Series 66 Exam

The Series 66 exam – or the Uniform Combined State Law Examination – was developed by the North American Securities Administrators Association (NASAA) to qualify you as a securities agent and as an investment adviser representative.  The exam covers information related to providing investment advice and performing securities transactions – duties commonly performed by employees in this field.

Registering for the Series 66 Exam

In order to register with a state as an agent or representative, you must first also pass the Series 7 exam.  Either test may be taken first, but both must be passed before you can register as an agent.  To sign up as a candidate, you must submit a U-10 form to FINRA – the test's administrators – or have your firm submit a U-4 form.  You don't need to be sponsored to take this particular exam, although the firm you work for can register you as a candidate.

In addition, you'll need to pay a $113 examination fee to take the Series 66 test.  Once all of your application materials are on file with FINRA and you're approved as a candidate for the exam, you'll have 120 days to register for the exam.  However, don't put off registering until the end of this time frame – you'll want to register as quickly as possible in order to guarantee your choice of test dates.

Taking the Series 66 Exam

You aren't allowed to use any external reference materials on the exam, but scratch paper and a basic calculator will be provided should you need them – as with many of the other FINRA financial series exams.  This is done to discourage cheating both on the exam and from future Series 66 exam test-takers.  Anyone caught cheating will face disciplinary action by both the NASAA and FINRA – so don't risk it!

Series 66 Exam Questions

There are 100 multiple choice questions on the Series 66 test and you’ll have two and a half hours to complete the exam.  For each correct answer, you will gain one point.  Incorrect answers and skipped questions do not count against you, so it’s in your best interest to make as many educated guesses as possible.  To pass the exam, you must answer 71 questions correctly.  You'll have access to your exam scores – including your final score and scores for each section – immediately after you finish the exam.

The questions on the exam pertain only to the current rules and regulations pertaining to investment advising and securities.  The exam is updated regularly so that questions focusing on older interpretations or rules are deleted.  For the most current list of rules and regulations that will be covered on the exam, it's best to consult the study guide published by the NASAA on their website – www.nasaa.org.