Study strategies that work for the Series 66 exam

The Series 66 exam, known formally as the Uniform Combined State Law Examination, is crucial for those seeking to become securities agents and investment adviser representatives in their state. Earning the Series 66 license requires candidates to pair the Series 66 exam with the Series 7 license, as together, they satisfy state registration requirements for Investment Advisory Representatives (IARs). Covering content similar to the Series 63 and Series 65 exams combined, the Series 66 includes topics on securities regulations and investment advisory fundamentals. The wide scope of the Series 66 exam and the license’s unique requirements make intentional preparation a must.

How hard is the Series 66?

The estimated Series 66 pass rate typically falls between 65% and 70%, which aligns closely with the benchmark for the Series 65 exam. While the exam may be shorter in duration compared to other Financial Industry Regulatory Authority (FINRA) exams like the Series 65, this does not translate to an easier test, underscoring the need for thorough preparation and dedication.

Although the Series 66 exam is shorter than the Series 65, it is packed with complex concepts and can be challenging for many test-takers. Nevertheless, with focused preparation and quality study materials, candidates generally find the exam manageable.

Understanding how long you need to study for the Series 66 and preparing a study plan tailored to its level of difficulty are keys to success. Below is an overview of what candidates can expect from the Series 66 and how to prepare most effectively.

What’s on the Series 66?

Understanding the format of the Series 66 before you start studying is important for managing your time and expectations:

• The exam consists of 100 multiple-choice questions, plus 10 unscored pretest questions.
• You will have 150 minutes (2.5 hours) to complete it.
• A passing score is 73%, which means you must correctly answer at least 73 of the 100 scored questions.

See the content outline below:

Here is a brief breakdown of what each section of the Series 66 exam covers and its respective weight:

Economic Factors and Business Information

8 questions: 5% of the exam

This section deals with economic trends and reporting methods. Topics include economic cycles and indicators, financial reporting, analytical methods, types of risk, monetary and fiscal policy, and accounting fundamentals.

Investment Vehicle Characteristics

17 questions: 17% of the exam

Broad topics include cash and equivalents, fixed income securities and valuations, equities and equity valuation, pooled investments, derivative securities, and insurance-based products. You should be well-versed in the structure, features, and characteristics of mutual funds, Exchange Traded Funds (ETFs), Real Estate Investment Trusts (REITs), annuities, and other common investments covered in this section.

Client Investment Recommendations and Strategies

30 questions: 30% of the exam

This section concentrates on suitability, risk assessment, types of client portfolios, time horizons, tax considerations, performance management, and appropriate product selection.

Laws, Regulations, and Guidelines

50 questions: 50% of the exam

This section is the largest portion of the exam and requires a comprehensive understanding of the Uniform Securities Act, state and federal registration requirements, exemptions, anti-fraud regulations, and distinctions between federal and state securities rules.

You’ll notice that the Series 66 exam mirrors much of the content on the Series 65, but focuses more heavily on laws and regulations. Like other FINRA tests, the questions on the Series 66 can be vague, especially those about ethics and suitability. Many test-takers find that Series 66 practice exams help prepare them for the style of the real test. During practice and actual exam attempts, try not to spend too long on one question. Flag it, move on, and return later if needed.

What can you do with a Series 66 license?

The Series 66 allows individuals to transact securities and provide financial advice in their given state. It is a major qualification for financial professionals in dual advisory and securities agent roles, making it suitable for both IARs and Registered Investment Advisors (RIAs). The Series 7 license officially equips Series 66 holders with the right to sell a broad range of financial instruments.

How to study for the Series 66

Review exam requirements

Before beginning your preparation, there are certain eligibility requirements you must meet to be able to sit for the Series 66 exam:

1. Age: You must be 18 years old or older.
2. SIE Exam and Series 7: A valid Series 7 license is required to act as an investment advisor and agent with a Series 66. Before you pursue a Series 7 license, you must pass the foundational Securities Industry Essentials (SIE) exam.
3. Enroll: You must enroll for Series 66 yourself using FINRA’s Test Enrollment Services System (TESS).
4. Exam fee and registration: The Series 66 exam costs $177 per attempt and must be taken at an official Prometric test center near you.

As previously mentioned, the Series 7 exam is a co-requisite of the Series 66. While sitting for the Series 66 itself does not require sponsorship from a FINRA-member firm, you will need to be sponsored to take the Series 7. Read more about the sponsorship process and the requisite forms needed in our article on Series 7 requirements.

