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Series 66 – Uniform Combined State Law Exam Overview
Welcome to the Series 66 exam overview! The Series 66 Uniform Combined State Law Examination is designed to qualify individuals as both investment adviser representatives (IARs) and securities agents, combining the requirements of the Uniform Securities Act. Passing the Series 66, along with the Series 7, is essential for those seeking to operate as both a registered representative and an investment adviser representative.
What Does the Series 66 Exam Cover?
Key Topics Tested in the Series 66 Exam
The Series 66 exam tests your knowledge of state securities laws and regulations, investment adviser practices, and ethical standards. Key topics include:
- Economic factors and financial reporting
- Investment vehicle characteristics
- Client investment recommendations and strategies
- Laws, regulations, and guidelines on unethical business practices
To be fully licensed, you must pass both the Series 7 Exam (for securities agent registration) and the Series 66 Exam (for investment adviser registration and combined state law).
How Is the Series 66 Exam Administered?
Exam Format and Time
The Series 66 exam is computer-based and consists of 100 multiple-choice questions. You will have 150 minutes (2.5 hours) to complete the exam. A score of 73% or higher is required to pass.
Series 66 Exam Breakdown
- Economic Factors & Business Information: 5 questions
- Investment Vehicle Characteristics: 20 questions
- Client Investment Recommendations & Strategies: 30 questions
- Laws, Regulations, and Guidelines (including Prohibition on Unethical Business Practices): 45 questions
Total: 100 questions
Exam Strategy for the Series 66
There is no penalty for incorrect answers, so it’s in your best interest to answer all questions. Time management is crucial, and practice exams can help you become comfortable with the format and pacing. Since the Series 66 focuses heavily on laws and regulations, memorizing key legal concepts is essential.
How Can You Prepare for the Series 66 Exam?
The Series 66 exam requires a strong understanding of state securities regulations, fiduciary responsibilities, and investment strategies. Our personalized tutoring sessions are designed to help you grasp these complex legal concepts and apply them effectively to exam questions. Additionally, you can try our free Series 66 quiz to test your knowledge and identify areas for improvement. We’re committed to supporting you through the preparation process and ensuring you build the confidence to succeed on exam day.
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