Unlock new opportunities in the securities industry with the Series 66 License.
The Uniform Combined State Law Exam, or Series 66, is managed by the North American Securities Administrators Association (NASAA). Along with the Series 63 and Series 65, the Series 66 is one of the three exams administered by NASAA.
Paired with a FINRA Series 7 License, passing the Series 66 exam fulfills the requirements to become registered as both a securities agent and an investment adviser representative in most U.S. states. This combined exam eliminates the need to take the Series 63 and Series 65 exams separately. The Series 66 consists of 110 questions, slightly fewer than the 140 questions found in the Series 65. While the exam covers product and investing concepts, there is a significant focus on rules and regulations similar to FINRA principal exams.
With a Series 66 and Series 7 license, you can function as both a securities agent and an investment adviser representative. This dual registration opens doors to a variety of roles within the financial industry, enhancing your career prospects and credibility.
Obtaining the Series 66 license demonstrates a comprehensive understanding of both state securities regulations and investment advisory principles, providing a significant advantage in the competitive financial sector.
The cost to take the Series 66 exam is $177. This fee is required upon registration for the exam.
The Series 66 exam is considered moderately challenging, with a pass rate that reflects the need for thorough preparation.
Success on the exam requires a solid understanding of state securities regulations and investment advisory principles, making dedicated study and preparation crucial.
Pass rates for the Series 66 aren't published, but according to Investopedia, test prep programs estimate the pass rate to be around 65% to 70% of test takers. If you fail the exam, you must wait at least 30 days before attempting it again.
ExamFX learners score better than the national average, thanks to our user-friendly learning platform. Learn more about preparing for the Series 66 with ExamFX.
The Series 66 is a robust exam primarily focused on Rules and Recommendations. It will be important to make sure you know the different rules and regulations, and product knowledge and be able to apply them to different situations.
Due to the large number of rules and regulations on the Series 66 exam, memorization is required. An ideal study tool is flashcards. Repeating flashcards will help increase long-term memory and reinforce key concepts and details.
It's also helpful to note that, unlike FINRA exams, NASAA has reduced the use of EXCEPT and Roman Numeral format questions, although some may still appear. Focus your study on understanding the material rather than the question format. The content builds on itself, so you must understand the material before moving on to another chapter or section.
Invest in an online course like ExamFX's Series 66 exam prep course for the best outcomes. Look for a program that includes study tools that fit your learning preferences and allow you to build a study schedule unique to you. Taking the time to fully prepare can make the difference between passing and failing.
Do not cram for the exam. It contains too much information to learn without the aid of study tools and a plan.
On exam day, give yourself time to relax and get situated. If you've completed the proper exam preparation, you can confidently go into your exam. Trust yourself; don't change your answers during the exam. Your first instinct is better than second-guessing.
Time management is crucial when taking the Series 66 exam. Pace yourself and allocate enough time to review your answers.
Additionally, understanding the structure and format of the exam can help reduce anxiety and improve your performance on test day.
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