Passing the Series 66 exam (or more formally, the Uniform Combined State Law Examination) is one way to set yourself up for a six-figure salary.
If you’re planning to give investment advice and sell securities without taking multiple exams, the Series 66 exam might be your best move. Whether you’re just starting out or trying to decide between licensing paths, this test is one of the fastest ways to qualify as both a securities agent and an investment adviser representative.
So what exactly is the Series 66? Who needs it, what does it cover, and how hard is it to pass? Let’s dig in and break it down so you can decide if it’s the right path for your career in the securities industry.
Key Takeaways
- Dual Purpose License: The Series 66 qualifies you to be both an investment adviser representative and a securities agent—if you’ve passed the Series 7.
- One Exam, Two Roles: It combines the Series 63 and 65 content, saving you from having to take both tests separately.
- Ethics and Laws Matter: A big part of the exam focuses on unethical business practices and state securities laws.
- No Sponsoring Firm Needed: You can take the Series 66 without being employed by a firm, as long as you’ve completed the Series 7.
- Cost-Effective Certification: At $177, it’s one of the more affordable ways to gain broad registration across advisory and sales roles.
🧩 What Is the Series 66 Exam?
The Series 66 exam is created by NASAA, delivered by Prometric testing centers, and registered through FINRA’s online system. It was designed to qualify candidates who want to register as both investment advisor representatives and securities agents.
The Series 66 basically combines the content from the Series 63 and Series 65 into one exam. That means it covers registration requirements, fiduciary obligations, unethical business practices, and more—everything you’d need to know to act ethically and legally in client-facing roles.
However, there’s a catch: you must also have successfully completed the Series 7 exam to use the 66 license. Think of it like this—both the Series 7 and Series 66 work together to give you full advisory and sales permissions.
📝 What the Exam Covers
Let’s talk about the actual content. The exam covers topics across state securities law, ethics, investment vehicles, and portfolio strategies. It’s not heavy on math, but it does test your basic understanding of how investments work and how to interact with clients responsibly.
Here’s a general breakdown:
- State Securities Acts & Rules: Focuses on the uniform combined state law, including who must register, what’s considered unethical, and administrative procedures.
- Investment Advice & Ethics: Tests how to provide investment advice while honoring fiduciary obligations and avoiding conflicts of interest.
- Client Communication: You’ll get scenario-based questions around working with different types of clients, suitability, and disclosure.
- Economic & Financial Concepts: Covers interest rates, risk, inflation, and market dynamics—what you’d need to discuss intelligently with a client.
- Portfolio Strategies & Products: Includes topics like diversification, mutual funds, and retirement accounts.
It’s a closed-book test with 100 multiple-choice questions. You’ll have 150 minutes to complete it, and the passing score is 73% (an overall test score of 73/100 or higher).
🧑💼 Who Should Take the Series 66?
You should take the Series 66 if you’ve already passed the Series 7 (or plan to) and want to legally do both of these:
- Sell securities like stocks, bonds, and mutual funds
- Offer fee-based investment advice or financial planning
If you’re aiming to become a registered representative who also advises clients without needing to take both the 63 and 65, this combo is your shortcut. Many investment advisors and financial professionals working at larger firms or independent practices take this route for maximum flexibility.
💵 How Much Does It Cost?
This is subject to change, but currently the exam fee for the Series 66 is $177. That’s the flat fee to sit for the test—you’ll likely want to budget an extra $500 for study materials, depending on how you prep.
Considering this license qualifies you for dual roles, it’s one of the more cost-effective options in the world of securities licenses.
📚 Study Tips for the Series 66
The Series 66 isn’t considered brutal, but it’s also not something you can breeze through. Most test takers find the ethics and state law sections the trickiest—there’s a lot of gray area and scenario-based thinking.
Here’s what helped me (and others) prep smarter:
- Use lots of practice exams. These help you master the tone of questions and spot your weak points fast.
- Make ethics a priority. Questions about unethical business practices aren’t just common—they’re sneaky. Learn how to spot the traps.
- Don’t skip the basics. Even though this is a law-heavy test, your understanding of the fundamentals—how investments work, for example—is key.
- Create a weekly study plan. Aim for 3–4 weeks of consistent study, even if it’s just 30–60 minutes a day.
- Invest in a prep course. They will help you to study efficiently and prepare you to pass on your first try if you put the study time in. Check out the top Series 66 study materials here.
📈 What You Can Do With a Series 66 License
Passing the Series 66 (along with the Series 7) opens up a wide range of client-facing roles in the financial services industry, including:
- Financial advisor or wealth manager
- Investment adviser representative
- Securities agent at a brokerage or RIA
- Client relationship manager in advisory firms
The Series 66 license is especially useful for professionals at hybrid firms that offer both commission-based sales and fee-based advisory services. You’ll be fully licensed to handle a wide variety of client needs, which makes you a more versatile—and valuable—professional.
✅ Final Thoughts
The Series 66 is a smart choice if you want to cover more ground with fewer tests. Paired with the Series 7, it qualifies you to sell securities, give investment advice, and operate under both federal and state law.
It’s not the most difficult exam out there, but it is broad, so give yourself time to prep, especially around ethics and law. If you’re aiming to build a long-term career as a dual-licensed advisor, the Series 66 is your ticket to doing it all under one roof.
FAQs
The Series 66 qualifies you to act as both a securities agent and an investment adviser representative, assuming you’ve also passed the Series 7 exam.
Most candidates spend about 60–100 hours studying. A solid study plan, focused on Series 66 practice questions and understanding state securities laws, can make a big difference.
The Series 66 exam is challenging due to its legal and ethical focus, but most candidates pass with consistent study and practice, especially on scenario-based questions.
The Series 66 pass rate is estimated to be around 65% to 70%, making it a moderately difficult exam that sits between the Series 63 and 65 in complexity.
Yes, you can take the Series 66 without a sponsoring firm, but you must have passed the Series 7 to use the license professionally.
It depends on your goals. The 66 is ideal if you’ve already passed the Series 7 and want dual registration; the 65 is better if you’re focusing solely on advisory roles.
Most find the Series 66 tougher than the Series 63 since it covers more material, blending topics from both the Series 63 and 65
Between the Series 65 and 66, many consider the Series 66 slightly more challenging since it requires a Series 7 as a co-requisite and combines elements of both the Series 63 and 65.
