This Series 66 exam study guide is for Series 7 candidates who want to register as both a securities agent and an investment adviser representative in one exam. The Series 66 combines the content of the Series 63 and Series 65 — which is why it pairs with, and assumes the knowledge from, the Series 7.
What is the Series 66 exam?
The Series 66, the Uniform Combined State Law Examination, is a NASAA exam administered by FINRA. It qualifies you in two capacities at once: broker-dealer agent and IAR. The Series 7 is a co-requisite, so the Series 66 can lean on that product knowledge and spend its questions on the regulatory and advisory side. See FINRA's Series 66 overview and the outline on the NASAA exams page.
Series 66 exam format at a glance
- Scored questions: 100 (110 total, 10 unscored)
- Time limit: 150 minutes
- Passing score: 73 of 100 correct
- Co-requisite: the Series 7
These details are accurate as of May 2026. Regulators update exam specifications from time to time, so always confirm the latest format and fee on the official exam page before you schedule.
What the Series 66 tests
The exam covers economic factors and business information, investment vehicle characteristics, client recommendations and strategies, and a heavy block of laws, regulations, and ethics. Because it assumes Series 7 product knowledge, the Series 66 spends less time on product mechanics and more on the regulatory and advisory side — fiduciary duty, registration requirements, prohibited practices, and the all-important line between a broker-dealer agent and an investment adviser.
How to study for the Series 66
Time your prep with the Series 7. The product knowledge from the Series 7 carries straight into the Series 66, so many candidates sit the 66 shortly after passing the 7 while that material is fresh. Concentrate your Series 66 study on the regulatory distinctions and the adviser-specific rules that the Series 7 does not cover in depth — especially fiduciary duty and the differences between agent and adviser obligations, which the exam tests repeatedly.
Common Series 66 mistakes
- Letting too much time pass after the Series 7, so the product base has faded.
- Treating it like a pure law exam and ignoring the recommendation/strategy questions.
- Blurring the agent-versus-adviser distinctions that the exam hinges on.
The Exam Bootcamp Series 66 study guide
Our Series 66 study guide and question bank zeroes in on the state-law and adviser rules that decide this exam, so your Series 7 knowledge does the heavy lifting on products. For one-on-one help, see private tutoring, and browse the full lineup on our study guides page.
Who should take the Series 66?
The Series 66 is the efficient choice for someone already on the Series 7 track who needs both agent and adviser registration. Rather than sitting the Series 63 and Series 65 separately, you cover both in a single exam — provided you have the Series 7 as a co-requisite. Because the Series 7 supplies the product knowledge, your Series 66 prep can stay tightly focused on state law, fiduciary duty, and the adviser rules, which is where the exam concentrates its questions and where most candidates need the reps.
Series 66 study timeline
Most candidates take the Series 66 within a few weeks of passing the Series 7, while the product material is still fresh. A focused two-to-four week plan weighted toward regulations and ethics is typical.
Series 66 exam FAQs
Can I take the Series 66 without the Series 7?
You can sit for it, but registration requires passing the Series 7 as a co-requisite. Without it, the Series 66 tests knowledge you would not yet use.
Series 66 vs. taking the 63 and 65 separately?
If you hold the Series 7, the Series 66 covers both in one exam, which is usually more efficient than the 63 and 65 back to back.
How long should I study for the Series 66?
Most candidates need a few focused weeks, weighted toward the regulatory and ethics material.
