Series 66 exam: what it is, requirements, cost and how to pass

What is the Series 66 exam?

The Series 66 is a combined state law exam written by the North American Securities Administrators Association (NASAA) and administered by FINRA, which is why many candidates call it the FINRA Series 66 exam. NASAA designed it to qualify candidates as both securities agents and investment adviser representatives, and says it was created at the request of the industry so that employees would not have to take two exams.

NASAA states that passing the Series 66 is equivalent to having passed both the Series 63 and Series 65, provided you also hold a valid SIE and Series 7 when you register. The current test specifications took effect on June 12, 2023.

Source: NASAA — Exam FAQs. Checked 18 October 2026.

What is a Series 66 license?

What is a Series 66 license in practice? It is shorthand for registering with a state in two capacities after passing the exam: as an agent of a broker-dealer and as an investment adviser representative. FINRA describes the Series 66 as qualifying individuals as a representative of both a broker-dealer and an investment adviser.

The Series 66 license (outside the US you will also see it spelled Series 66 licence) is therefore an alternative to holding both the Series 63 and Series 65, not a third, separate registration type.

Source: FINRA — Series 66 exam. Checked 18 October 2026.

What is the Series 66 license compared with the Series 63 and 65?

The Series 63 is the state law test for broker-dealer representatives, and the Series 65 qualifies investment adviser representatives. The Series 66 combines the two for candidates who also hold the Series 7. NASAA notes the Series 66 is shorter than the Series 65: 100 scored questions instead of 130.

If you do not plan to hold the Series 7, the Series 66 cannot be used for registration, and the Series 65 (with or without the Series 63) is the route.

• Series 63: 60 scored questions, 75 minutes, $147, no corequisite
• Series 65: 130 scored questions, 180 minutes, $187, no corequisite
• Series 66: 100 scored questions, 150 minutes, $177, SIE and Series 7 as corequisites

Source: NASAA — Exam FAQs. Checked 18 October 2026.

Series 66 exam breakdown

NASAA publishes four sections with weights and the number of scored questions. Compared with the Series 65, the weight shifts heavily toward law: almost half of the Series 66 test is laws, regulations and ethics.

• Economic Factors and Business Information: 8% (8 questions)
• Investment Vehicle Characteristics: 17% (17 questions)
• Client/Customer Investment Recommendations and Strategies: 30% (30 questions)
• Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices: 45% (45 questions)

Source: NASAA — Series 66 Exam Study Guide (September 1, 2023). Checked 18 October 2026.

What is a Series 66 exam like on test day?

You get 110 multiple-choice questions in 150 minutes; 100 are scored and 10 are unscored pretest items. The exam is closed book, taken at a Prometric test center, and offered online only to candidates with an approved testing accommodation. You need at least 73 of the 100 scored questions, and you get your result immediately.

Our Series 66 exam page covers the passing score, scheduling and retakes in more detail.

Source: FINRA — Series 66 exam. Checked 18 October 2026.

Series 66 requirements

FINRA states there is no prerequisite for the Series 66, but the Series 7 is a corequisite, and NASAA adds that you must hold a valid SIE and Series 7 at the time of registration. You may take the Series 7 or the Series 66 first, but you must pass both before you can apply to register with a state.

You do not need a firm to sit the exam: NASAA confirms unsponsored candidates can open an enrollment window through FINRA and pay for it themselves. After passing, you have two years to register with a state before the exam expires.

Source: NASAA — Series 66 Exam Content Outline. Checked 18 October 2026.

How to get a Series 66 license

Step one is enrollment, through your firm’s Form U4 filing or directly through FINRA. FINRA then opens a 120-day window in which you schedule the exam with Prometric. Step two is passing the Series 66 with at least 73 of 100 scored questions, and the Series 7 if you have not already.

Step three is state registration. For anyone wondering how to get Series 66 license approval without a sponsor, the exam itself is open to you; registration is then a separate step with the state, and each state’s own requirements apply.

Source: NASAA — Series 66 Exam Content Outline. Checked 18 October 2026.

Series 66 exam cost

The Series 66 exam cost is $177, listed by both NASAA and FINRA. That compares with $147 for the Series 63 and $187 for the Series 65, so one Series 66 costs less than taking the 63 and 65 separately.

