Free Series 66 Practice Exam
Series 66 practice exam combining Series 63 and 65 content. 100 questions, 150 minutes, 73% to pass.
Practice by Series 66 Domain
Target a specific area, or launch the full exam below
Economic Factors & Business Information
Business structures, financial statements, valuation methods. ~5% of Series 66.
Investment Vehicle Characteristics
Equity, debt, pooled investments, insurance products, and alternatives. ~20% of Series 66.
Client Investment Recommendations & Strategies
Portfolio management, asset allocation, tax planning, retirement. ~30% of Series 66.
Laws, Regulations & Guidelines
Uniform Securities Act, Investment Advisers Act, fiduciary duties. ~45% of Series 66.
Full Series 66 Practice Exam
All four sections mixed and weighted by the official NASAA Series 66 blueprint.
About the Series 66 Exam
The Series 66 Uniform Combined State Law exam combines the content of the Series 63 and Series 65 into a single test. It is designed for candidates who have already passed (or are corequisite testing) the Series 7, and it provides dual registration as both a securities agent and an investment adviser representative. The Series 66 is the most efficient path for broker-dealer representatives who want to offer both brokerage and fee-based advisory services.
The exam contains 100 scored questions plus 10 unscored pretest questions. You have 150 minutes and must score at least 73% — one of the highest passing thresholds among NASAA and FINRA exams. You need 73 correct answers out of 100.
Series 66 Exam Topic Breakdown
| Section | Weight | Scored Questions | Key Topics |
|---|---|---|---|
| Economic Factors and Business Information | 5% | ~5 | Business cycles, inflation, interest rates, financial statements |
| Investment Vehicle Characteristics | 20% | ~20 | Equity, debt, pooled investments, insurance products, alternatives |
| Client Investment Recommendations and Strategies | 30% | ~30 | Portfolio management, retirement plans, tax strategies, suitability |
| Laws, Regulations, and Guidelines | 45% | ~45 | Uniform Securities Act, IAA, investment advisers, broker-dealers, ethics |
Sample Series 66 Exam Questions
1. Under the Uniform Securities Act, which of the following persons is required to register as an investment adviser in a state?
2. An investment adviser charges a client a fee based on the growth in the client's portfolio. Under the Investment Advisers Act, this type of performance fee arrangement is:
3. A 55-year-old client tells her investment adviser representative that she wants to retire in 10 years and needs aggressive growth. Her portfolio is 90% in speculative small-cap stocks. The IAR should:
Study Tips for the Series 66
The Laws, Regulations, and Guidelines section is 45% of the exam and is where most candidates lose points. Focus on the Uniform Securities Act definitions: who is a broker-dealer, who is an investment adviser, what constitutes a security, and the exemptions from registration. Know the difference between exclusions (not covered by the definition) and exemptions (covered but excused from registration requirements).
The Series 66 has one of the highest passing thresholds of any licensing exam at 73%. Budget 60–80 hours of study time. If you are taking it corequisite with the Series 7, coordinate your studying — the Series 66's investment products section overlaps heavily with Series 7 content.
Frequently Asked Questions — Series 66 Exam
Do I need to pass the Series 7 before the Series 66?
The Series 66 requires that you hold or be a corequisite tester of the Series 7. You can sit for both on the same day or in either order, but both must be passed and you must be sponsored by a firm before both registrations are granted. The Series 66 cannot stand alone — it only provides registration when paired with the Series 7.
Comparing your state exam options? The Series 66 requires a co- or pre-requisite Series 7. If you do not hold the Series 7, you will need either the Series 63 (for agent registration) or the Series 65 (for investment adviser registration) instead.
What is the difference between the Series 65 and the Series 66?
The Series 65 is a standalone exam that registers you as an investment adviser representative and does not require the Series 7. The Series 66 combines the Series 63 and 65 content and requires the Series 7. If you are already a Series 7 holder, the Series 66 is the more efficient path to dual registration. If you work at an RIA rather than a broker-dealer, the Series 65 is the appropriate exam.
What is the Series 66 pass rate?
The Series 66 pass rate is estimated at approximately 65% for first-time candidates. The 73% passing threshold — the highest among NASAA exams — makes it relatively unforgiving. The regulations section is the most common area where candidates fall short.
How long should I study for the Series 66?
Most candidates need 60–80 hours of focused study. If you are taking the Series 7 concurrently, some of the investment products content will overlap, reducing your incremental study time. Spend disproportionate time on the Uniform Securities Act and Investment Advisers Act definitions, exemptions, and prohibited practices.
What registration does the Series 66 provide?
The Series 66 provides dual state registration as both a securities agent (same as Series 63) and an investment adviser representative (same as Series 65). This allows you to receive both transaction-based commissions and fee-based advisory compensation, which is increasingly the standard at wirehouse and regional broker-dealers.
Can I take the Series 63 and Series 65 separately instead of the Series 66?
Yes. The Series 63 and Series 65 are separate exams that together provide the same registrations as the Series 66. However, taking the Series 66 is more efficient — it is one exam rather than two, with a lower combined fee. The only reason to take them separately is if you only need one of the two registrations.