FINRA & CFP® Study Insights
How to Pass the Series 66 Exam: The Combined State Law Exam Explained
The Series 66 combines Series 63 and 65 content into a 100-question exam. Learn the domain weights, what it licenses you to do, and how to prepare efficiently.
June 12, 2025
The Series 66 — the Uniform Combined State Law Examination — is NASAA's combined version of the Series 63 and Series 65 state law exams. It is taken alongside the Series 7, not as a standalone. For candidates pursuing a career that involves both securities sales and investment advisory services, the Series 66 is the most efficient path to full dual licensure at the state level.
Exam Structure
- Questions: 100 scored questions (plus 10 unscored pretest items)
- Time limit: 150 minutes
- Passing score: 73%, which equals 73 out of 100 correct answers
- Format: Computer-based, multiple choice, at Prometric testing centers
- Corequisite: Must have passed the Series 7 (or have it on file) to apply the Series 66 license
The passing score for the Series 66 is 73%, slightly higher than the 72% required for the Series 63 and Series 65 separately. The exam is longer than the Series 63 (60 questions) but shorter than the Series 65 (130 questions).
What the Series 66 Licenses You to Do
Passing the Series 7 and the Series 66 together grants what is effectively a dual license:
- Registered agent authority: The right to act as a registered representative of a broker-dealer, selling securities including stocks, bonds, mutual funds, options, and other products (derived from the Series 7)
- Investment adviser representative authority: The right to act as an IAR, providing investment advice for compensation under a fee-based arrangement (derived from the Series 66)
This combination allows a financial professional to operate both as a salesperson/broker and as a fiduciary investment adviser — covering commission-based and fee-based service models. Firms that want their advisers to offer both services typically require the 7+66 combination.
The Series 66 vs. the Standalone Series 63 and 65
The Series 66 does not eliminate any content from the Series 63 or 65 — it combines their content. However, since the Series 66 is 100 questions (not 190), some topic areas are tested at lower depth than they would be on the full standalone versions.
| Series 63 | Series 65 | Series 66 | |
|---|---|---|---|
| Questions | 60 | 130 | 100 |
| Passing score | 72% | 72% | 73% |
| Used with | Series 7 or 6 | Standalone (no FINRA exam needed) | Series 7 only |
| Licenses | Agent (state law) | IAR only | Agent + IAR |
Candidates who only want to work as IARs without selling products take the Series 65, not the Series 66. The Series 65 can stand alone without a FINRA corequisite.
Domain Weights
NASAA publishes a content outline for the Series 66 with four domains:
| Domain | Approximate Weight |
|---|---|
| Economic Factors and Business Information | 5% |
| Investment Vehicle Characteristics | 20% |
| Client Investment Recommendations and Strategies | 30% |
| Laws, Regulations, and Guidelines | 45% |
The striking feature of the Series 66 content outline is the heavy weight on laws and regulations — 45% of the exam. This reflects the combined state law purpose of the exam. Investment vehicles and economics are present but receive less weight than on the standalone Series 65.
Hardest Domains for Most Candidates
Laws, Regulations, and Guidelines (45%): The dominant domain. Candidates must know both the broker-dealer/agent rules from the Series 63 content (registration, exempt transactions, administrator powers) and the investment adviser rules from the Series 65 content (fiduciary duty, Form ADV, prohibited practices). Topics that bridge both — like registration requirements for IARs of both state-registered and federal-covered IAs — are heavily tested.
Client Investment Recommendations (30%): Requires applying fiduciary duty, suitability analysis, and portfolio construction principles to scenarios. Candidates must distinguish when the fiduciary standard applies (IAR capacity) vs. Reg BI (BD capacity) for the same representative wearing two hats.
Exemptions from the Series 66
The same professional designations that waive the Series 65 also waive the Series 66. In most states, holders of the following designations can apply for an exemption from the examination requirement:
- CFP (Certified Financial Planner)
- CFA (Chartered Financial Analyst)
- CPA (Certified Public Accountant)
- ChFC (Chartered Financial Consultant)
- Attorney in Good Standing
- PFS (Personal Financial Specialist)
Verify with your specific state, as not all states accept all designations.
10-12 Week Study Plan
Most candidates preparing for the Series 66 are also studying for the Series 7, so study plans often run concurrently.
Weeks 1-2: Economics and investment vehicles — the Series 65 content blocks. Equities, fixed income, derivatives, REITs, alternatives. Quantitative analysis basics.
Weeks 3-4: Client recommendations and portfolio construction. Fiduciary duty, IPS, asset allocation, suitability frameworks.
Weeks 5-7: State registration rules — broker-dealer registration, agent registration, investment adviser and IAR registration, AUM thresholds (SEC vs. state), de minimis exemption, notice filings.
Weeks 8-9: Exempt securities and exempt transactions. Administrator powers and enforcement. Civil and criminal liability.
Weeks 10-11: Prohibited practices for both broker-dealers and investment advisers. Form ADV disclosure requirements. Wrap fee programs.
Week 12: Three full-length 100-question timed practice exams. Review every wrong answer. Aim for 78%+ before scheduling.
Advisor Exam Academy's Series 66 course is designed for candidates taking the 7+66 path to dual licensure, with integrated coverage of broker-dealer and investment adviser law, adaptive practice questions, and domain-specific performance tracking. Start your Series 66 prep at advisorexams.com/exams/series-66.
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