First, welcome to the world of state securities laws and regulations. If you’ve taken the SIE, Series 6, 7, 79, or another combination of exams, you’ve already built a strong foundation in the securities industry. That knowledge will carry over to many Series 66 topics. If you’ve previously taken the Series 63, you’ve already seen most of the concepts in the Laws & Regulations unit.
If this is your first licensing exam - or it’s been a while since your last one - this program walks you through what you need, step by step. Let’s get started.
The Series 66 is known as the Uniform Combined State Law Exam. “Combined” means the license allows a person to register as both an agent and an investment adviser representative (IAR).
You don’t need deep detail on either role yet (that comes in the Laws & Regulations unit), but here’s the basic distinction:
Passing the Series 66 allows a person to register as both, which is why the exam includes questions on:
The North American Securities Administrators Association (NASAA) writes the exam questions, and the Financial Industry Regulatory Authority (FINRA) administers the exam. NASAA represents the state administrators - regulators who enforce state securities laws and regulations. As a result, you should expect plenty of questions on state-based rules and ethical requirements.
Achievable’s Series 66 program follows the same general outline as NASAA’s Series 66 exam outline. This program contains 4 units:
Investment Vehicles (17% - 17/100 questions)
Tests knowledge of numerous investments and their characteristics, including common stock, preferred stock, US government debt, municipal debt, corporate debt, mutual funds, closed-end funds, exchange-traded funds (ETFs), derivatives, and various insurance products.
Recommendations & Strategies (30% - 30/100 questions)
Tests ability to make suitable recommendations based on various client scenarios, knowledge of brokerage products, and comprehension of market dynamics.
Economic Factors & Business Information (8% - 8/100 questions)
Tests knowledge of time value of money concepts, financial ratios, valuation ratios, and descriptive statistics.
Rules & Regulations (45% - 45/100 questions)
Tests knowledge of various state laws, federal laws, and ability to act ethically in the industry.
The Series 66 exam is designed for individuals who want to become Investment Advisor Representatives (IARs) or securities agents. It combines the content of the Series 63 and Series 65 exams.
It’s commonly taken by individuals who are already associated with a FINRA-registered firm, although you do not need a sponsor firm to take the exam.
There is no prerequisite for the Series 66 exam. However, the Series 7 exam is a co-requisite to the Series 66 exam.
The Series 66 is a timed multiple-choice exam structured similarly to FINRA exams. You’ll receive 110 questions total, including 10 “experimental” questions. That means 100 questions are graded.
Plan to do three things consistently:
If you’d like a walkthrough of how the platform is designed to work, see the Achievable method.
Achievable is designed to be easy to use on your phone. If you want to make it even more accessible, see Study on the go for instructions on turning the program into an app.
Consistency matters more than occasional long study sessions. A practical target is 20-30 minutes per day at first, then increasing your study time as your exam date approaches.
A common approach is to finish the reading portion of the program with about 2 weeks remaining before your test. During those final two weeks, focus on:
This gives you repeated exposure to exam-style questions while the Achievable algorithm identifies weak areas and brings them back through your review schedule.
The textbook’s wrap-up section includes practical details about taking the Series 66 exam, including how to register, exam cost, and test-taking options.
Achievable exam prep includes an online textbook, review questions, full-length practice exams, and videos on key topics. Work through the course in order - textbook first, then practice questions and exams - so you build knowledge and then apply it under exam-like conditions.