NASAA Uniform Combined State Law Exam (Series 66)

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What is the NASAA Uniform Combined State Law Exam (Series 66)?

The NASAA Uniform Combined State Law Exam, commonly known as the Series 66, is a North American Securities Administrators Association (NASAA) exam administered by the Financial Industry Regulatory Authority (FINRA). It is designed to qualify candidates as both securities agents and investment adviser representatives.

  • Official Exam Name & Acronym: NASAA Uniform Combined State Law Examination (Series 66)
  • Conducting Body/Authority: NASAA (North American Securities Administrators Association) is the policy-making body, while FINRA handles the technical administration and delivery of the exam.
  • Purpose of Exam: Professional Licensure. Passing the Series 66 (in conjunction with the Series 7) satisfies the requirements for state registration in all jurisdictions for those wishing to act as both a Securities Agent and an Investment Adviser Representative (IAR).
  • Geographic Validity: Recognized across all 50 U.S. states, the District of Columbia, Guam, and Puerto Rico.
  • Level of Competence: Specialist/Professional. It demonstrates a candidate’s mastery of state and federal securities regulations, ethical practices, and investment analysis.
  • Brief History: Created by NASAA to streamline the licensing process. Previously, candidates had to take the Series 63 and Series 65 separately. The Series 66 was established to “combine” these requirements for candidates who have already passed the FINRA Series 7.

Who Can Take the NASAA Uniform Combined State Law Exam (Series 66)? (Eligibility Requirements)

Unlike many FINRA exams, the Series 66 does not technically require “sponsorship” by a member firm to sit for the test. However, you cannot register as a representative with a state until you are associated with a firm and have passed the prerequisite corequisite exam.

Eligibility Checklist

  • Academic Requirements: No specific degree is required, though a background in finance, law, or business is highly beneficial.
  • Corequisite Requirement: To hold a Series 66 license, you must also pass the FINRA Series 7 (General Securities Representative Examination). You can take the Series 66 before or after the Series 7, but the license will not be active until both are completed.
  • Documentation Checklist:
    • Form U4: Filed through a sponsoring firm (if applicable) or a Form U10 for independent candidates.
    • ID Proofs: Valid government-issued photo ID (Passport or Driver’s License) required at the testing center.
    • CRD Account: An account in the Central Registration Depository (CRD) system.
  • Language Proficiency: The exam is administered in English. No specific TOEFL/IELTS score is required, but a high level of professional English fluency is essential.
  • Age Restrictions: Candidates must be at least 18 years old.
  • Background Check: Candidates must disclose criminal history, financial defaults, and professional disciplinary actions on Form U4.

Summary Table: Eligibility Requirements

Requirement Details
Sponsorship Not required to sit for the exam; required to hold the license.
Prerequisite Exam Series 7 (Corequisite) and SIE (Securities Industry Essentials).
Age 18+ years.
Education No minimum requirement (High School Diploma generally assumed).
Documentation Form U4 or U10; Government Photo ID.

How to Register for the NASAA Uniform Combined State Law Exam (Series 66)

Exam Schedule & Availability

The Series 66 is available on-demand throughout the year. There are no specific “test windows.” Once you register and pay the fee, you have a 120-day window to schedule and sit for the exam at a Prometric testing center.

Exam Fees (Detailed Breakdown)

Fee Type Cost (USD)
Examination Fee $177.00
Late Rescheduling Fee (within 10 days) $177.00 (Full fee loss)
Rescheduling Fee (11-30 days) $0 (Varies by center)
Form U10 Filing Fee (for non-sponsored) Included in exam fee
Estimated Total Cost $177.00

Booking Process

  1. Create an Account: If not sponsored, create a TESS (Test Enrollment Services System) account on the FINRA website to file a Form U10. If sponsored, your firm handles the Form U4.
  2. Payment: Pay the $177 fee via credit card or ACH.
  3. Wait for Enrollment: Once processed, you will receive an “Enrollment Window” notification.
  4. Schedule via Prometric: Visit the Prometric website to select a physical testing center, date, and time.
  5. Confirmation: Save the confirmation number for exam day check-in.

Retake Policy

If you do not pass the Series 66, NASAA enforces a strict waiting period:

  • 1st Failure: 30-day waiting period.
  • 2nd Failure: 30-day waiting period.
  • 3rd Failure (and subsequent): 180-day (6-month) waiting period.

Note: You must pay the full $177 exam fee for every retake attempt.

Score Validity

The Series 66 exam result remains valid for two years. If you are not registered with a state within two years of passing, the exam credit expires, and you must retake it. Once registered, the license remains valid as long as you stay employed in the industry and meet continuing education requirements.


NASAA Uniform Combined State Law Exam (Series 66) Exam Format & Structure

Exam Format

  • Delivery Method: Computer-Based Test (CBT).
  • Proctoring: In-person at a Prometric Testing Center. (Remote proctoring is only available under specific emergency exceptions).

Timing & Duration

Component Details
Total Testing Time 150 Minutes (2 hours and 30 minutes)
Tutorial Time 15-30 Minutes (Optional, before start)
Breaks No scheduled breaks (Clock continues if you leave the room)

Question Count & Types

  • Total Questions: 110
  • Scored Questions: 100
  • Unscored/Experimental Questions: 10 (These are randomly distributed and do not count toward your score).
  • Question Type: Multiple Choice (4 options).

