Series 66
Uniform Combined State Law
The combined state-law exam commonly used with Series 7 by professionals who operate as both broker-dealer agents and investment adviser representatives.
$177
100
2 hr 30 min
73 of 100
No sponsor to sit
01 · Career fit
Is this the exam for your job?
Start with the functions you will perform. A title can sit in several regulatory lanes, while two people with similar titles can need different registrations.
After or alongside Series 7 when the role combines broker-dealer agent and investment-adviser representative activity.
You are preparing for a dual brokerage-and-advisory client role.
Jobs that commonly point here
- Dual-registered financial advisor
- Private wealth advisor
- Wealth-management associate
- Broker-dealer agent and IAR
- Client relationship manager
- Advisor development-program candidate
Before you enroll
- No sponsor required to take the exam
- Valid Series 7 required as a corequisite for registration
- A 120-day window through TESS or a firm's Form U4 process
No sponsor is required to sit, but a valid Series 7 is a corequisite for registration based on Series 66.
02 · Exam anatomy
What the questions actually cover.
110 total: 100 scored + 10 unscored · 2 hr 30 min
Economic factors and business information
8%
Investment vehicle characteristics
17%
Client recommendations and strategies
30%
Laws, regulations and unethical practices
45%
What it covers
- Economic factors and investment information
- Investment vehicle characteristics
- Client recommendations and strategies
- State and federal securities laws, adviser regulation, ethics, communications, and custody
What it does not do
- It does not replace the Series 7; both must be valid for the combined path.
- It does not itself activate Series 63 and Series 65 registrations in every state without filings and approval.
- It is not designed as the standalone advisory-only route for someone who will not hold Series 7.
03 · From decision to test day
How to take it, step by step.
Check the rule in your state
The state where you will do business controls the registration requirement. Confirm the exact path with the state regulator or your firm's registration team before paying for an exam.
Open a 120-day exam window
A firm-associated candidate is normally enrolled through Form U4. An unsponsored candidate can enroll through FINRA's Test Enrollment Services System (TESS) and pay directly.
Book a Prometric test center
NASAA exams are ordinarily delivered at Prometric test centers. Online delivery is limited to candidates with an approved qualifying accommodation, so plan for an in-person appointment.
Study the current NASAA outline
NASAA updates exam questions regularly. Use the current content outline, learn the Uniform Securities Act framework, and practice applying rules to short fact patterns—not just recalling definitions.
Pass, then apply for registration
A passing result is not permission to conduct securities or advisory business. Your firm and state still must approve the relevant registration, filing, fees, and any background requirements.
Where you take it
Prometric test center; online delivery only with an approved qualifying accommodation. Confirm the current delivery and identification rules with the official administrator when you schedule.
04 · The real cost
Who pays—and what to ask first.
Official exam fee
$177
- A self-enrolled candidate pays the $177 fee directly.
- A sponsoring employer may handle the enrollment through Form U4 and may pay for prep and exam fees.
- Because the registration path also requires Series 7, ask for the firm's full licensing sequence and failure policy—not just who pays this exam.
- A new fee applies to each attempt.
Budget beyond the exam
Prep, travel, replacement identification, state registration, fingerprints, and retakes may be separate. Get the employer's policy in writing before assuming any cost is covered.
05 · Study with intent
Build readiness, not just hours.
Prioritize laws and regulation: that section is nearly half the scored exam.
Study the differences among federal covered advisers, state advisers, broker-dealers, agents, and IARs.
Practice client scenarios that connect strategy to tax, risk, time horizon, liquidity, and fiduciary duty.
Do not assume Series 7 product knowledge will carry the exam; Series 66 tests a different decision framework.
If you do not pass
For windows opened before January 4, 2027, the wait is 30 days after the first and second failures and 180 days after a third or later failure within two years. NASAA changes the third-and-subsequent wait to 60 days for windows opened on or after January 4, 2027.
Official preparation resources
Prepare for Series 66.
Start with the official Series 66 exam information and content outline to check the topics you need to study. We have not verified a public FINRA practice test specifically for this exam; the resource below is study guidance, not a mock exam.
06 · After the result
Passing is a milestone—not the finish line.
Your next three actions
- 01Pass or maintain a valid Series 7 for the combined pathway.
- 02Complete Form U4 and state registration in every required jurisdiction.
- 03Wait for the firm to confirm both broker-dealer and IAR status before performing regulated functions.
How it commonly fits
- SIE + Series 7 + Series 66 is a common dual brokerage/advisory route.
- Series 66 can often provide the exam credits associated with Series 63 and Series 65 when paired with a valid Series 7, subject to state rules.
- If you do not need Series 7, Series 65 is generally the more relevant advisory-only exam to investigate.
State-specific. Most states generally use a two-year period when not registered, and a valid Series 7 is required for the combined registration path.
07 · Candidate questions
What people ask before they commit.
01Should I take Series 65 or Series 66?
Choose based on the intended role. Series 65 commonly supports an advisory-only IAR path. Series 66 is designed for the dual agent/IAR path and requires a valid Series 7 for registration.
02Can I take Series 66 before Series 7?
Yes, the exams may be taken in either order. You still need a valid Series 7 before a state can treat Series 66 as the combined qualification for registration.
03Does Series 66 equal Series 63 plus Series 65?
It can provide both state-law exam credits when paired with a valid Series 7, subject to state requirements. The content and scoring are not simply the two other exams pasted together.
04Does it require sponsorship?
Not to sit for the exam. You may enroll through TESS, although the Series 7 portion of the ultimate registration path does require firm sponsorship.
Use the credential in context
