What is the Series 66 exam?
The Series 66 is a state law exam for people who both sell securities and give investment advice. NASAA develops it and FINRA administers it. It has 100 scored questions and costs $177. You also need the Series 7. With both, a state can register you as a broker-dealer agent and an investment adviser representative.
- Pass the SIEAnyone 18 or older can take it, with or without a firm.
- Your SIE pass stays valid for four years.
- Pass the Series 7A FINRA member firm must sponsor you. You need a 72.
- You can take these two in either order.
- Pass the Series 66110 questions, 100 of them scored, in 150 minutes. You need 73 right.
- Fail? Wait 30 days to retake it, or longer after a third fail.
- Get registered in your stateA state can then register you as both an agent and an investment adviser representative.
Its full name is the Uniform Combined State Law Examination. It covers the agent role of the Series 63 and the adviser role of the Series 65.
What does the Series 66 license let you do?
People call it a license, but it's an exam. With the Series 7, a pass counts toward two state registrations:
- Agent of a broker-dealer. You buy and sell securities for a firm's customers. Most states require the Series 63 for this role. With a valid Series 7, FINRA's system accepts the 66 instead.
- Investment adviser representative. You give investment advice or manage client accounts for a firm paid to advise. FINRA lists the Series 65 or 66 as the exam for this role.
- A pass alone isn't enough. NASAA says a pass doesn't by itself let you do securities business in any state. Each state sets its own registration rules.
Plan to give advice without the Series 7? Our Series 65 vs 66 guide explains which exam fits.
Series 66 requirements: what do you need to take it?
You can sit the Series 66 with no prerequisite and no firm behind you. To use the pass, you also need the Series 7 and the SIE.
- The Series 7. FINRA lists it as a corequisite, not a prerequisite. You can pass the two exams in either order.
- The SIE too. FINRA lists the 66's corequisites as the SIE plus the Series 7. So the full route is three exams.
- A sponsor for the Series 7. A FINRA member firm must sponsor you to take it. Our Series 7 exam guide covers sponsorship and the format.
- No sponsor for the 66 itself. NASAA's 2023 study guide says someone who isn't with a firm can schedule the 66 through FINRA's enrollment system.
Not with a firm yet? Start with the SIE. It's open to anyone 18 or older. Our SIE exam guide covers the format and cost.
Series 66 exam format: questions, time and passing score
The Series 66 has 110 multiple-choice questions, and 100 of them count toward your score. You get 150 minutes and need 73 right answers to pass.
| Detail | Series 66 |
|---|---|
| Questions | 100 scored, plus 10 unscored |
| Format | Multiple choice, closed book |
| Time | 150 minutes |
| Passing score | 73 of 100 |
Three things follow from the format:
- Pace yourself. You get about 82 seconds a question.
- Answer every question. Your score is the number you get right, so a blank can't help you. The 10 unscored questions aren't identified, so treat every question as scored.
- Leave room. A 73 means you can miss no more than 27 scored questions.
What's on the Series 66 exam?
Law is the biggest part of the Series 66. Laws, regulations and unethical practices make up 45 of the 100 scored questions.
- Economic factors and business information. Analytical tools such as time value of money, basic statistics and financial ratios.
- Investment vehicle characteristics. Bonds, stocks and pooled funds. It also covers options, futures and insurance-based products.
- Client recommendations and strategies. Client profiles, portfolio strategy, taxes and retirement plans. It also covers trading and performance measures.
- Laws, regulations and unethical practices. Rules for advisers, broker-dealers and their representatives. It also covers ethics and how you communicate with clients.
The law questions draw on federal securities law and on the Uniform Securities Act, a model state law. NASAA tests the 1956 act with its own amendments, not the 2002 version.
How much does the Series 66 cost?
The Series 66 costs $177. If a firm enrolls you, ask how it handles the fee. Each retake is a new enrollment with a new fee.
The full route costs more, because you also need the SIE and the Series 7:
| Exam | Fee |
|---|---|
| SIE | $100 |
| Series 7 | $395 |
| Series 66 | $177 |
| All three | $672 |
Can you take the Series 66 online?
No, unless you need a testing accommodation. You take it at a Prometric test center.
- Book through Prometric. It's the test vendor FINRA uses. You book a seat once your enrollment is open.
- Test within 120 days. Your window opens the day after FINRA processes your enrollment. You must take the exam inside it.
- Change dates early. Cancel or reschedule at least 10 business days ahead to avoid a fee. Later changes cost $88.50, or the full $177 inside two business days or for a no-show.
How long is the Series 66 valid?
