0.2 How to Use This Study Guide
To pass the Series 66 on your first attempt, your study strategy must focus on precision reading of statutory definitions, understanding regulatory exemptions, and mastering fiduciary ethics under NASAA Model Rules.
Key NASAA Exam Takeaways
- Study the 16 chapters sequentially, prioritizing the heavily weighted regulatory chapters (11 through 16).
- Active recall through lesson Checkpoints reinforces tricky state vs. federal statutory definitions.
- Distinguish between Federal law (Investment Advisers Act of 1940 / NSMIA) and State law (Uniform Securities Act / NASAA Model Rules) in every module.
- Target at least 80% on practice questions before scheduling your official exam.
The Federal vs. State Dichotomy
Every regulatory question on the Series 66 requires identifying whether the entity or security is subject to State jurisdiction (Uniform Securities Act) or Federal jurisdiction (SEC / Investment Advisers Act of 1940 / NSMIA). Keep these two parallel regimes distinct at all times.
Knowledge Checkpoint • Section 0.2
When answering Series 66 legal and regulatory questions, which standard dictates state jurisdiction over an investment adviser?