Uniform Combined State Law Examination (Series 66)

The Uniform Combined State Law Examination, known as the Series 66, is a U.S. securities licensing exam for candidates pursuing investment adviser representative and securities agent registration. It combines material tested separately on the Series 63 and Series 65, and is commonly taken alongside the Series 7. Passing the Series 66 by itself does not complete every licensing requirement: registration depends on the role, the applicable state, and other qualifications. Check current state and FINRA guidance to confirm the requirements for your situation.

Series 66 exam questions cover economic factors and business information, investment vehicles, client investment recommendations and strategies, and laws and regulations, including prohibited business practices. Candidates should be ready to apply concepts involving financial statements, corporate data, equity and debt securities, interest-rate risk, client objectives, and tax considerations. The exam tests both recall and judgment, so memorizing definitions alone is rarely enough. Use the current NASAA exam outline as your syllabus, and review official registration and exam information because requirements and materials can change.