How Many Times Can You Take the Series 66 Exam?

The Series 66 exam, formally the Uniform Combined State Law Examination, serves as an important qualification for individuals aspiring to work as both securities agents and investment adviser representatives (IARs). It assesses understanding of financial regulations, ethical practices, and investment products. Successfully passing the Series 66, in conjunction with the Series 7 examination, enables professionals to provide investment advice for a fee and facilitate securities transactions for clients. This comprehensive test ensures those in advisory roles possess the knowledge to protect investors and comply with state securities laws.

Retake Rules and Limitations

There is no limit to the number of times an individual can attempt the Series 66 examination. However, specific waiting periods are mandated between failed attempts before a retake can be scheduled. After a first unsuccessful attempt, candidates must wait 30 days before scheduling their second try.

Should a second attempt fail, another 30-day waiting period is imposed before a third examination can be scheduled. For a third failure, and any subsequent failures, the waiting period extends to 180 days. These waiting periods are cumulative and apply to failed attempts within a two-year window.

Each retake of the Series 66 exam requires paying the full $177 examination fee again. The process involves re-registering and paying the fee through FINRA, then scheduling with a Prometric test center. Individuals can self-sponsor by filing a Form U10, or if affiliated with a FINRA member firm, the firm will typically file a Form U4 on their behalf.

Strategies for Subsequent Attempts

After an unsuccessful Series 66 exam attempt, a strategic study approach is important for future success. Review the score report to pinpoint specific areas of weakness. This report highlights sections with lower performance, allowing for a more focused study plan. Dedicating additional time to these identified weaker topics, such as laws and regulations or specific investment vehicle characteristics, can significantly improve readiness.

Varying study materials and methods enhance comprehension. Beyond re-reading textbooks, engaging with different practice questions, watching video lectures, or participating in study groups can provide new perspectives on the material. Rather than merely memorizing practice questions, a deeper understanding of the underlying concepts and their application is necessary, as exam questions often test conceptual knowledge.

Developing a structured study calendar is advisable, allocating sufficient hours for comprehensive review. Many successful candidates report studying for 75 to 100 hours over several weeks. Practicing with full-length, timed exams helps build stamina and improves time management during the actual test. Maintaining a positive mindset and carefully reading each question and all answer choices can prevent misinterpretations and improve accuracy on subsequent attempts.