NASAA Series 66 Study Guide
A comprehensive, free curriculum covering all 16 chapters and 4 NASAA content areas. Master the Uniform Securities Act, Investment Advisers Act of 1940, state vs. federal registration, fiduciary duties, ethical business practices, and portfolio management.
Dual Securities Registration Pathway
How the Series 66 combines with FINRA credentials to grant dual commission and advisory fee authority:
FINRA SIE Exam
Core industry essentials exam establishing mastery over capital markets, security products, and compliance.
FINRA Series 7
General Securities Representative qualification covering equities, debt, municipal bonds, options, and accounts.
NASAA Series 66
Uniform Combined State Law exam combining Series 63 (state agent) and Series 65 (investment adviser representative).
Full Dual Practice
Licensed to charge brokerage commissions on trades and ongoing advisory/AUM fees for financial planning and wealth management.
NASAA Series 66 Content Outline Breakdown
Official topic domain weightings set by the NASAA Series 66 Blueprint:
Economic Factors & Business Info
Financial ratios (current, quick, D/E), time value of money (NPV, IRR), and descriptive statistics (beta, alpha, standard deviation).
Investment Vehicle Characteristics
Cash equivalents, fixed-income yields, duration, equities, mutual funds, ETFs, REITs, life insurance, variable annuities, and alternatives.
Client Recommendations & Strategies
Client profiling, Modern Portfolio Theory (MPT), CAPM, asset allocation, retirement plans (IRAs, ERISA 404c), tax considerations, and estate planning.
Laws, Regulations & Ethical Practices
Uniform Securities Act, Investment Advisers Act of 1940, federal covered vs state advisers, IAR licensing, custody rules, brochure delivery, and fiduciary ethics.
Complete 16-Chapter Series 66 Syllabus
Browse all 47 interactive lessons. Every lesson includes verified statutory takeaways, federal vs. state comparison tables, NASAA trap warnings, and checkpoint questions:
Introduction to the Series 66
Understand the Uniform Combined State Law Examination (Series 66) structure, NASAA co-requisite rules with FINRA Series 7, scoring, and study blueprint.
Economic Factors and Business Information
Financial ratios, financial statement analysis, time value of money, discounted cash flows, and statistical risk measures tested on the Series 66.
Cash and Fixed Income Securities
Money market instruments, bond pricing, yield curves, duration, convexity, and debt security categories tested on the Series 66.
Equity Securities
Common stock rights, preferred share features, dividend discount models, valuation multiples, and public offerings.
Pooled Investments
Mutual funds, ETFs, Unit Investment Trusts (UITs), Closed-End Funds, REITs, and Direct Participation Programs (DPPs).
Insurance Products and Annuities
Term life, whole life, universal life, variable life, fixed annuities, variable annuities, and equity-indexed annuities.
Alternative Investments and Derivatives
Hedge funds, private equity, option mechanics, hedging strategies, and structured products.
Client Types and Profiles
Individual, joint, trust, corporate, and institutional account structures, and gathering financial and non-financial suitability data.
Portfolio Theory and Management
Modern Portfolio Theory (MPT), Capital Asset Pricing Model (CAPM), strategic vs tactical asset allocation, and performance benchmarking.
Retirement Plans
Qualified corporate retirement plans, Traditional and Roth IRAs, vesting schedules, and ERISA fiduciary standards.
Tax Considerations and Estate Planning
Capital gains, cost basis calculations, wash sales, estate planning structures, trusts, and special accounts (529, HSA, UGMA/UTMA).
Investment Adviser Regulation
The definition of an Investment Adviser (ABC Test), federal vs state registration thresholds under NSMIA, Form ADV, and IAR registration rules.
Broker-Dealer and Securities Regulation
Broker-dealer registration, agent licensing, definition of a security (Howey Test), exempt securities, and Administrator enforcement powers.
Ethical Practices and Fiduciary Obligations
Fiduciary standards, prohibited business practices, insider trading, custody rules, and safeguarding client funds.
Client Communication and Business Practices
SEC Marketing Rule 206(4)-1, testimonials, performance advertising, advisory contracts, assignment clauses, and cybersecurity/Regulation S-P.
Suitability and Best Interest Standards
FINRA Rule 2111 suitability obligations, SEC Regulation Best Interest (Reg BI), Form CRS, best execution, and discretionary trading authority.
Frequently Asked Questions (Series 66 Exam)
Common questions answered by NASAA securities law instructors:
What is the Series 66 exam?
The Series 66 is the Uniform Combined State Law Examination administered by FINRA on behalf of the North American Securities Administrators Association (NASAA). It qualifies individuals to register both as securities agents of broker-dealers and as investment adviser representatives (IARs) of investment advisers.
What is the Series 66 passing score?
The passing score is 73%, requiring 73 correct answers out of 100 scored multiple-choice questions. Candidates are tested on 110 total questions (10 are unscored experimental items) over a 150-minute (2.5 hour) testing window.
Do I need to pass the Series 7 before taking the Series 66?
You may sit for the Series 66 exam either before or after passing the FINRA Series 7. However, your state registrations as both an agent and an investment adviser representative cannot become active until both exams (Series 7 and Series 66) are passed.
Series 66 vs. Series 63 + Series 65 — which route is better?
Taking the Series 66 requires passing only one 100-question exam instead of two separate exams (Series 63 has 60 questions, and Series 65 has 130 questions, totaling 190 questions). For candidates already taking the Series 7, the Series 66 saves substantial study hours and eliminates duplication of investment vehicle concepts.
What is the hardest part of the Series 66 exam?
Domain 4 (Laws, Regulations, and Guidelines, including Ethical Practices) accounts for 45% of the entire exam (45 questions). Most candidates struggle with the subtle differences between Federal law (Investment Advisers Act of 1940 / NSMIA) and State law (Uniform Securities Act), especially regarding custody rules, registration thresholds, brochure delivery, and exempt transactions.
Is this Series 66 study guide completely free?
Yes. OpenExamHub provides the complete 16-chapter, 47-lesson Series 66 curriculum 100% free with no paywalls, subscriptions, or login requirements. Every lesson features exam takeaways, NASAA trap alerts, and interactive checkpoints with distractor explanations.