What Topics Are on the Series 66 Exam?

🟦 What Topics Are on the Series 66 Exam?

The Series 66 exam, also known as the Uniform Combined State Law Exam, is designed to qualify individuals as both securities agents and investment adviser representatives (IARs). It’s typically taken in combination with the Series 7 to meet state registration requirements for fee-based advisory roles.

The exam includes 100 scored questions and covers four major topic areas.

📘 Series 66 Exam Content Outline

1. Economic Factors and Business Information (5%)

• Types of economic indicators (leading, lagging, coincident)
• Monetary and fiscal policy
• Business cycles
• Interest rates, inflation, and market forces
• Effects on investment decisions

2. Investment Vehicle Characteristics (15%)

• Types of securities: stocks, bonds, mutual funds, ETFs
• Insurance products and annuities
• Alternative investments (REITs, hedge funds, limited partnerships)
• Risk and return characteristics of different asset classes

3. Client Investment Recommendations and Strategies (30%)

• Portfolio management theories (Modern Portfolio Theory, CAPM)
• Asset allocation and diversification
• Risk tolerance, time horizon, and financial goals
• Tax implications and investment planning
• Ethical considerations in recommendations

4. Laws, Regulations, and Guidelines (50%)

• Uniform Securities Act (USA)
• State and federal securities laws
• Registration requirements for agents and IARs
• Fiduciary responsibility
• Prohibited practices and ethical standards
• Anti-fraud provisions and disciplinary actions

📝 Key Exam Info

• Length: 100 scored questions + 10 unscored (for research)
• Duration: 150 minutes
• Passing Score: 73%
• Prerequisite: Must be paired with a Series 7 license to be fully registered

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