Series 66 Study Guide

The Uniform Combined State Law Examination was developed by NASAA based on industry requests. The examination (also called the “Series 66″) is designed to qualify candidates as both securities agents and investment adviser representatives. The exam covers topics that have been determined to be necessary to provide investment advice and effect securities transactions for clients. The examination consists of 100 multiple-choice questions and 10 pretest questions. Applicants are allowed 150 minutes to complete the examination.

The examination is conducted as a closed-book test. Upon completion of the examination, the score for each section and the overall test score will immediately be made available to the candidate.

The examination is administered by the FINRA. The fee for taking the examination is $145. To schedule a candidate for examination, a firm should file an electronic Form U4 or an individual should file a Form U-10 and pay the fee.

Once registered, FINRA will open a 120-day window within which an individual may schedule the exam. Form U-10 and more information on sites to take the exams can be found on the FINRA website.

The questions in the examination, the weighing of the composite examination, the examination study outline, and the method by which the examination is administered have been designed by Chauncey Group International for NASAA and approved by NASAA and the Competency Exam Project Group. In addition, each examination question is statistically analyzed to insure reliability.

Any attempt to compromise the examination may serve to destroy its validity and usefulness. Therefore, NASAA intends to bring appropriate action against persons who attempt to compromise the examination in whole or in part. In addition, such conduct may subject a candidate to further action by state administrators.

Successful completion of the Uniform Combined State Law Examination does not relieve a candidate of the personal responsibility to know and to abide by the specific requirements of the securities laws and regulations of the states in which the candidate transacts business. Furthermore, although successful completion of the examination may satisfy a portion of the requirements of a particular state, it does not convey the right to transact business prior to being granted a license or registration by that state. NASAA believes that the Uniform Combined State Law Examination will significantly benefit the industry and state regulators alike by such uniformity. The investing public will be afforded a greater degree of protection through enhanced uniform qualification standards.

Please note, the FINRA Series 7 is a corequisite exam that needs to be successfully completed in addition to the Series 66 exam before a candidate can apply to register with a state. You may take either exam first but must complete both satisfactorily.

Download the Series 66 Study Guide