The Series 66 Exam is an essential licensing exam for individuals who wish to act as investment advisers or broker-dealers. It has no prerequisites, but completing the Series 63 and Series 7 exams is a corequisite.
The Series 66 exam requires a 120-day window to schedule. Having quality third-party study materials and practice tests is a must.
The Series 66 has 100 questions, takes about 2.5 hours and costs $177[1][2] (North American Securities Administrators Association (NASAA); FINRA administers the exam for NASAA, verified Oct 21, 2026).
Numbers in brackets link to the official sources listed under Sources & last verified. Dates that have passed are removed automatically.
| Item | Detail | Source · Verified |
|---|---|---|
| Number of questions | 100 scored + 10 unscored multiple-choice questions[1] | North American Securities Administrators Association (NASAA); FINRA administers the exam for NASAA · Oct 21, 2026 |
| Time limit | 150 minutes[1] | North American Securities Administrators Association (NASAA); FINRA administers the exam for NASAA · Oct 21, 2026 |
| Passing score | 73 of 100 scored questions correct[1] | North American Securities Administrators Association (NASAA); FINRA administers the exam for NASAA · Oct 21, 2026 |
| Exam fee | $177 per exam enrollment[2] | nasaa.org · Oct 21, 2026 |
| Renewal | No exam CE; validity kept by active registration (IAR CE may apply)[2] | nasaa.org · Oct 21, 2026 |
| Delivery | Prometric test centers; online only as a testing accommodation[2] | nasaa.org · Oct 21, 2026 |
| Eligibility | No prerequisite; SIE + Series 7 are co-requisites[1] | North American Securities Administrators Association (NASAA); FINRA administers the exam for NASAA · Oct 21, 2026 |
| Score release | Results given at the test site; no separate certificate[2] | nasaa.org · Oct 21, 2026 |
| Testing window | 120-day window after enrollment[2] | nasaa.org · Oct 21, 2026 |
The Series 66 exam is one of the more challenging exams for financial services professionals to pass. It requires extensive knowledge of investment recommendations, state regulations, and ethics. The Series 66 exam is not to be taken lightly and it is recommended that candidates take the Securities Industry Essentials (SIE) exam as well before trying to pass the Series 66. Practice with the free Series 66 – Uniform Combined State Law practice test on PracticeTestGeeks (7 questions with answer explanations).
Using the right study materials can make the difference between passing and failing. Make sure that any materials you use are up-to-date and cover all the topics you need to know for the exam. If possible, find a study guide that also provides digital flashcards and additional practice questions. It is also helpful to take handwritten notes as you read your study material, as studies show that this improves memory and retention.
Finally, it is important for candidates to build stamina with a minimum of three timed full-length practice exams. Additionally, it is a good idea to focus on concepts over calculations. Oftentimes, the math calculation questions on the exam are more straightforward than many candidates expect and simply recognizing the correct equation or formula is enough to pass the question.
According to North American Securities Administrators Association (NASAA); FINRA administers the exam for NASAA, “The exam consists of 100 scored questions and 10 unscored questions.”[1]
The content areas below are copied from the official Series 66 content outline published by North American Securities Administrators Association (NASAA); FINRA administers the exam for NASAA. The right-hand column shows which of our practice sets covers it.
| Official content area | Practice on this site |
|---|---|
| Client/Customer Investment Recommendations and Strategies[3] | Series 66 – Uniform Combined State Law Exa... Practise matching a recommendation to the client's objectives and circumstances, and recognise when a fiduciary or suitability standard applies. |
| Investment Vehicle Characteristics[3] | Series 66 – Uniform Combined State Law Exa... Practise telling products apart by their risks, returns, costs and features, and linking each product to the kind of client it suits. |
| Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practice[3] | Series 66 – Uniform Combined State Law Exa... Practise registration rules, administrator powers, antifraud provisions and the conduct that counts as unethical business practice. |
Prepare for the Series 66 – Uniform Combined State Law Exam exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.
These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.
