Free NASAA Series 66 (Uniform Combined State Law Examination) Practice Exam & Questions
The entire NASAA Series 66 question bank is free: 878 practice questions on economic factors, investment vehicles, client recommendations, and state securities laws and regulations. From FreeFellow, where 'free' is in the brand name. Public samples need no signup. The full original question bank is free with an account, subject to usage limits.
878 questions4 topics2026 syllabus
Built by Jeffrey Ting, FSA, CFA, who passed thirteen of the hardest finance exams on the first attempt. The full question bank and worked solutions are free forever.
Instant readiness score in about 6 minutes. No signup to start.
Sample Questions
Question 1
Easy
An American Depositary Receipt (ADR) is best described as:
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Correct Answer: D
Solution
D is correct. An ADR is a negotiable certificate issued by a U.S. depositary bank that represents a specified number of shares in a foreign company. The underlying shares are held on deposit with a custodian in the company's home market, and the ADR itself trades in U.S. dollars on U.S. exchanges or OTC. ADRs give U.S. investors access to foreign equity ownership without the need to transact in a foreign currency or on a foreign exchange.
Question 2
Medium
All of the following statements about listed options are accurate EXCEPT:
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Correct Answer: B
Solution
B is correct. The writer (seller) of an option does not hold the right to exercise; the writer takes on the obligation to perform if the holder exercises. The right to exercise belongs to the buyer. The other statements are accurate: a put holder may sell the underlying at the strike, listed options are standardized exchange-traded contracts, and a covered call writer owns the shares that back the short call.
Question 3
Hard
All of the following are accurate statements about Modern Portfolio Theory and the Capital Asset Pricing Model EXCEPT:
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Correct Answer: C
Solution
C is correct because it is the false statement (the exception). Diversification reduces unsystematic (firm-specific) risk, but systematic (market) risk cannot be diversified away no matter how many securities are added. That is precisely why CAPM prices a security on its systematic risk, measured by beta, rather than its total risk. The other statements correctly describe MPT and CAPM: imperfectly correlated assets produce a diversification benefit that lowers portfolio standard deviation, and the efficient frontier identifies the maximum expected return available for each level of risk.
What Series 66 candidates are saying
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Free practice questions, worked solutions, and written lessons.
The full original question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your Series 66 prep are free forever. Full access requires a free account and is subject to usage limits. No trial period, no credit card. Become a Fellow ($79/qtr) only if you want mock exams, flashcards, analytics, and a personalized study plan.
What's Free, and What Fellow Unlocks
The original question bank, worked solutions, written lessons, mixed practice, and readiness score stay free forever. Full access requires a free account and is subject to usage limits. Fellow adds mock exams, flashcards, analytics, and a personalized study plan.
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878 practice questions with detailed solutions
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking based on practice history
No paywalls on original questions · no trial period · no credit card
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Timed mock exams with weighted scoring
Spaced-repetition flashcards backed by memory science
Topic-level practice to drill weak areas
Performance analytics by topic and difficulty
Personalized study plan that adapts to your exam date
Series 66 uses continuous testing: candidates schedule on demand at a test center rather than waiting for a fixed sitting window. Confirm scheduling details and fees directly with NASAA before registering.
Frequently Asked Questions
How many free Series 66 practice questions does FreeFellow have?
FreeFellow currently offers 878 free Series 66 practice questions across 4 topics, each with a detailed step-by-step solution. Questions span three difficulty levels and are aligned to the 2026 syllabus. The question bank is updated regularly.
What Series 66 topics are covered?
The questions cover 4 topics: Economic Factors and Business Information, Investment Vehicle Characteristics, Client/Customer Investment Recommendations and Strategies, Laws, Regulations, and Guidelines. Each topic page shows your progress and lets you filter by difficulty level. You can practice by topic to target your weak areas or take mixed-topic practice exams.
How many questions are on the Series 66 exam, and how long is it?
The Series 66 delivers 110 multiple-choice questions, of which 100 are scored and 10 are unscored pretest items that do not count toward your result (NASAA). Testing time is 2 hours 30 minutes. FreeFellow's Series 66 practice questions follow this format, and the free mixed practice draws from the full bank.
What is a passing score on the Series 66?
Series 66 is graded at 73 of 100 scored (73%) (NASAA). FreeFellow's readiness score estimates where you sit against that bar from your own practice history, and it is free.
Is FreeFellow really free for Series 66 prep, or is there a catch?
The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. The original question bank, worked solutions, written lessons, mixed practice, and readiness score stay free forever. Timed mock exams, spaced-repetition flashcards, AI grading on supported exams (5 attempts a day), performance analytics, and a personalized study plan. Practice and grading usage limits apply.
What does the $79 Fellow tier unlock for Series 66?
Fellow is $39 per month or $79 per quarter, per exam family (USD). Fellow Plus is $49 per month, $99 per quarter, or $199 per year, per exam family (USD). Every annual plan is Fellow Plus. Fellow adds timed mock exams with weighted scoring that match the real exam blueprint, spaced-repetition flashcards built on memory science from cognitive psychology, topic-level practice to drill weak areas, performance analytics broken down by topic and difficulty, and a personalized study plan that adapts to your exam date. Everything else (questions, solutions, lessons) stays free.
How does FreeFellow compare to Kaplan, Knopman, or Securities Training on price?
The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. The original question bank, worked solutions, and written lessons stay free forever. Fellow is $39 per month or $79 per quarter, per exam family (USD). See https://freefellow.org/pricing for package prices and coverage.
How should I use FreeFellow to study for Series 66?
Start with topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. If you want pacing tools (mock exams, analytics, a study plan) and long-term retention aids (spaced-repetition flashcards), become a Fellow.
Do I need employer sponsorship to take the Series 66?
No. NASAA Series 65 and Series 63 exams do not require employer sponsorship. You can self-register through FINRA and schedule your exam at a Prometric testing center. This makes them accessible to independent financial advisors and those not yet employed by a firm.
About FreeFellow
Jeffrey Ting
FSA, CFA · Founder
FreeFellow was built by Jeffrey Ting, a credentialed actuary and CFA charterholder who has passed thirteen of the hardest exams in finance, all on his first attempt. He paid four-figure prep fees along the way.
So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 40 exams with more than 46,000 original practice questions.
01
Cost shouldn't decide who gets in.
A CFA charter, a CPA license, an actuarial credential. Each opens a real career, but prep fees add to the cost of getting there. FreeFellow keeps its original question bank and written lessons free so you can study even if a paid course is out of reach.
02
Free should mean free.
The original question bank, the worked solutions, the topic lessons, mixed practice, and your readiness score stay free, forever. Full access needs a free account, and practice usage limits apply. Fellow adds AI grading on supported exams, spaced-repetition flashcards, full-length mock exams, analytics, and a study plan that adapts to your progress.
All 878 Series 66 questions, worked solutions, and lessons are free. The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free.
