What topics are on the Series 66 exam?
Verified from NASAA, last checked 2026-07-02. Quick answer below, then the full breakdown.
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.
NASAA publishes fixed section weights for the Series 66:
Economic factors and business information: 8% (8 questions)
Investment vehicle characteristics: 17% (17 questions)
Client investment recommendations and strategies: 30% (30 questions)
Laws, regulations, and guidelines (including unethical practices): 45% (45 questions)
The 45% laws section is what makes the Series 66 feel different from the Series 7: it covers the Uniform Securities Act, the Investment Advisers Act, registration of firms and individuals, and the catalog of prohibited practices.
Topic-by-topic breakdowns:
- Economic factors
- Investment vehicles
- Client recommendations
- Uniform Securities Act and ethics and fiduciary obligations
Verified from NASAA. Last checked 2026-07-02.
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