Uniform Combined State Law Exam (Series 66) Study Guide

The Uniform Combined State Law Examination (Series 66) is a qualification exam that combines the material of the Series 63 (Uniform Securities Agent State Law) and the Series 65 (Uniform Investment Adviser Law) into a single test. It is designed for candidates who need to register as both a securities agent and an investment adviser representative at the state level.

The Series 66 consists of 100 scored questions and you are given 150 minutes to complete it. That works out to roughly 90 seconds per question, so pacing yourself is a real part of the challenge — not just knowing the material.

The exam is co-developed by FINRA and the North American Securities Administrators Association (NASAA), and it is administered by FINRA. Because it is a state-law exam, its focus is regulatory: the Uniform Securities Act, ethical practices, and fiduciary obligations rather than deep product mechanics.

Here is what you need to know before you sit down at the testing center:

• Number of questions: 100 scored questions.
• Time limit: 150 minutes.
• Passing score: you must answer at least 73 of the 100 scored questions correctly.
• Exam fee: the cost is $177.

A passing score of 73 out of 100 means the exam expects a high degree of mastery — you can only afford to miss 27 questions. Combined with the 150-minute limit, this makes consistent accuracy across every topic area more valuable than deep expertise in a single one.

Note that exams may also contain a small number of unscored, experimental questions used for future test development; these do not count toward your 73-question threshold and are not included in the 100 scored questions above.

Because the Series 66 merges state securities-agent law and investment-adviser law, your study should cover a broad regulatory landscape. The major themes you should be comfortable with include:

Economic Factors and Business Information

Basic economic concepts, financial reporting, and quantitative measures that inform suitable recommendations.

Investment Vehicle Characteristics

The features of equity, debt, pooled investments, derivatives, and insurance-based products — enough to judge suitability, not to trade them.

Client Investment Recommendations and Strategies

Portfolio management styles, risk-return tradeoffs, tax considerations, and the suitability of recommendations for different client profiles.

Laws, Regulations, and Guidelines (including Prohibition on Unethical Business Practices)

This is the heart of a state-law exam: the Uniform Securities Act, registration of agents and advisers, fiduciary duty, and the prohibited and unethical practices that examiners test heavily.

Given only 27 allowable misses, treat the ethics and regulatory sections as non-negotiable — they are the largest and most heavily weighted portion of a combined state-law exam and the area where careless errors cost the most.

Use the exam's own structure to shape your preparation:

Budget your time like the exam does

With 150 minutes for 100 questions, aim for about 90 seconds per question in practice sessions. Flag anything that takes longer, move on, and return to it — leaving time at the end for review is easier when you have not stalled on early questions.

Target the 73-question threshold with margin

Since passing requires 73 correct answers, set a personal practice-exam target above that — consistently scoring in the low-to-mid 80s on realistic mock exams gives you a buffer against test-day nerves and unusually worded items.

Prioritize ethics and regulation

The prohibited-practices and Uniform Securities Act material rewards memorization and repetition. Drill definitions of terms like "security," "agent," "investment adviser," and "investment adviser representative," and the situations that trigger or exempt registration.

Plan the $177 investment once

The exam costs $177, so build in enough preparation that you sit for it once. A short, focused final review of your weakest content area is usually more valuable than re-reading material you already know.