A Series 66 pass is valid for two years. If you don't register as an agent or adviser representative in that time, you'll need to pass it again.
Once you're registered, the clock works differently:
- When you leave. You generally have two years after your registration ends to register again without retesting.
- In states with NASAA's extension program. Yearly continuing education after you leave can stretch that to five years. For the 66, you enroll both of its parts: the Series 63 and Series 65 credits.
What is the Series 66 pass rate?
Neither FINRA nor NASAA publishes a Series 66 pass rate. A figure you see elsewhere doesn't come from either of them.
What happens if you fail the Series 66?
You wait 30 days to retake the Series 66 after a first or second fail, and 180 days after a third. From January 4, 2027, that third wait drops to 60 days for exam windows opened on or after that date. FINRA's own retake change on January 19, 2027 doesn't apply to the Series 66. Our Series 65 vs 66 guide explains which rules cover a window you've already opened.
If you fail, NASAA shows your score in each of the four sections. Start your retake study with the weakest one.
How to get started on the Series 66
Settle your Series 7 plan first, then find your weak sections. Take these steps in order:
- Check your route. If a firm is sponsoring your Series 7, ask whether it wants the 66 too, and in which order.
- Test yourself first. Try questions from all four sections before you open a textbook. Our free Series 66 practice test is a good place to start.
- Spend most of your time on law. It's 45 of the 100 scored questions.
- Book a date at the end of your study plan. FINRA encourages booking early. Sit the exam once you score 80% or more on fresh, full-length, timed practice. That leaves a buffer above the 73 you need. If you're not there 10 business days before, move it for free.
For a structured path, our Series 66 course has 49 video lessons and 350 practice questions. It also has three timed 100-question mock exams and 152 pages of summary notes.
Series 66 exam FAQs
What does Series 66 stand for?
It's just the exam's number. The full name is the NASAA Uniform Combined State Law Examination.
Is the Series 66 open book?
No, it's closed book. The proctor gives you scratch paper if you ask, and you hand it back at the end.
How soon do you get your Series 66 result?
On the day. You're told whether you passed when you finish the exam.
How many times can you take the Series 66?
As many times as you need. NASAA sets waiting periods between attempts but no limit on the number of attempts.
Related guides
Sources
- FINRA, Series 66 exam page: NASAA exam administered by FINRA, the two capacities it qualifies you for, format, passing score, fee, no prerequisite, the Series 7 corequisite (SIE + S7TO), in use since July 1995, online testing by accommodation only, the January 4, 2027 retake change, the pointer to NASAA's exam FAQ for a third or later wait and the exam validity extension program
- NASAA, Uniform Combined State Law Examination (Series 66) Overview, September 1, 2023: purpose, 110 questions, closed book, results and section scores, self-scheduling, the 120-day window, retake waits, no right to do business on a pass alone, and the tested law
- NASAA, Series 66 Test Specifications, effective June 12, 2023: section names, weights and topics
- FINRA, CRD System AG Qualification Requirements: the Series 66 with a valid Series 7 qualifies for the state agent registration, a Series 66 pass is valid for two years, the extension program counts up to five years from termination, and an unused Series 66 can't be kept beyond two years
- FINRA, Registration Code Classifications: the investment adviser representative registration (RA) takes the Series 65 or 66
- FINRA, Qualification Exam FAQ: most states require the Series 63 for securities business, and exams other than the SIE stay valid for two years after a registration ends
- FINRA, Reschedule or Cancel Your Appointment: the 10-business-day rule, the Series 66 late-change fees ($88.50 and $177) and the full fee for a no-show
- FINRA, Schedule an Exam: booking a test center appointment with Prometric
- FINRA, TESS FAQ: a retake needs a new enrollment and a new payment
- FINRA, Series 7 exam page: fee, SIE corequisite and firm sponsorship (a FINRA member firm or another SRO member firm)
- FINRA, Securities Industry Essentials (SIE) Exam page: fee, open to anyone 18 or older, valid for four years
- Uniform Securities Act (1956), as amended by NASAA, Section 401: definitions of agent, investment adviser and investment adviser representative
- FINRA Regulatory Notice 26-18 (October 14, 2026): the 120-day window begins the day after FINRA processes an enrollment; FINRA's own retake waits change on January 19, 2027, and waits for exams FINRA administers for NASAA may differ
- SEC Release No. 34-105885 (FINRA filing SR-FINRA-2026-014), July 13, 2026: FINRA's 2024 pass and retake data, which covers only the SIE, Series 7 and Series 24
Every figure on this page is checked against FINRA's exam and registration pages and NASAA's Series 66 documents. Spotted something out of date? Tell us through the contact page and we'll fix it.