Latest Updates to the Series 66 Exam Structure
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
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📘 Latest Updates to the Series 66 Exam Structure (Effective June 12, 2023)
The Series 66 Exam, officially known as the Uniform Combined State Law Examination, underwent significant updates effective June 12, 2023, as announced by the North American Securities Administrators Association (NASAA). These changes aim to better reflect the evolving financial landscape and the skills required for professionals acting as both securities agents and investment adviser representatives.NASA A+7NASA A+7hadrius.com+7NASA A+9hadrius.com+9NASA A+9
📝 Exam Structure Overview
- Total Questions: 110 (100 scored, 10 unscored)
- Time Allotted: 150 minutes (2.5 hours)
- Passing Score: 73% (73 out of 100 scored questions)
- Co-requisite: Must also pass the FINRA Series 7 Exam Investopedia+3FINRA+3hadrius.com+3FINRA+2hadrius.com+2Investopedia+2NASA A
📊 Updated Content Weightings
The exam content has been rebalanced to emphasize certain areas:
| Topic Area | Previous | Updated |
|---|---|---|
| Economic Factors and Business Information | 5% (5 questions) | 8% (8 questions) |
| Investment Vehicle Characteristics | 20% (20 questions) | 17% (17 questions) |
| Client/Customer Investment Recommendations and Strategies | 30% (30 questions) | 30% (30 questions) |
| Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices | 45% (45 questions) | 45% (45 questions) |
🆕 New and Expanded Content Areas
The updated exam includes new topics and expanded coverage in several areas:
- Business Continuation and Succession Planning: Previously exclusive to Series 65, now included in Series 66.
- Investment Vehicle Characteristics: Expanded to cover topics such as American Depositary Receipts (ADRs), various types of preferred stock, money market instruments, and both incentive and nonqualified employee stock options.
- Emerging Topics: Inclusion of subjects like Special Purpose Acquisition Companies (SPACs), non-liquid Real Estate Investment Trusts (REITs), digital assets (including cryptocurrencies), Environmental, Social, and Governance (ESG) investing, donor-advised funds, and considerations for vulnerable adults.
- Regulatory Updates: Content reflecting recent regulatory changes, including aspects of the Secure Act 2.0, Regulation Best Interest (Reg BI), and Investment Adviser Representative (IAR) continuing education requirements.Knopman+2Kaplan Financial+2Kaplan Financial+2NASA A+4Kaplan Financial+4Kaplan Financial+4
❌ Removed or Deemphasized Topics
Certain topics have been removed or are now less emphasized:Knopman
- Viatical/Life Settlements
- Investment Real Estate
- Dark Pools
🧠 Study Recommendations
To effectively prepare for the updated Series 66 Exam:
- Review Updated Materials: Ensure your study guides and practice exams reflect the latest content changes.
- Focus on New Topics: Pay special attention to the newly added subjects, especially those related to emerging financial instruments and regulatory updates.
- Practice Application: Work on scenario-based questions to apply your knowledge practically.
- Understand Regulatory Frameworks: Deepen your understanding of state and federal regulations, ethical practices, and fiduciary responsibilities.Investopedia