exam is laws, regulations and guidelines, including prohibition on unethical business practices. That means state securities law, the Investment Advisers Act, fiduciary duty, registration and ethics. Client and customer investment recommendations and strategies are another 30% (the advisory and brokerage process, portfolio construction, taxation and retirement basics). Investment vehicle characteristics make up 17% (equity and fixed-income securities, pooled vehicles, derivatives and alternatives), and economic factors and business information the last 8% (economic indicators, financial reporting and analytical methods).
The 66 assumes you already have the product knowledge from the Series 7, which is why it leans harder on law and ethics than the Series 65 does.
When to take it and how to study
Most people study 50 to 90 hours, often right after the Series 7 while the product knowledge is fresh. Put that time into state-law and ethics scenario questions rather than rereading statutes. The pass rate of roughly 72% per attempt reflects a candidate pool that's mostly well prepared and firm-sponsored.
FreeFellow has more than 850 free Series 66 practice questions across every NASAA outline area, and each one has a step-by-step solution. The full bank is free with an account, and you can get a feel for it first with the free diagnostic (12 questions, no signup) and the sample questions by topic on the Series 66 practice page. Keep the glossary and formula sheet nearby while you study.
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.