Your total Series 66 cost also includes the Series 7 if you do not already hold it, and any study materials you buy. The cost of Series 66 exam preparation varies with the materials you choose; NASAA’s study guide is publicly available on nasaa.org.

Source: NASAA — Exam FAQs. Checked 18 October 2026.

How hard is the Series 66 exam?

Neither NASAA nor FINRA publishes a pass rate on the pages we checked, so there is no official measure of Series 66 exam difficulty. The published facts point to where it lies: 45 of the 100 scored questions are on laws, regulations and ethics, the bar is 73 of 100, and the exam is closed book with 150 minutes for 110 questions.

The 30% recommendations section adds the adviser’s perspective: client profiles, capital market theory, portfolio management strategies, tax considerations and retirement plans.

Source: NASAA — Series 66 Exam Study Guide (September 1, 2023). Checked 18 October 2026.

How to pass the Series 66

NASAA says candidates are responsible for their own course of study and does not endorse any third-party prep providers, so there is no official Series 66 prep course, class or training program from NASAA. Start with NASAA’s study guide, because it lists every subtopic and the laws eligible for testing.

How to pass Series 66 efficiently: put the law and ethics section first, because it is 45% of your score; then cover recommendations and strategies; then products and economics. Whether you use a Series 66 course, live Series 66 classes, classroom training, a Series 66 exam review book or self-study, finish your Series 66 preparation with timed practice exams under the 150-minute limit. Our Series 66 study guide page covers materials and study time.

Source: NASAA — Series 66 Exam Study Guide (September 1, 2023). Checked 18 October 2026.

Free Series 66 practice exams and a FINRA Series 66 practice exam

NASAA and FINRA do not offer free Series 66 practice exams on the pages we checked, and NASAA’s study guide contains no sample questions. There is no official FINRA Series 66 practice exam either; FINRA refers candidates to NASAA for the content outline.

Any Series 66 practice questions free of charge come from third parties, so check that they follow the June 2023 specifications before relying on the score.

Source: NASAA — Series 66 Exam Study Guide (September 1, 2023). Checked 18 October 2026.

Series 66 practice questions

Certsqill’s Series 66 practice questions are expert-developed and mapped to NASAA’s four sections, with the same 45% emphasis on law and ethics. Take a full Series 66 exam practice test of 110 questions in 150 minutes, or work through Series 66 exam questions section by section as part of your Series 66 exam prep.

Every one of our Series 66 practice exam questions comes with an explanation for each answer option, and your results build a readiness score per section. A 7-day money-back guarantee applies.

Series 66 questions people ask

What is the Series 66 exam?

NASAA’s Uniform Combined State Law Examination, administered by FINRA, qualifying you as both a securities agent and an investment adviser representative. Source: NASAA, checked 18 October 2026.

What is the Series 66 test passing score?

At least 73 of the 100 scored questions. Source: NASAA and FINRA, checked 18 October 2026.

How much does the Series 66 cost?

$177 for the exam, paid to FINRA. Source: NASAA Exam FAQs and FINRA, checked 18 October 2026.

Do I need the Series 7 for the Series 66?

Yes. The Series 7 is a corequisite, and you need a valid SIE and Series 7 at registration. Either exam can be taken first. Source: NASAA and FINRA, checked 18 October 2026.

What are Series 66 test questions about?

Economic factors (8%), investment vehicles (17%), client recommendations and strategies (30%) and laws, regulations and ethics (45%). Source: NASAA, checked 18 October 2026.

Are there official Series 66 example questions?

NASAA’s study guide contains no sample questions, and NASAA and FINRA offer no free practice exam on the pages checked, 18 October 2026.

Does the Series 66 replace the Series 63 and 65?

NASAA treats passing the Series 66 as equivalent to passing both, with the SIE and Series 7 as corequisites. Source: NASAA Exam FAQs, checked 18 October 2026.

Can I take the Series 66 without a firm?

Yes. Unsponsored candidates can open an enrollment window through FINRA and pay for the exam. Source: NASAA Exam FAQs, checked 18 October 2026.

Which Series 66 questions matter most?

The law and ethics section: 45 of the 100 scored questions. Source: NASAA Series 66 study guide, checked 18 October 2026.

Series 66 in detail

• The Series 66 exam: questions, passing score, registration and scheduling →
• Series 66 study guide: official outline, study materials and study time →