A Series 66 license is the state-law credential that lets you register as both a securities agent and an investment adviser representative at the same time. You earn it by passing the Series 66 exam, officially NASAA’s Uniform Combined State Law Examination: 100 scored questions, 150 minutes, 73% to pass, $177 fee. The Series 7 is a co-requisite (no SIE prerequisite is added on top), so the Series 66 is the standard dual-registration path at wirehouses, bank wealth desks, and hybrid broker-dealer / RIA firms.
What is a Series 66 license?
A Series 66 license is the state-law credential that qualifies you to register as both a securities agent and an investment adviser representative (IAR) in one credential. You earn it by passing the Series 66 exam, officially the Uniform Combined State Law Examination. It is owned by NASAA, the North American Securities Administrators Association, and administered by FINRA at Prometric test centers.
The Series 66 exists to combine two separate state-law exams into one. The Series 63 covers state agent law (the rules for transaction-based securities reps), and the Series 65 covers state investment adviser law (the rules for fee-based advisers). The Series 66 folds both bodies of law into a single sitting. That is why it is called the “Combined” state law exam.
One important limit: the Series 66 is not a standalone product license. It handles state law only. To actually sell securities, you also need the Series 7, the FINRA representative exam that qualifies you on the products themselves. The Series 66 and the Series 7 work as a pair, which is why the Series 66 lists the Series 7 as a co-requisite.
What can you do with a Series 66?
The Series 66 qualifies you for dual registration: one credential that covers both the securities-agent and the investment-adviser-representative roles at the state level, once paired with the Series 7. That combination is common wherever a firm operates as both a broker-dealer and a registered investment adviser (RIA). For the roles that ask for the license and what they pay, see Series 66 jobs and salary.
Wirehouse reps
Advisers at large national broker-dealers who both sell securities (transaction-based) and manage fee-based advisory accounts. The Series 66 plus the Series 7 covers both state registrations in one exam.
Bank wealth advisers
Bank and credit-union wealth platforms that run a dual broker-dealer / RIA model. Advisers there typically need agent and IAR registration at the same time.
Hybrid RIA-BD reps
Reps at firms that are both a registered investment adviser and a broker-dealer. Dual registration is the norm, so the Series 66 is the efficient path.
Multi-state advisers
Advisers working with clients across state lines. The employing firm files the specific state registrations after you pass, based on where you and your clients are located.
Passing the Series 66 qualifies you; it does not register you. State agent and IAR registrations become effective only after your firm files them (and after the Series 7 is also passed). The exam result is the qualification, not the license going live.
Do you need the Series 7 for the Series 66?
Yes. The Series 7 is a co-requisite for the Series 66. There is no SIE prerequisite added on top of that, because the SIE is already built into the Series 7 track.
You can sit for the two exams in either order. You are allowed to pass the Series 66 before the Series 7, or the other way around. What matters is the finish line: both licenses activate only when both exams are passed. If you pass the Series 66 but not the Series 7, your state agent and IAR registrations cannot go effective yet.
If you do not need the Series 7 at all (you plan to be a fee-only investment adviser who never sells securities transactions), you usually do not need the Series 66. The Series 65 alone covers IAR registration without a Series 7, and it is the simpler path for that role.
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Choose Your PathWhat does the Series 66 exam cover?
The Series 66 exam tests four NASAA sections, and the weighting is heavily skewed toward law and ethics. Nearly half the exam is the Laws, Regulations, and Guidelines section. The breakdown below reflects NASAA’s published distribution.
Economic Factors (8%)
Analytical methods: time value of money (IRR, NPV, future value), descriptive statistics (mean, standard deviation, Alpha, Beta, Sharpe ratio, correlation), financial ratios, and valuation ratios (price-to-earnings, price-to-book). The smallest section at 8 questions.
Investment Vehicle Characteristics (17%)
Cash equivalents, fixed income (duration, yield-to-maturity, ratings), equities, pooled investments (mutual funds, ETFs, UITs, REITs), options and futures, insurance products, and alternatives. 17 questions.
Client Recommendations and Strategies (30%)
Client profiles and suitability, portfolio construction, capital market theory, tax considerations, retirement plans, and trading strategies. 30 questions.