Question: Chiarella v. United States held that a printer who traded on information in takeover documents did NOT violate Rule 10b-5 because:
Answer: D. He owed no duty to disclose to the sellers
Explanation:
The correct answer is that he owed no duty to disclose to the sellers. In Chiarella v. United States, the printer was not an insider of the target and had no relationship of trust with its shareholders, so his silence was not fraud under Rule 10b-5.
The information was not the problem, so "not material" is wrong; the takeover information was plainly valuable. The tender offer being completed or not is irrelevant to the duty analysis. A foreign account has no bearing on whether Rule 10b-5 applies.
The rule to remember: silence is fraud only where there is a duty to disclose. Possessing nonpublic information is not enough by itself. Look for a relationship of trust and confidence, and ask who the trader owed a duty to.
Question: The Administrator receives complaints that an unregistered agent is soliciting investors and wants to stop the conduct immediately. Which tool is MOST direct?
Answer: A. A summary cease and desist order, with the right to a hearing on request
Explanation:
The most direct tool is a summary cease and desist order, with the right to a hearing on request. The Administrator can act at once to stop the conduct, and the affected party can ask for a hearing afterward to contest the order.
Waiting for the next annual audit does nothing to stop solicitation that is happening now. A letter to the SEC only passes the problem along and gives no immediate state remedy. A private lawsuit for the investors is not something the Administrator files, and it would be slow and would not halt the conduct quickly.
The rule to remember: when the aim is to stop harm quickly, think of the Administrator's summary orders, which come first and give the hearing second.
Question: May an investment advisory contract be assigned to another adviser without the client's knowledge?
Answer: C. No, assignment requires the client's consent
Explanation:
The correct answer is no: assignment requires the client's consent. An advisory contract is personal to the adviser the client chose, so it cannot be handed to another firm without the client agreeing.
Keeping the fee the same does not remove the need for consent, so the first option is wrong. Notifying the state does not substitute for the client's agreement, so the second is wrong. The new adviser having more assets might sound reassuring, but the client has not agreed to that adviser, so the fourth is wrong.
The rule to remember: advisory contracts cannot be assigned without client consent, and a change of control counts as an assignment. When a question describes a transfer, look for whether the client agreed.
Start with the official material. Read the NASAA exam FAQ and the FINRA Series 66 page so you know the format, the outline and the rules about enrollment. Then take one of our practice sets cold, before reviewing anything, and use the result to see which official content areas are weakest.
Work the weak areas first. For laws and regulations, use the registration, regulatory frameworks and ethics sets, and for each missed question write down the rule it tested in a single sentence. For recommendations and strategies, use the fiduciary duties and suitability set. For investment vehicles, use the securities and investment products set and compare products side by side.
Read every explanation, including for questions you got right, because a correct guess teaches nothing. Our questions are written by us with AI tools and are not real exam questions, so treat them as practice for reasoning, not as a preview of what will appear.
Before your enrollment window ends, take a full run of mixed questions under the 150-minute limit, in one sitting, without notes. Afterward, return to the official outline and check that each area has had attention. Keep the day before the exam light.
Interactive Series 66 – Uniform Combined State Law Exam resources on PracticeTestGeeks, free to start:
The Series 66 exam costs $177 to register, which is typically covered by the sponsoring firm if you are Form U4 registered or by you as an independent. You can enroll and pay for the exam through FINRA’s Web CRD system or by filing Form U10 with FINRA if you are not employed with a FINRA member firm.
The test covers state securities regulations and investment advisory practices, which qualifies you to work as both a broker-dealer securities agent and an investment adviser representative. It consists of 100 multiple-choice questions, and you have 150 minutes to complete it. The passing score is 73%.
The material for this exam is fairly comprehensive and covers a wide range of topics. To make studying easier, STC offers a series of exam prep packages to fit your learning style. Each package contains a study guide with PDFs, videos, and topic quizzes. The courses also come with a free 120-day access period, which you can extend if necessary. Our packages are available online and on mobile devices.
