Series 66 Questions + 20 Practice Question Quiz

The Series 66 exam is unique in a number of ways, like the fact that it replaces the Series 63 and 65 combo, and that questions about laws and regulations account for 45% of your exam score.

But you’re here to learn how to pass.

To make your life easier, I’ve included 20 Series 66 practice questions that match the real test’s tone and difficulty, broken down by topic so you can focus where it counts most.

Key Takeaways

• 100 Questions Count: The Series 66 exam includes 100 scored multiple-choice questions plus 10 unscored experimental ones.
• Passing Takes a 73: You’ll need to answer at least 73 of the 100 scored questions correctly to pass.
• Heavy on Rules: Nearly half the exam focuses on laws, ethics, and avoiding unethical business practices—so don’t skip that section.
• Practice Is Your Power Tool: Taking practice questions and reviewing your weak spots is the fastest way to build test confidence.
• Replaces 63 & 65: The Series 66 lets you skip both the Series 63 and 65 by combining them into one exam, though you still have to take the Series 7 for either path.

What Is the Series 66 Exam?

The Series 66 exam, officially called the Uniform Combined State Law Exam, is designed to qualify you as both a securities agent and an investment adviser representative—if you’ve also passed the Series 7. Think of Series 66 as the “rules and recommendations” half of your license, while Series 7 handles the product-specific stuff.

Administered by FINRA but created by NASAA, this exam helps make sure you understand the laws, ethics, and client-focused principles you’ll use in the real world.

Series 66 Exam Format: What You’re Up Against

Here’s the quick and dirty version of what the test looks like:

• 100 scored multiple-choice questions
• 10 unscored questions (they’re experimental and randomly placed)
• 150 minutes to finish the exam
• Passing score: 73% (which means you need to get 73 questions right out of the 100 scored)

There are four main topic areas, and yes, some are heavier than others. Here’s how they break down:

Series 66 Exam Topics and Weight

1. Economic Factors and Business Information (8%)

This one’s the lightest, but don’t skip it. You’ll get questions about things like economic indicators, inflation, and how present value works. Think of it as the “why the market does what it does” section.

2. Investment Vehicle Characteristics (17%)

This is where you’ll need to know about stuff like convertible preferred stock, mutual funds, ETFs, and other investments. You’ll get asked how they work, what risks are involved, and when to recommend them. If this sounds dry, just imagine explaining an initial public offering to your grandma. If she gets it, you’re good.

3. Client Investment Recommendations and Strategies (30%)

This is the biggest chunk. It’s all about understanding clients’ goals and suggesting the right tools. You’ll see scenarios where someone wants to retire in 10 years or needs income now. Questions may ask you about rebalancing, tax efficiency, or building a portfolio.

4. Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices (45%)

Yup, nearly half the test. This section dives deep into the rules, like who registers, who files what forms, and what qualifies as unethical business practices. It’s a lot of legal stuff, but it’s critical if you want to give sound, compliant advice.

Practice Makes Passing Possible

Let me tell you this from experience: taking practice tests is hands-down the best way to get ready.

Sure, study materials are important, but Series 66 practice questions help you think like the test. The real exam loves to ask “Which of the following is most likely…” or “In the following situation…” types of questions. It’s less about memorizing facts and more about applying them.

If you’re anything like me, you might bomb the first few practice exams—and that’s totally fine. They’re for learning, not scoring bragging rights. What matters is that you review the explanations, especially the ones you got wrong.

A few tips while taking practice tests:

• Time yourself to simulate real conditions
• Focus on one exam section at a time before mixing them
• Track which topics you miss most often
• Don’t skip explanations—those teach you more than the questions

The Math (Don’t Worry, It’s Basic)

Let’s bust a myth: there’s not much math on the Series 66. No calculus. No tricky formulas you’ll need to memorize. Most of the math questions involve things like:

• Yield and return
• Present value basics
• Risk and reward comparisons
• Tax treatments

If you’ve used a calculator at the grocery store or compared credit card interest rates, you’re already halfway there.

20 Sample Series 66 Questions

Here are 20 Series 66 practice questions organized by the correct topic breakdown. Each question includes four answer options, with the correct answer marked and phrased clearly in the Series 66 exam style. They also match the content percentage for how frequently you’ll see these topics on the real thing.