Review the content and assess your existing knowledge

Use the high-level content outline above as a guide to review all of the topics covered on the Series 66 exam. Begin your prep by taking a practice test to gauge your current knowledge and familiarity with the material. Review your results to pinpoint both strengths and areas that need improvement, so you can focus your study time where it matters most. As you continue, track your progress by regularly working through additional practice tests and practice problems for the Series 66.

Create a Series 66 study schedule

The amount of time you should allocate to study for the Series 66 depends on your prior experience and knowledge base. If you have already prepared for or passed the Series 7, you may find many investment concepts familiar. Despite this overlap, the Series 66 exam has a reputation for being challenging because it also tests a nuanced understanding of laws, regulations, ethics, and client-focused recommendations.

Here is a general guideline on how long you should study for the Series 66 based on your approach:

• Quick review: 30 - 40 hours may be sufficient for those with significant background knowledge
• Moderate preparation: 50 - 80 hours spread across 3 - 5 weeks is effective for most candidates
• Comprehensive study: 100+ hours is often needed if the Series 66 topics are new to you

Dividing your study plan into three main phases (content learning, thorough review, and practice) is the best way to prepare for Series 66. Successful test-takers recommend dedicating the last 20% to 30% of your total study time to answering practice questions and reinforcing key concepts, which can greatly increase your performance and confidence. Achievable’s interactive study planner helps you build a schedule tailored to your goals, experience, and available time.

The Series 66 exam is more than a regulatory hurdle: it’s a key milestone toward earning your license and advancing your career in the financial industry. To improve your chances of passing, focus your prep based on test section weights. Half of the exam centers on laws, regulations, and industry guidelines, while another major portion focuses on client investment recommendations, portfolio strategies, and suitability.

The Series 66’s legal focus can be a challenge for anyone, even seasoned professionals. By carefully planning your study timeline, you can position yourself for success and maximize your chances of passing on the first try.

Use quality study materials

Choose a Series 66 course plan and textbook that offer structured guidance, practical study tools, a robust question bank, and multiple review exams. Supplement your prep with flashcards, cheat sheets, and other study aids to strengthen active recall and reinforce key concepts. Look for a program that provides diverse resources along with a pass guarantee, giving you confidence that your study platform covers everything you need. Achievable’s Series 66 library of study tools delivers exactly that, with a wide range of resources to support your success.

Practice makes perfect

Reviewing the content is just one part of the process. Making sure to apply it under test conditions is equally important. Practicing with test-like questions will help to improve retention, comprehension, and test-taking speed.

Try to score at least 80% on practice exams before taking the real test. Make flashcards of the questions you miss or concepts you find confusing. Read answer explanations carefully, especially for questions you guessed on. Take some time to focus on scenario and ethics questions, which can be unconventionally worded. Previous test takers note that the real exam’s tone is similar to practice tests but with less direct phrasing, so practice helps you adapt to that.

Prepare for exam day

The night before your exam, do a light review of your Series 66 materials, clear up any lingering questions, and prioritize getting a full night’s rest. Avoid cramming late at night or early in the morning: last-minute overload can actually hurt your performance. On exam day, bring a valid government-issued ID, such as a driver’s license or passport, and plan to arrive at the test center at least 30 minutes early to ensure a smooth check-in. During the exam, stay calm and focused; unnecessary stress can interfere with concentration, memory, and your ability to carefully interpret each question.

Series 66 retake policy

If you don’t pass the Series 66 on your first attempt, you’ll need to wait 30 days before retaking the exam. While the test can be taken an unlimited number of times, the waiting period increases to 180 days starting with your third attempt. If you don’t pass the Series 66 on your first try, use the time before your retake to refocus and commit to more targeted, effective studying.

Conclusion

Passing the Series 66 is challenging yet attainable, particularly for those who have already completed the Series 7. The Series 66 exam evaluates a combination of investment principles, regulatory frameworks, and advisory practices, all key areas for those seeking to be licensed as securities agents and investment adviser representatives in the U.S. To boost your chance of success, approach your study plan thoughtfully. Experts recommend committing at least 50 - 75 hours to preparing over several weeks, which is the ideal timeframe for most candidates to master the required materials.

Dedicate significant time to understanding laws, ethics, and suitability scenarios, as these topics frequently appear on the Series 66 exam. Earning your license requires consistent practice, thorough review of any missed questions, and strong test-taking strategies. Effective time management during the actual Series 66 test is critical, so use reputable prep tools, monitor your progress regularly, and seek guidance if obstacles arise. With disciplined preparation and a focused mindset, you will position yourself to pass this important licensing exam.