While the Series 66 exam does not have as many questions as the Series 7 exam, it is still considered a difficult test. It covers more advanced topics than Series 63 and requires more study hours. Many candidates experience burnout from the extra studying required to prepare for Series 66.
The most difficult questions on the Series 66 exam often focus on investment recommendations and regulations. These include calculating the amount of money a client will need to invest to meet their goals, using investment vehicles such as UITs and mutual funds, and explaining investment fees. Other tough questions on the exam involve complex financial formulas and concepts, such as the Rule of 72 or the Sharpe ratio.
These questions require more in-depth analysis and knowledge of complicated tax laws. Series 66 candidates also have to consider client suitability issues, including age and risk tolerance. In addition, the Series 66 exam includes questions on investment vehicles, financial profiles, savings plans, and portfolio management and analysis. The final exam is computer-based and is administered at an authorized Prometric testing center. Candidates are not allowed to bring any reference materials into the testing room but are provided with a basic calculator and scratch paper.
| Pros | Cons |
|---|---|
| Passing the exam proves competency to employers and clients | Exam anxiety can affect performance — practice tests help reduce it |
| Study materials and practice tests are widely available | Registration fees are non-refundable if you miss your test date |
| Exam-based credentials are portable across states and employers | Limited retake opportunities may apply with waiting periods |
| Clear exam objectives help focus your study plan effectively | Exam content updates periodically — use current study materials |
Try these questions from our free Series 66 – Uniform Combined State Law Exam practice tests. The correct answer and an explanation follow each question.
Which element is ESSENTIAL for an effective regulatory frameworks & compliance program in Series 66 - Uniform Combined State Law?
Answer: A. Regular audits and continuous monitoring processes
Regular audits and continuous monitoring enable early detection of compliance gaps and ensure ongoing adherence to standards.
How does ongoing professional development support regulatory frameworks & compliance in Series 66 - Uniform Combined State Law?
Answer: A. It keeps professionals informed of evolving standards and best practices
Ongoing professional development ensures that practitioners stay current with evolving regulations, standards, and best practices in their field.
What is the MOST effective way to stay current with developments in document preparation & filing for Series 66 - Uniform Combined State Law?
Answer: A. Participating in professional development, industry events, and peer collaboration
A multi-faceted approach including formal development, industry events, and peer collaboration provides the broadest perspective on current developments.
What is the PRIMARY objective of dispute resolution & mediation within the Series 66 - Uniform Combined State Law profession?
Answer: A. To ensure quality outcomes through standardized practices and continuous improvement
The primary objective is ensuring quality outcomes through established standards while continuously improving practices and processes.
Take the full Series 66 – Uniform Combined State Law Exam practice test
The Series 66 exam consists of 110 questions, but only 100 are scored. The remaining 10 are experimental pretest questions that do not affect your final score. Candidates are given 150 minutes (2.5 hours) to complete the test. Our 2026 practice tests accurately simulate this format to prepare you for exam day.
The Series 66 is considered challenging because it heavily tests nuanced legal and ethical principles rather than product mechanics. It combines content from the Series 63 and Series 65, requiring a deep understanding of state laws and fiduciary duties. With a disciplined 2026 study plan and extensive practice, passing is highly achievable.
To pass on your first attempt, focus on understanding the concepts behind the Uniform Securities Act, not just memorizing rules. Consistently take practice exams to identify weak areas in topics like prohibited practices or registration requirements. A dedicated study schedule of 60-80 hours is recommended for 2026 candidates to ensure comprehensive mastery.
As of early 2026, the fee to take the Series 66 exam, which is administered by FINRA on behalf of NASAA, is $177. This cost is paid directly to FINRA when your sponsoring firm opens your exam enrollment window. Remember to budget for this fee in addition to any third-party study materials.
Practice Test Geeks provides a comprehensive and FREE Series 66 practice test online. Our questions are developed by industry experts to precisely mirror the actual exam's difficulty, content, and question format for 2026. This is an invaluable tool to assess your readiness, pinpoint knowledge gaps, and build confidence before taking the official exam.
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