Laws, Regulations, and Guidelines (45%)
The largest section by far. Investment adviser and broker-dealer regulation, IAR and agent registration, securities and issuer rules, remedies and administrative powers, client communication, and ethical and fiduciary obligations. 45 questions.
Law and ethics is 45% of the Series 66, and Client Recommendations is another 30%. Together those two sections are three-quarters of the exam. Candidates who over-index on the analytical math (only 8%) and under-study state law and suitability are the ones most likely to fall short.
How much does the Series 66 cost and how long is the exam?
The Series 66 exam fee is $177 per attempt, and the exam runs 150 minutes (2 hours 30 minutes). You answer 110 questions total: 100 that count toward your score plus 10 unscored pretest questions mixed in randomly. To pass, you need 73 of the 100 scored questions correct, a 73% passing score.
Questions: 110 total (100 scored + 10 unscored pretest). Time: 150 minutes. Passing score: 73% (73 of 100 scored). Fee: $177 per attempt. Format: multiple choice, computer-based at Prometric. Series 7: co-requisite. SIE: not required. Retake wait: 30 days after a first or second fail, 180 days after a third.
The 10 pretest questions are items NASAA uses to calibrate future exams. You will not know which ones they are, so treat every question as if it counts. At roughly 82 seconds per question, pacing is manageable for most candidates, but the law-heavy content rewards precise reading over speed.
If you do not pass, you must wait 30 days to retake after a first or second failed attempt, and 180 days after a third. The $177 fee applies to each attempt. The Series 66 retake guide covers the waiting periods and the reset plan.
Series 66 vs Series 63 and Series 65: which license do you need?
The short version: the Series 66 equals the Series 63 plus the Series 65 combined, but it requires the Series 7. Which one you need depends on your role and whether you sell securities.
The Series 65 is the state-law exam for investment adviser representatives and does not require a Series 7. It is the right choice for fee-only advisers who give investment advice for a fee but do not sell securities. The Series 63 is the state agent-law exam that pairs with a Series 6 or Series 7 for transaction-based reps. The Series 66 bundles the agent law of the Series 63 with the adviser law of the Series 65 into one exam, on the condition that you also hold the Series 7.
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Choose Your PathHow do you get a Series 66 license?
Getting a Series 66 license follows a set sequence, usually folded into getting hired and registered by a broker-dealer. Here is the standard path; the step-by-step licensing guide covers each stage in detail:
- Get firm sponsorship and a Form U4 filed. The Series 66 is scheduled through your employing firm, which files an electronic Form U4 to enroll you. (An individual not associated with a firm can enroll through FINRA’s own system, but most candidates are sponsored.)
- Schedule the exam at Prometric. Once you are enrolled, FINRA opens a testing window in which you schedule and take the Series 66 at a Prometric test center.
- Pass the Series 66 and the Series 7. You need 73% on the Series 66. Because the Series 7 is a co-requisite, both exams must be passed before your registrations can go effective. You can take them in either order.
- Register in your state. Passing qualifies you; it does not register you. Your firm files your state agent and IAR registrations with the states where you and your clients are located, typically as part of the same onboarding paperwork.
The Series 66 result is a qualification, not the registration itself. Your employing broker-dealer files the actual state registrations after you pass both the Series 66 and the Series 7. That is why candidates almost always take the exam as part of getting hired.
Once both exams are passed and your firm files the paperwork, you are registered as a dual securities agent and investment adviser representative in your state. To see the full exam breakdown and start practicing, visit the Series 66 hub or try a Series 66 practice test.
A Series 66 license lets you register as both a securities agent and an investment adviser representative at the state level, in one credential. You earn it by passing NASAA’s Uniform Combined State Law Examination: 100 scored questions, 150 minutes, 73% to pass, $177. The Series 7 is a co-requisite with no separate SIE prerequisite, and both licenses activate only when both exams pass. If you need both agent and adviser registration and you have or are pursuing the Series 7, the Series 66 is the standard one-exam path. If you are fee-only without a Series 7, take the Series 65 instead; if you only need agent registration, the Series 63 is shorter.