Economic Factors and Business Information (2 Questions)

1. Which of the following would most likely occur during a period of economic expansion?
A. Interest rates decrease
B. Consumer demand falls
C. Corporate profits rise
D. Unemployment increases

Correct Answer: C

2. A decrease in the Federal Reserve’s reserve requirement would most likely lead to:
A. Higher interest rates
B. Lower bank lending
C. Reduced money supply
D. Increased economic activity

Correct Answer: D

Investment Vehicle Characteristics (3 Questions)

3. Which investment typically offers tax-exempt income to investors?
A. Common stock
B. Treasury bond
C. Municipal bond
D. Corporate bond

Correct Answer: C

4. Convertible preferred stock differs from regular preferred stock because it:
A. Has a fixed dividend rate
B. Is callable at any time
C. Can be exchanged for common stock
D. Pays interest instead of dividends

Correct Answer: C

5. An investor is seeking long-term capital appreciation and is comfortable with volatility. Which investment is most suitable?
A. Money market fund
B. Investment-grade corporate bonds
C. Growth mutual fund
D. Preferred stock

Correct Answer: C

Client Investment Recommendations and Strategies (6 Questions)

6. A 60-year-old client wants to preserve capital and generate stable income. Which is most suitable?
A. Small-cap growth stocks
B. Treasury securities
C. Sector ETFs
D. International equities

Correct Answer: B

7. A financial plan that adjusts a portfolio’s mix based on a client’s age and risk tolerance is known as:
A. Tax-loss harvesting
B. Asset allocation
C. Market timing
D. Dollar-cost averaging

Correct Answer: B

8. An investor with a high tax bracket should most likely invest in:
A. Municipal bonds
B. Utility stocks
C. Growth stocks
D. Treasury bills

Correct Answer: A

9. Which of the following actions would help reduce portfolio volatility?
A. Concentrating investments in one sector
B. Avoiding international investments
C. Using leveraged ETFs
D. Diversifying across asset classes

Correct Answer: D

10. A client nearing retirement wants both income and some growth. What is the best approach?
A. 100% equities
B. Balanced fund
C. Junk bond fund
D. Commodity ETF

Correct Answer: B

11. Which of the following goals is best matched with a short-term investment strategy?
A. Buying a home in 1 year
B. Saving for college in 10 years
C. Planning for retirement at age 65
D. Starting a business in 15 years

Correct Answer: A

Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices (9 Questions)

12. An investment adviser representative (IAR) must register with:
A. SEC only
B. FINRA
C. State securities administrator
D. The exchange where securities are traded

Correct Answer: C

13. Which of the following would be considered an unethical business practice?
A. Charging a client an hourly fee
B. Recommending a mutual fund with a load
C. Omitting a material fact when recommending a security
D. Using publicly available information in an analysis

Correct Answer: C

14. When must an investment adviser deliver its brochure to a prospective client?
A. Upon signing the advisory agreement
B. At the conclusion of the first meeting
C. 48 hours prior to entering into the agreement
D. Within 30 days of registration

Correct Answer: C

15. An agent may share in the profits or losses in a client’s account if:
A. The client agrees verbally
B. The firm approves and the client consents in writing
C. The account is discretionary
D. The agent has power of attorney

Correct Answer: B

16. Which of the following best describes the term “fiduciary duty”?
A. Recommending products with the highest commission
B. Placing the client’s interests above one’s own
C. Avoiding high-risk investments
D. Maintaining confidentiality about firm operations

Correct Answer: B

17. Under NASAA regulations, which of the following requires registration as an investment adviser?
A. A publisher of general market newsletters
B. A bank offering investment advice as part of a trust department
C. A financial planner compensated for providing specific securities advice
D. A lawyer giving occasional investment advice to clients

Correct Answer: C

18. An IAR recommends a security to a client while failing to disclose a personal interest in that security. This is an example of:
A. Ethical conduct
B. Permissible activity
C. Soft dollar abuse
D. Conflict of interest

Correct Answer: D

19. What must be disclosed to a client when an investment adviser uses soft dollar arrangements?
A. Dollar amount of each trade
B. Commissions paid to the broker
C. Services received in exchange
D. Broker-dealer’s revenue
Correct Answer: C

20. If an agent is terminated by a broker-dealer, who must notify the state securities administrator?
A. The agent only
B. The new employing firm
C. The former employer
D. The client

Correct Answer: C

Wrapping It Up

The Series 66 exam doesn’t have to feel like a mystery. Once you know what kinds of questions to expect and how they’re weighted, the path to passing becomes a lot clearer. Use the practice questions in this article to get a real feel for the test format and focus your study time wisely.

You’ve got the tools—now it’s time to use them. Grab a Series 66 exam prep course, take some practice exams, and let these sample questions help guide you to a stellar test score.

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