Series 66 Exam: Format, Content Outline, Passing Score and Corequisite

The Series 66 is the Uniform Combined State Law Examination. NASAA, the association of state securities regulators, writes it and FINRA administers it. NASAA's study guide says passing it is "normally a corequisite with passage of the Series 7" before a state will license someone as both a broker-dealer agent and an investment adviser representative. This guide sets out the format as FINRA and NASAA state it, what each of NASAA's four outline sections covers, what the pass mark of 73 means, and which version of the law the state-law questions test. ProSyllabus is an independent study site, not part of NASAA or FINRA. The facts here are quoted or summarised from the official pages listed under Sources; NASAA, FINRA and the state securities regulators are the authorities on the exam and on registration.

FINRA Series 66 page; NASAA Series 66 Test Specifications (effective 12 June 2023).

NASAA's study guide adds two points about how the exam is built. Each Series 66 is "individually assembled by a test development algorithm from a pool of eligible questions", so two people sitting at the same time get different questions, while difficulty and content parameters keep every form consistent. And at the end you are told whether you passed; a candidate who fails is also told the score in each of the four sections, but never the score on any one question.

NASAA's study guide says the version eligible for testing is the Uniform Securities Act of 1956 as amended by NASAA, with NASAA's commentary, and states plainly that "the Series 66 does not test" the later Uniform Securities Act of 2002. It also says NASAA's model acts, model rules and statements of policy have no legal force on their own: each state decides whether, and how, to adopt them. NASAA lists the particular model acts, model rules and statements of policy that are eligible for testing; the guide adds that not all of NASAA's models are testable. Beside the state act and NASAA's models, the study guide lists the Uniform Prudent Investor Act as state law, and as federal law the Investment Advisers Act of 1940, the Securities Exchange Act of 1934, the Securities Act of 1933, SEC rules and regulations, and FINRA rules.

The pass mark is a count of scored questions answered correctly: at least 73 of the 100. Because the 10 pretest questions are not identified, the safest assumption is that every question counts. At an even pace you have about 82 seconds a question (our arithmetic: 150 minutes for 110 questions).

FINRA says there is no prerequisite for the Series 66, but the Series 7 exam is a co-requisite; its "at a glance" box lists the corequisites as "SIE + S7TO". NASAA's exams page explains the effect: passing the Series 66 "qualifies an individual as if he or she had passed both the Series 63 and Series 65", but to register as an investment adviser representative on the strength of the Series 66 the individual "must also have passed the FINRA Series 7 exam and the exam must be valid". Passing the Series 66 does not by itself give the right to do securities business in any state; each state's registration requirements still apply.

If you want a timed rehearsal, ProSyllabus sells an independent Series 66 practice exam, offered after this guide: two 100-question mocks on NASAA's section split, 150 minutes each. It is independent practice; not the official exam; not made or endorsed by NASAA or FINRA.