After passing the SIE and Series 7 Exams, representatives must also pass at least ONE of the following Securities Law Exams in order to be registered to conduct business in any State, and must be approved in their home state.
- Series 63 – Uniform Securities Agent State Law Exam
- Series 65 – Uniform Investment Adviser Law Exam
- Series 66 – Uniform Combined State Law Exam
** The Series 66 exam is the equivalent of taking both the Series 63 and Series 65 exams.
| Exam | Questions | Allotted Exam Time | Required To Pass |
|---|---|---|---|
| S66 | 100 Multiple-Choice Questions | 1 hour and 50 minutes | 73% |
| S63 | 60 Multiple-Choice Questions | 1 hour and 15 minutes | 72% |
| S65 | 130 Multiple-Choice Questions | 3 hours | 70% |
In order for a candidate to pass the Series 66 Exam, he/she must correctly answer at least 73 of the 100 scored questions. Applicants are allowed 150 minutes to complete the examination. The Uniform Combined State Law Examination was developed by NASAA based on industry requests. The examination (also called the “Series 66”) qualifies candidates as both securities agents (Series 63) and investment adviser representatives (Series 65). Once registered, FINRA will open a 120-day window within which an individual may schedule the exam.
The Series 66 Exam combines content from the Series 65 and Series 63 exams, focusing on both federal and state securities laws. We allocate time to help our students understand the regulations and ethical considerations for both investment advisers and representatives using the course structure below to reinforce your understanding of the material.
| Section | Description | Questions | Weight |
|---|---|---|---|
| I. | Economics and Business | 8 | 8% |
| II. | Investment Vehicle Characteristics | 17 | 17% |
| III. | Client Investment Recommendations and Strategies | 30 | 30% |
| IV. | Laws, Regulations, Ethics, and Fiduciary Roles | 45 | 45% |
| Total | 100 | 100% |
I. Introduction to Series 66 Exam
A. Purpose and Structure of Series 66.
B. State Securities Laws.
C. Federal Securities Laws.
D. Overview of the Series 66, Series 65, and Series 63 Exams.
II. Securities Act of 1933 and 1934
A. Overview of Federal Securities Laws.
B. Registration of Securities.
C. Exemptions from Registration.
III. Investment Advisers Act of 1940
A. Registration and Regulation of Investment Advisers.
B. Fiduciary Duty and Ethical Obligations.
C. Exemptions and Exceptions.
IV. Uniform Securities Act
A. State Securities Laws and Regulations.
B. Registration of Securities and Broker-Dealers.
C. Exemptions and Exclusions.
V. Investment Adviser Representative Requirements
A. Qualifications and Registration of Investment Adviser Representatives.
B. Prohibited Practices and Ethical Obligations.
C. Continuing Education and Reporting Requirements.
VI. Securities Registration Procedures
A. Registration Requirements for Securities.
B. Examination of Registration Statements.
C. Effective Dates and Amendments.
VII. Regulation of Investment Products
A. Types of Securities and Investment Products.
B. Regulatory Requirements.
- Mutual Funds.
- Exchange Traded Funds.
- Variable Annuities.
C. Disclosure and Sales Practices.
VIII. Investment Strategies and Recommendations
A. Client Suitability and Investment Objectives.
B. Portfolio Management Techniques and Strategies.
C. Ethical Considerations in Investment Recommendations.
IX. Retirement Planning and Regulation
A. Types of Retirement Plans.
B. ERISA Matters and Regulation of Pension Funds.
C. Tax Considerations in Retirement Planning.
X. Examination Preparation Strategies
A. Study Materials and Resources.
B. Sample Questions and Practice Exams.
C. Test-Taking Strategies and Time Management.
XI. Review and Practice
A. Summary of Key Concepts and Topics.
B. Quizzes and Review Exercises.
C. Mock Exams for Self-Assessment.
The following waiting periods apply for individuals needing to retake the Series 66 following a failed attempt:
(1) a minimum of 30 days after failing the first exam before the second taking of the exam can be scheduled;
(2) a minimum of 30 days after failing the exam for the second time before the third taking of the exam can be scheduled; and
(3) a minimum of 180 days after failing the exam for a third time before the fourth taking of the exam (and each subsequent taking) can be scheduled..