NASAA
Series 66
Uniform Combined State Law Examination
The combined state-law exam that qualifies a candidate as both a securities agent and an investment adviser representative. Written by NASAA and only effective when paired with a passed Series 7.
What's on the exam
NASAA Series 66 Test Specifications (September 2023)
Economic Factors and Business Information
8%Time value of money (IRR, NPV, future value) · Descriptive statistics (mean, standard deviation, alpha, beta, Sharpe ratio) · Financial ratios (current, quick, debt-to-equity) · Valuation ratios (P/E, price-to-book)
Investment Vehicle Characteristics
17%Cash and fixed-income instruments · Equity securities and valuation methods · Pooled investments (mutual funds, ETFs) · Futures and options · Alternative investments (ETNs, leveraged and inverse funds, structured products) · Insurance-based products and annuities · Commodities and digital assets
Client Investment Recommendations and Strategies
30%Client profiles and suitability · Capital market theory and portfolio strategies · Tax considerations · Retirement plans (ERISA, IRAs) · Trading practices and performance measurement
Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices
45%State and federal securities acts · Registration of broker-dealers, agents, IAs and IARs · Communications with clients and disclosures · Ethical practices and fiduciary obligations · Compensation, custody and conflicts of interest · Remedies and administrative provisions
Frequently asked questions
How much does the Series 66 cost?
The Series 66 costs $177.
How long is the Series 66 and how many questions does it have?
100 scored items (plus 10 unscored pretest) — 150 minutes.
What do you need to pass the Series 66?
73 of 100 scored questions (73%).
Can you retake the Series 66?
After 30 days; 180-day wait after a third consecutive fail.
What is the best way to study for the Series 66?
Study the official blueprint, not random material: the exam is weighted by domain (Economic Factors and Business Information 8%, Investment Vehicle Characteristics 17%, Client Investment Recommendations and Strategies 30%, Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices 45%). Spaced-repetition flashcards built domain-by-domain against that blueprint are the most time-efficient way to cover everything the exam tests.
Program in development
We're building a blueprint-complete program for this exam. Meanwhile, explore live programs across 66 exams.
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