0.1 About 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 act as both state securities agents for broker-dealers and investment adviser representatives (IARs) for investment advisers.
Key NASAA Exam Takeaways
- The Series 66 exam consists of 100 scored multiple-choice questions plus 10 unscored experimental questions (110 total).
- Candidates have 150 minutes (2 hours and 30 minutes) to complete the exam.
- The passing score is 73% (73 correct out of 100 scored items).
- The Series 66 combines the Series 63 (state securities law) and Series 65 (investment adviser law) into a single exam.
- You must also pass the FINRA Series 7 to become fully licensed as both a securities agent and an investment adviser representative (IAR).
Exam Blueprint Distribution
The 100 scored questions are drawn from four primary content domains defined by NASAA:
- Economic Factors and Business Information: 5 questions (5%)
- Investment Vehicle Characteristics: 20 questions (20%)
- Client Investment Recommendations and Strategies: 30 questions (30%)
- Laws, Regulations, and Guidelines, including Ethical Practices: 45 questions (45%)
Co-Requisite Structure with Series 7
Unlike standalone exams, Series 66 requires passing the FINRA Series 7 to activate dual registration. You may sit for the Series 66 either before or after passing the Series 7; however, your registration remains inactive until both credentials are valid.
| License | Combines | Scored Questions | Passing Score | Target Roles |
|---|---|---|---|---|
| Series 66 | Series 63 + Series 65 | 100 Qs | 73% | BD Agent & IA Representative (requires Series 7) |
| Series 63 | Uniform State Law Only | 60 Qs | 72% | Broker-Dealer Agent (requires Series 7 or 6) |
| Series 65 | Uniform Investment Adviser Law | 130 Qs | 72% | Fee-Only Investment Adviser Representative (no Series 7 required) |
A candidate passes the Series 66 examination but has not yet taken or passed the FINRA Series 7. In what capacity may this individual legally operate?