The Series 66 license: How it fits into your financial career
Table of contents
- What is the Series 66 license?
- What does the Series 66 allow you to do?
- What are the prerequisites?
- What’s covered on the exam?
- Key content areas include:
- How to prepare for the Series 66
- What jobs can you get with the Series 66?
- Investment Adviser Representative (IAR)
- Financial advisor/Financial consultant
- Portfolio manager/Wealth manager
- Private client advisor/Relationship manager
- How to register and take the exam
- Final thoughts: Is the Series 66 worth it?
If you’re building a career that combines both financial advising and investment management, obtaining the Series 66 license is a crucial step. The Series 66 is a comprehensive securities license required for professionals who want to deliver expert financial advice and manage client assets as Investment Adviser Representatives (IARs). Earning a Series 66 license demonstrates your qualification to act in both advisory and securities agent roles, making it a key credential for those looking to expand their opportunities in the financial services industry. Understanding what is the Series 66, how to earn this license, and the types of careers it can unlock is fundamental for anyone aiming to advance as a trusted financial advisor.
What is the Series 66 license?
The Series 66, officially known as the Uniform Combined State Law Examination, is a crucial securities license for financial professionals. Earning the Series 66 license qualifies individuals to operate as both securities agents and IARs, opening up a broad range of allowed investment advisory and securities activities. The Series 66 exam is administered by the Financial Industry Regulatory Authority (FINRA) on behalf of the North American Securities Administrators Association (NASAA). Meeting the Series 66 requirements is critical for those who wish to provide comprehensive investment advice and manage client portfolios.
The Series 66 license is obtained in conjunction with the Series 7 license, allowing an individual to:
- Offer investment advice for a fee under state or SEC regulations
- Recommend and sell a wide variety of securities products
- Manage client portfolios professionally
- Serve as a fiduciary for clients, upholding ethical standards
The Series 66 combines key elements from both the Series 63 (covering state securities laws) and the Series 65 (focused on investment adviser law) exams, making it a streamlined choice for candidates already pursuing or holding a Series 7 license. By passing the Series 66 exam and meeting all state-specific requirements, financial professionals are able to expand their advisory capabilities and legally offer a broader suite of investment services.
What does the Series 66 allow you to do?
You’ll need a Series 66 license if you plan to work as an IAR with a state-registered or SEC-registered investment advisory firm and simultaneously serve as a registered representative for a broker-dealer. The Series 66 license is frequently pursued by financial advisors, wealth managers, portfolio managers, and registered investment advisers (RIAs) who require dual registration with broker-dealers, as well as professionals in similar roles.
Important note: Holding the Series 66 license alone is not sufficient: you must also pass the Series 7 exam to be fully licensed to offer and sell securities.
What are the prerequisites?
- Sponsorship and Series 66 requirements: A key advantage of the Series 66 requirements is that sponsorship is not necessary: unlike the Series 7 exam, the Series 66 can be taken independently whenever you are prepared.
- Series 7 and Series 66 requirements: According to the Series 66 requirements, you must also pass the Series 7 exam to actively use your Series 66 license for employment. Most candidates complete the Series 7 first before attempting the Series 66 exam.
What’s covered on the exam?
The Series 66 exam is designed to assess your understanding of the laws, ethics, and investment concepts you must follow as a financial professional. This exam features 100 scored questions, along with 10 unscored pretest questions, that must be completed within 150 minutes. To meet the Series 66 requirements and earn your license, you need a passing score of at least 73%. If you do not achieve a passing result, retakes are allowed after 30 days; however, leveraging Achievable’s comprehensive Series 66 exam preparation resources can help ensure you pass the Series 66 exam on your first attempt.
Key content areas include:
- Economic Factors and Business Information
- Investment Vehicle Characteristics
- Client Investment Recommendations and Strategies
- Laws, Regulations, and Guidelines, including fiduciary responsibilities and ethical practices
The exam tests both conceptual understanding and application of rules and regulations under the Uniform Securities Act and NASAA guidelines. Compliance with these rules is necessary to remain a Series 66 licensee in good standing.
How to prepare for the Series 66
While it’s considered less difficult than Series 7 in terms of math and product knowledge, Series 66 is dense with legal concepts and definitions. There are many ways to prepare for it, including:
- Use a reputable test prep program with updated materials
- Focus heavily on memorization of laws, terminology, and ethical rules
- Take multiple full-length practice exams under timed conditions
- Don’t underestimate the ethical and fiduciary duty questions, which are heavily emphasized
What jobs can you get with the Series 66?
Once licensed with both the Series 7 and Series 66, you’re qualified for several high-demand roles in the financial services industry, which can include:
Investment Adviser Representative (IAR)
Work for a Registered Investment Adviser (RIA), providing fee-based advice, financial planning, and asset management.
Financial advisor/Financial consultant
Offer investment recommendations and retirement planning through a broker-dealer or hybrid firm.
Portfolio manager/Wealth manager
Oversee high-net-worth client portfolios, construct investment strategies, and ensure compliance with fiduciary standards.
Private client advisor/Relationship manager
Provide tailored investment solutions to individuals, families, or small businesses.
These roles often involve ongoing compliance education, client relationship management, and keeping up to date with regulatory changes.
How to register and take the exam
- Create an account with FINRA (or do so through your employer).
- Pay the exam fee. As of 2025, the cost is $187.
- Schedule your exam through Prometric or another approved testing center.
- Bring a valid ID on exam day and follow testing policies carefully.
The test is available year-round, and results are provided immediately after completion.
Final thoughts: Is the Series 66 worth it?
If you’re planning to build a future in comprehensive financial advising, the Series 66 exam is an important milestone. Successfully earning your Series 66 license enhances your credentials, enabling you to provide investment advice and function as a fiduciary, especially within fee-based advisory models. When combined with the Series 7 registration, the Series 66 broadens your professional opportunities across a diverse range of rewarding careers in the finance industry.
Whether you are just embarking on your licensing path or seeking to add the Series 66 to your qualifications, thorough preparation is key. Choosing a reputable Series 66 exam prep provider and studying effectively can significantly boost your chances of passing with confidence and advancing in your financial advisory career.
