Question 1

What is the Series 66 passing score?

Accepted Answer

The Series 66 passing score is 73%, meaning you need at least 73 correct out of 100 scored questions. The exam also includes 10 unscored pretest questions for a total of 110, but only the 100 operational questions count toward your result.

Question 2

How many questions are on the Series 66?

Accepted Answer

The Series 66 has 110 multiple-choice questions: 100 scored and 10 unscored pretest questions that NASAA uses to validate future exam content. You cannot tell which questions are pretest, so every question deserves the same effort.

Question 3

How long is the Series 66 exam?

Accepted Answer

You get 150 minutes (2.5 hours) to answer all 110 Series 66 questions. That works out to a little over 80 seconds per question, which is comfortable if you have drilled full-length practice exams and know the law section cold.

Question 4

What topics are on the Series 66 exam?

Accepted Answer

The Series 66 tests four sections: economic factors and business information (8%), investment vehicle characteristics (17%), client investment recommendations and strategies (30%), and laws, regulations, and unethical business practices (45%). Nearly half the exam is state and federal securities law.

Question 5

What is the Series 66 pass rate?

Accepted Answer

NASAA does not publish an official Series 66 pass rate. Commonly cited industry estimates put first-attempt passing around 65 to 70%, which means roughly 3 in 10 candidates fail their first try. The 73% passing bar is higher than most FINRA exams.

Question 6

Do you get your Series 66 score right after the exam?

Accepted Answer

You learn whether you passed or failed as soon as you finish the Series 66. If you pass, you see pass/fail only, with no numeric score. If you fail, you receive your score within each of the four exam sections so you can target your retake prep.

Question 7

How much does the Series 66 exam cost?

Accepted Answer

The Series 66 exam fee is $177 per attempt, paid to FINRA when your enrollment opens. Sponsored candidates usually have the fee covered by their firm; unsponsored candidates who self-enroll pay it personally. Each retake costs another $177.

Question 8

How long do you have to wait to retake the Series 66?

Accepted Answer

After a first or second failed attempt you must wait a minimum of 30 days before retaking the Series 66. After a third fail, the wait jumps to 180 days, and it stays at 180 days for every attempt after that. Each retake costs another $177.

Question 9

How long is the Series 66 testing window?

Accepted Answer

Once you enroll for the Series 66, FINRA opens a 120-day window in which you must schedule and take the exam. If the window lapses, the enrollment (and the $177 fee) is gone and you have to enroll again, so book your Prometric seat early.

Question 10

Is the Series 66 exam open book?

Accepted Answer

No. The Series 66 is a closed-book exam. You cannot bring notes, formula sheets, or reference material into the testing room. The test center provides an erasable note board and dry-erase markers, which many candidates use to write down a memorized "dump sheet" once the exam starts.

Question 11

Do you need a sponsor to take the Series 66?

Accepted Answer

No. Unlike the Series 7, the Series 66 has no sponsorship requirement. A firm can enroll you by filing Form U4, but an individual can also self-enroll through FINRA’s Test Enrollment Services System and pay the $177 fee personally.

Question 12

Do you need the Series 7 before the Series 66?

Accepted Answer

No, order does not matter, but you need both. The Series 7 is a co-requisite: you can take the Series 66 before or after it, and your dual registration as an agent and investment adviser representative only becomes effective once you have passed both exams.

Question 13

What are the prerequisites for the Series 66?

Accepted Answer

The Series 66 has no education, degree, experience, or SIE prerequisites, and no sponsorship requirement. The only linked exam is the Series 7 co-requisite: you can test in either order, but the dual registration requires passing both exams.

Question 14

What does the Series 66 license allow you to do?

Accepted Answer

Paired with the Series 7, the Series 66 registers you as both a securities agent and an investment adviser representative at the state level. That means you can sell securities for commissions and charge advisory fees for investment advice, the standard dual-registration setup at wirehouses and bank wealth platforms.

Question 15

Does the Series 66 replace the Series 63 and Series 65?

Accepted Answer

Yes, for candidates who carry a Series 7. The Series 66 combines the Series 63 (state agent law) and Series 65 (investment adviser law) into one exam. Without a Series 7, the 66 is unavailable as a path and the separate exams (or the 65 alone) are the alternative.

Series 66 Exam FAQ

Exam Details