Series 66

Series 66: What it Is and How the Exam Works

Key takeaways
* The Series 66 (Uniform Combined State Law Examination) qualifies individuals to act as investment adviser representatives (IARs) and securities agents at the state level.
* Candidates must also hold (or pass) the FINRA Series 7 exam; Series 66 essentially combines the content of Series 63 and Series 65.
* The exam is 100 scored multiple-choice questions (plus 10 unscored pretest items), 150 minutes, and requires a 73% passing score.
* Content emphasizes laws/regulations (45%), client recommendations (30%), investment vehicles (17%), and economic/business info (8%).
* Cost is $177 (as of 2024); testing is in-person except for approved accommodations.

What the Series 66 license allows
The Series 66 is designed to license financial professionals to provide investment advice and effect securities transactions as state-registered investment adviser representatives and securities agents. Passing it (together with the Series 7) permits legally giving securities-related advice and transacting in most states.

Who needs the Series 66
* Broker-dealers and advisory firms commonly require Series 66 for employees who will both sell securities and provide advisory services.
* If you already plan to take Series 7, passing Series 66 typically lets you avoid taking the standalone Series 65 exam. Alternatively, you can obtain equivalent authority by passing both Series 63 and Series 65.

Exam structure and logistics
* Format: 100 scored multiple-choice questions + 10 unscored pretest questions.
* Time allowed: 150 minutes (2½ hours).
* Passing score: 73% (73 of 100 scored questions correct).
* Calculators: Electronic calculators provided by the test center (only these are permitted). Dry-erase boards/markers are provided.
* Registration: Employers typically register candidates via Form U4 or online and pay the exam fee.
* Cost: $177 (as of 2024).
* Testing locations: As of April 1, 2022, the exam must be taken in person at an approved testing center; remote/online testing is available only with approved medical or disability accommodations.
* Retake policy: If you fail, you must wait at least 30 days before retesting.
* Integrity: Strict penalties apply for cheating or attempting to cheat.

Exam content outline (approximate allocation)
* Laws, regulations, and ethical/fiduciary obligations — 45%
* Client/customer investment recommendations and strategies — 30%
* Investment vehicle characteristics — 17%
* Economic factors and business information — 8%

How Series 66 relates to Series 7, 63, and 65
* Series 7 (FINRA) is generally required in conjunction with Series 66. Many firms expect candidates to pass Series 7 before or along with Series 66.
* Series 66 combines material from both Series 63 (state securities rules for transacting securities) and Series 65 (advisory authority and asset management). Passing Series 66 plus Series 7 is the common pathway to both transactional and advisory authority without taking Series 63 and 65 separately.

Difficulty and pass rates
The Series 66 covers a broad range of regulatory, fiduciary, and investment topics and is considered challenging. Official public pass rates are not published; preparatory providers estimate pass rates in the mid-60% to 70% range. Preparation typically requires focused study of securities laws, fiduciary duties, portfolio management concepts, and product characteristics.

Bottom line
The Series 66 is the combined state-law exam for professionals who will both advise clients and participate in securities transactions. It must be paired with the Series 7 exam for full authority in most firms and states. Candidates should expect a rigorous, timed multiple-choice exam focused heavily on regulations and ethical duties, and should prepare accordingly.