🆕 New Question Types Piloted in Series 66 Exam

The Series 66 exam is evolving. NASAA, the organization that designs the test, has started piloting new question formats to better assess candidates’ understanding of investment laws, ethics, and advisory strategies. If you’re preparing for the exam, it’s important to know what these new formats look like—and how they might impact your testing experience.

🎯 Why Are New Question Types Being Introduced?

• To move beyond simple memorization
• To assess real-world decision-making and judgment
• To align Series 66 with other licensing exams that use advanced formats (like scenario-based questions)
• To enhance fairness and testing reliability

📋 Types of New Pilot Questions You Might Encounter

📄 Scenario-Based Questions

Instead of asking for a straight fact, you are presented with a short scenario and asked to apply rules, ethics, or investment principles.

Example:
A client nearing retirement wants to minimize portfolio volatility. Which recommendation is most suitable?

📝 Multiple-Selection Questions

You may be asked to select two or three correct answers from a list, rather than just one.

Example:
Select two reasons why a security would be exempt from registration under the Uniform Securities Act:

• It is issued by a municipality
• It is a penny stock
• It is issued by a nonprofit
• It is traded on the OTC Pink Market

✅ (Correct Answers: Municipality, Nonprofit)

📊 Matching Questions

You could be asked to match items from two columns—for example, matching regulatory agencies to their responsibilities.

Example:

• SEC → Enforces federal securities laws
• NASAA → Develops state licensing exams
• FINRA → Oversees broker-dealer conduct

❓ True/False Series

A single question may ask you to assess the truth of multiple statements individually.

Example:
Statement 1: A cease and desist order must always involve a court hearing.
Statement 2: A consent to service of process allows a state Administrator to receive legal documents on behalf of the registrant.

• True / False for each statement independently

🧠 What This Means for Your Preparation

• Focus more on understanding concepts, not just memorizing definitions
• Practice interpreting scenarios and applying multiple rules at once
• Take time during practice exams to read every part of the question carefully
• Strengthen your critical thinking and prioritization skills

These pilot questions are typically unscored at first but may become part of the formal exam structure in the future.

🛠️ How to Adapt Your Study Strategy

• Complete full-length scenario-based practice tests
• Review case studies and ethical dilemmas in investment advisory work
• Practice identifying multiple correct answers when applicable
• Simulate exam timing to build stamina and focus for longer, more detailed questions

✅ Stay Ahead of the Curve

Our Series 66 course is updated to include scenario drills, multi-selection questions, and concept-based quizzes—designed to prepare you for both traditional and new question formats with confidence.

Begin your Series 66 success journey at finra-exam-mastery.com