How Many Questions Are on the Series 66 Exam?
Your complete guide to the Series 66 exam. Discover its overall design, content focus, and how to qualify.
The Series 66 exam, formally known as the Uniform Combined State Law Examination, serves as a crucial credential for individuals seeking to operate in the financial services sector. This examination is designed to qualify professionals as both securities agents and investment adviser representatives. Passing the Series 66 demonstrates a foundational understanding of the regulatory landscape and investment principles necessary for these roles.
Exam Structure and Logistics
The Series 66 examination consists of 110 multiple-choice questions, though only 100 are scored. The 10 unscored questions are pretest items used by the North American Securities Administrators Association (NASAA) and the Financial Industry Regulatory Authority (FINRA) to evaluate future exam questions. Candidates are allotted 150 minutes, or two and a half hours, to complete the examination. To successfully pass, an individual must correctly answer at least 73 of the 100 scored questions, achieving a passing score of 73%.
The exam is administered in a computer-based format at Prometric testing centers across the United States. It is a closed-book test, and candidates receive their results immediately upon completion. Candidates are not informed which questions are unscored, so it is important to approach every question as if it contributes to the final score. The fee for taking the examination is $177.
Exam Content Domains
The Series 66 exam assesses knowledge across four primary content domains, each covering specific areas relevant to the roles of a securities agent and an investment adviser representative.
Economic Factors and Business Information: Evaluates understanding of economic principles, financial markets, and business cycles that influence investment decisions.
Investment Vehicle Characteristics: Focuses on various investment products available, including stocks, bonds, mutual funds, annuities, and other pooled investment vehicles. This domain tests knowledge of their features, risks, and suitability for different client needs.
Client/Customer Investment Recommendations and Strategies: Examines the process of analyzing client profiles, developing appropriate investment strategies, and making suitable recommendations. This includes concepts such as asset allocation, portfolio management, and risk assessment tailored to individual client objectives.
Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices: Covers the legal and regulatory framework governing the securities industry. This section includes federal and state securities laws, NASAA rules, and ethical considerations, ensuring candidates understand their fiduciary duties and prohibited activities. This domain is the largest portion of the exam.
Eligibility and Registration
To be fully qualified to conduct securities business and provide investment advice using the Series 66 license, an individual must satisfy specific prerequisites. A corequisite for the Series 66 is the Series 7 Exam. While there is no specific order in which these two exams must be passed, both are required for full licensure. Additionally, the Securities Industry Essentials (SIE) Exam must be passed prior to or in conjunction with the Series 7 Exam.
The registration process typically involves a sponsoring firm filing a Uniform Application for Securities Industry Registration or Transfer (Form U4) through FINRA’s Central Registration Depository (CRD) system. This initiates an enrollment window, usually 120 days, during which the candidate must schedule and take the exam. Individuals not sponsored by a firm can also self-enroll for the exam through FINRA.org. After enrollment, candidates schedule their examination appointment directly with Prometric, the testing service.