Free NASAA Series 66 (Uniform Combined State Law Examination) Practice 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. No trial, no signup to browse, no credit card.
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.
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Others charge $1,000+. FreeFellow gives you the 70% you need to pass for free.
The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your Series 66 prep are free forever. 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 70% of Series 66 prep you actually need to pass (questions, solutions, lessons, mixed practice) is free forever. The remaining 30% (mocks, flashcards, analytics, study plan) unlocks when you become a Fellow. Use the free tier as long as you like.
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Free forever
$0 · no credit card
878 practice questions with detailed solutions
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking with pass-probability estimates
No paywalls on questions · no trial period · no credit card
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Fellow unlock
$39 / mo · $79 / qtr per track · $199 / yr as Fellow Plus
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
How FreeFellow Compares
Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever. The optional Fellow tier is $79 per quarter, a small fraction of what traditional providers charge.
FreeFellow
$0 · Fellow $79/qtr
Kaplan
$100–$300
Traditional providers bundle prep into a single up-front fee. FreeFellow keeps the question bank and lessons free forever and charges only for deeper study tools (mocks, flashcards, analytics). All numbers are competitor list prices as of 2026.
Everything You Need to Pass
The free tier covers what most candidates need to pass. Fellow ($79/qtr) adds the pacing tools.
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878+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
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?
No catch. The 70% of Series 66 prep you actually need to pass is free forever: the full question bank of 878 practice questions, detailed solutions on every question, mixed practice, the formula sheet, and readiness tracking. No trial period, no credit card. The remaining 30% (timed mock exams, flashcards with spaced repetition, performance analytics, and a personalized study plan) unlocks when you become a Fellow.
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?
Traditional Series 66 prep providers charge $200 to $3,500 for a single exam, paid upfront. FreeFellow keeps the question bank, written solutions, and lessons free forever. The optional Fellow tier is $79 per quarter (a small fraction of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass Series 66 entirely on the free tier.
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. The free tier gives you everything you need to build mastery; 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 passed thirteen of the hardest exams in finance on the first attempt, and paid four-figure prep fees for every one. The learning itself was always free. The price was a moat.
So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 40 finance credentials with more than 45,000 original practice questions. The name says exactly what it is: the question bank is free, and Fellow is what you become once you pass.
01
Cost shouldn't decide who gets in.
The exam is a fair gate. A four-figure prep course is not. FreeFellow takes the second gate down, so the exam is the only one left.
02
Free should mean free.
No trial clock, no email gate, no credit card. The question bank, worked solutions, lessons, and readiness score stay free, and they are enough to pass.
03
Built by someone who sat where you sit.
He paid for the big-name courses, found nothing he respected, and built the prep he wished had existed. Not a marketing team that has never sat an exam.
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.
