Understanding Series 66

by Julie Mendel, SILA-A | Nov 04, 2022

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Understanding Series 66

The NASAA Uniform Combined State Law Examination, also known as the Series 66 registration qualifies an individual as a securities agent and an investment adviser representative.

What is the Series 66?

PFor an individual to be registered as an investment adviser using the Series 66, they must also hold a co-requisite, valid FINRA Series 7 registration. This combination of registrations allows individuals to sell securities products and provide investment advice. The Series 66 was developed by the National American Securities Administrators Association (NASAA) and the exam is administered by the Financial Industry Regulatory Authority (FINRA), which also compiles and reports exam results.

How Do You Get the Series 66 License?

The Series 66 license is obtained by passing the associated NASAA and FINRA exams. Once the exam requirements have been completed, application for state registration can be made.

What is the Series 66 Exam?

The Series 66 exam consists of 100 questions with a 150 minute time limit for completing. A passing score is 73%.

The exam consists of four sections that are each weighted differently:

  1. Economic Factors and Business Information (5%)
  2. Investment Vehicle Characteristics (20%)
  3. Client/Customer Investment Recommendations and Strategies (30%)
  4. Laws, Regulations, Guidelines, and Ethics (45%)

How to Prepare for the Series 66 Exam?

There are no requirements to complete an exam prep course, however, taking a course can provide candidates with an in-depth review of the exam’s general content and format, optional practice exams, and other study tools.

Online exam prep courses and study tools, like WebCE’s Series 66 Complete Exam Prep Package, are available to help candidates enhance their knowledge of the material and practice for exam day.  Our package comes with all the following tools:

  • Read-it-to-me audio for all course content 
  • Flash Tutor online flashcards, mobile-friendly and perfect for reviewing key terms and concepts on the go 
  • Exam Tutor exam simulator, which allows students to take full practice exams or build custom exams to test their knowledge on specific topics 
  • Study Guide Workbook, designed as a companion for the course material to write notes and complete exercises 
  • My Study Planner, which assists with creating a customized learning plan because daily studying is important for mastering the key concepts 

WebCE’s securities exam prep course packages provide convenient, effective study solutions for passing the Series 66 exam. To order the securities exam prep needed to take one step closer to a career in the securities industry, visit our Securities Exam Prep Course Catalog.