What Is the Series 66 Exam? A Complete Guide

🧾 What Is the Series 66 Exam? A Complete Guide
🎓 Your Essential Step to Dual Registration as a Securities Agent and Investment Adviser Representative

The Series 66 exam is a comprehensive licensing exam that combines elements of two previous exams—the Series 63 and the Series 65—into a single test. This dual-purpose exam qualifies you to serve as both a securities agent and an investment adviser representative (IAR). It is an essential credential for anyone looking to engage in both transactional and advisory roles in the financial industry.

🎯 What Does the Series 66 Exam Do?

The Series 66 exam is designed for individuals who:

• Want to offer investment advice to clients and sell securities.
• Need to comply with state registration requirements in the U.S.
• Have already passed the Series 7 exam, as the Series 66 is generally taken in conjunction with Series 7 to achieve dual registration.

In essence, passing the Series 66 exam allows you to legally act as both a broker-dealer agent and investment adviser representative within a state.

🧠 What Topics Are Covered on the Series 66 Exam?

The Series 66 exam combines the content of the Series 63 (state securities laws) and Series 65 (investment adviser regulations) exams. It consists of two main sections:

📜 1. State Securities Acts and Related Rules and Regulations (30% of the exam)

This section tests your knowledge of:

• Registration of persons (securities agents, investment advisers, and IARs)
• Exemptions from registration
• The powers and responsibilities of the state administrator (securities regulatory body)
• Recordkeeping and filing requirements
• Disciplinary actions and procedures

📊 2. Investment Adviser Regulations (70% of the exam)

This part focuses on the legal and regulatory framework for investment advisers and includes:

• Ethical and fiduciary responsibilities (acting in clients’ best interest)
• Types of securities (mutual funds, bonds, stocks, etc.)
• Economic factors and how they affect investment decisions
• Client recommendations and portfolio management
• Retirement and tax-advantaged plans (IRAs, 401(k)s, etc.)

🧑‍🏫 How the Exam Is Structured

• Total Questions: 100 (90 scored and 10 unscored experimental questions)
• Time Limit: 150 minutes (2.5 hours)
• Passing Score: 73% (73 correct answers)
• Cost: $177

The exam is multiple-choice, and you can review questions as you go.

🏆 Who Needs the Series 66 Exam?

The Series 66 exam is ideal for professionals who want to:

• Sell securities (stocks, bonds, mutual funds, etc.)
• Offer investment advice for a fee
• Manage portfolios for clients
• Work at investment firms, broker-dealers, or as an independent adviser

It is a must-have for individuals seeking to expand their qualifications beyond transactional roles and become dual-registered agents in the eyes of both FINRA and state regulators.

📈 What Jobs Can You Do with a Series 66 License?

Holding a Series 66 license opens a range of career opportunities, such as:

• Financial Advisor: Provide personalized investment advice and wealth management strategies
• Investment Consultant: Advise clients on asset allocation and portfolio construction
• Wealth Manager: Work with high-net-worth clients to manage assets and offer financial planning
• Registered Representative: Sell securities like mutual funds, stocks, and options
• Investment Adviser Representative (IAR): Offer investment advisory services and create comprehensive financial plans

🎯 How Do You Qualify for the Series 66 Exam?

To take the Series 66 exam, you must:

• Have passed the Series 7 exam (as it qualifies you to sell securities)
• Be sponsored by a FINRA-member firm if required by the firm you plan to work for

🚀 Preparing for the Series 66 Exam

Preparation is crucial for success in the Series 66 exam. A structured study plan, using trusted study guides, practice exams, and expert-led prep courses, is recommended to ensure you pass the test on your first try.

🎓 Ready to take the Series 66 exam?
Get started with structured, expert-led courses and lifetime access at
👉 https://finra-exam-mastery.com

Set your career up for success with the Series 66 license!