Syllabus & Content Domains

Domain Topics Covered Weightage
Economic Factors & Business Information Financial reporting, quantitative methods, economic cycles, risk/reward. 5%
Investment Vehicle Characteristics Cash, Fixed Income, Equity, Derivatives, Alternative Investments. 20%
Client Investment Recommendations & Strategies Client profiles, portfolio management, tax considerations, retirement planning. 30%
Laws, Regulations, & Guidelines Uniform Securities Act, Investment Advisers Act of 1940, Ethical practices. 45%

How is the NASAA Uniform Combined State Law Exam (Series 66) Scored?

Passing Score

The passing score for the Series 66 is 73%. Since there are 100 scored questions, you must answer at least 73 questions correctly.

Scoring Mechanics

  • No Negative Marking: There is no penalty for wrong answers. You should answer every question.
  • Raw vs. Scaled: The score is based on the raw number of correct answers. There is no complex scaling or curving.
  • Instant Results: You will receive your pass/fail result on the screen immediately after submitting the exam.

How Difficult is the NASAA Uniform Combined State Law Exam (Series 66)?

Difficulty Assessment

Rating: Challenging. Many candidates find the Series 66 more difficult than the Series 7. While the Series 7 is longer and covers more products, the Series 66 is “wordy” and focuses heavily on legal nuances, ethics, and specific state vs. federal regulations. The 73% passing threshold is also higher than the Series 7 (72%).

Historical Pass Rates

While NASAA and FINRA do not officially publish annual pass rates, industry data from prep providers suggests:

Metric Estimated Percentage
First-Time Pass Rate 60% – 65%
Overall Pass Rate 70%

NASAA Series 66 vs. Similar Certifications

Feature Series 66 Series 63 Series 65
Full Name Uniform Combined State Law Uniform Securities Agent State Law Uniform Investment Adviser Law
Primary Purpose Agent + IAR combined Securities Agent (Sales) Investment Adviser Representative
Prerequisite Series 7 required for license None None
Length 100 questions 60 questions 130 questions
Passing Score 73% 72% 70%

When to Choose Series 66?

You should choose the Series 66 if you have already passed (or are currently taking) the Series 7. It is more efficient than taking the 63 and 65 separately. If you do not intend to take the Series 7, you cannot use the Series 66 and should take the Series 65 instead.


How to Prepare for the NASAA Uniform Combined State Law Exam (Series 66)

Recommended Study Timeline

  • Total Preparation Time: 50 to 80 hours of dedicated study.
  • Weeks 1-2: Read the textbook/study guide and watch video lectures. Focus on the Uniform Securities Act.
  • Weeks 3-4: Take unit quizzes and focus on “Investment Vehicle Characteristics.”
  • Final 10 Days: Take at least 4-6 full-length practice exams. Aim for consistent scores of 80% or higher.

Best Study Resources

  • Kaplan Financial Education: Known for their extensive QBank.
  • STC (Securities Training Corp): Excellent video lectures and “crunch time” facts.
  • Knopman Marks: High pass rates and very detailed practice exams.
  • PassPerfect: Deeply technical, good for those who want to over-prepare.

What to Expect on Exam Day

  • Arrival: Arrive at the Prometric center 30 minutes early.
  • Security: You will be scanned with a metal detector. You must store all personal items (phones, watches, notes) in a locker.
  • Materials Provided: The center will provide a digital calculator and a virtual or physical “scratchpad” (whiteboard).
  • Check-in: You will need to provide your fingerprints and a digital signature.

After Passing the NASAA Uniform Combined State Law Exam (Series 66)

Once you pass, your results are automatically uploaded to the CRD system. If you have also passed the Series 7, your firm can then file for your state registration. You will be authorized to:

  • Provide investment advice for a fee (IAR).
  • Execute securities transactions for commissions (Agent).

Continuing Education (CE): You must complete Regulatory Element CE annually through FINRA and any state-specific IAR CE requirements mandated by NASAA (usually 12 credits per year).


Frequently Asked Questions

  1. Can I take the Series 66 without a sponsor? Yes, you can file a Form U10 and pay the fee yourself.
  2. Is the Series 66 harder than the Series 7? Many find it harder because it is less intuitive and more focused on legal “trick” questions.
  3. What happens if I pass the 66 but fail the 7? You keep the 66 credit for two years, but you cannot register as an agent/IAR until the 7 is passed.
  4. Is there a calculator allowed? Yes, a basic calculator is provided by the testing center.
  5. How long is the Series 66 score valid? 2 years if you are not registered with a firm.
  6. Do I need the SIE for the Series 66? Not directly, but you need the SIE to take the Series 7, which is the corequisite for the 66.
  7. What is the most important section? “Laws, Regulations, and Guidelines” accounts for 45% of the exam.
  8. Can I take the exam online? Generally no; it must be taken at a Prometric center.
  9. Is there a limit to how many times I can take it? No, but the 180-day waiting period applies after the 3rd attempt.
  10. Does the Series 66 cover the same material as the Series 63? The 66 covers all of the 63 plus much of the 65.
  11. What is a “passing” raw score? 73 out of 100 scored questions.
  12. Are there any math questions? Yes, basic calculations for Current Yield, P/E ratios, and Total Return are common.

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