The Series 66
Uniform Combined State Law Exam
The Uniform Combined State Law Examination also called the Series 66 exam is designed to qualify candidates as both securities agents and investment adviser representatives in the United States. It was developed by North American Securities Administrators Association and operated by the Financial Industry Regulatory Authority.
How do I take the series 66 exam?
In order to take the Series 66 exam, you must be a Series 7 license holder, or be taking the Series 7 license exam concurrently with the Series 66 license exam. (If you are earning your Series 7, you will also have to pass the new SIE exam.)
Should I take the series 66 or Series 7?
Note that candidates can take the 66 or 7 in any order, but both must be completed in order to register. The Bottom Line. Passing the Series 63 exam for registration within a state is a requirement for all registered representatives. Those who wish to be IARs must pass the Series 66 and the Series 7.
What is a series 66 license?
The Series 66 license, known as the Uniform Combined State Law Examination, is a North American Securities Administrators Association (NASAA) exam that is administered by FINRA. It is required for individuals acting as or soliciting for the service of investment advisors or soliciting the purchase or sale of securities within a state.
Can I take the Series 66 exam without a sponsor?
Do I need to have a sponsor before I take the Series 63, 65, or 66? No. Unsponsored candidates who are not Form U4 registered or currently affiliated with a firm through FINRA's Web CRD system can open an exam enrollment window via FINRA.org request and pay for the S63, S65, or S66 exam.
Is the series 66 hard to pass?
Overall, the Series 66 is quite a challenging exam. The Series 7 difficulty level is not to be understated however. Both can be conquered with the right amount of studying. Consequently, we recommend Kaplan as the top resource for both exams.
How long does it take to get a Series 66 license?
For the SIE exam, you should plan to spend between 100-150 hours with the materials prior to attending the Live Classroom Review to maximize your learning. For the Series 6 Top-Off exam, candidates should plan to spend approximately 80 hours with their materials.
Do I Need Series 7 to take series 66?
In order for a candidate to pass the Series 66 exam, he/she must correctly answer at least 73 of the 100 scored questions. There is no prerequisite for the Series 66 exam. However, the Series 7 exam is a co-requisite to the Series 66 exam.
What is harder the Series 7 or 66?
For students who have recently completed the Series 7, the Series 66 exam is easier than it is for students who have not. This is viewed as a tough exam because it is so broad. It's recommended that students learn through a variety of methods, such as reading, as well as continuous practice exams.
How long do you need to study for Series 66?
It is recommended that the individual spend at least 40 to 50 hours preparing for the exam by reading the textbook, underlining key points, and answering as many practice questions as possible. We recommend that a student schedule their exam no more than one week after finishing their Series 66 exam prep.
How much does Series 66 exam cost?
North American Securities Administrators Association (NASAA) ExamsDurationCostSeries 63 – Uniform Securities Agent State Law Exam1 hour and 15 minutes$147Series 65 – Uniform Investment Adviser Law Exam3 hours$187Series 66 – Uniform Combined State Law Exam2 hours and 30 minutes$177
How many times can you fail the Series 66?
FINRA and NASAA don't publish official pass rates for the Series 66 exam. As with any securities exam, if you fail Series 66 on your first attempt, you are allowed two more retakes, waiting 30 days between exam dates. If you fail on the third attempt, you can retake the exam after a 180-day waiting period.
What is harder Series 66 or 65?
Is It Harder to Pass the Series 65 or Series 66 Exams? While the pass/fail rate for these exams is not publicly available, many consider the Series 66 exam less difficult than the Series 65 because the latter is longer. The Series 65 contains 130 questions and the Series 66 has only 100.
Can you get a Series 7 without a sponsor?
To take the Series 7 exam, you must be sponsored by a FINRA member firm or a self-regulatory organization (SRO). Firms apply for candidates to take the exam by filing a Uniform Application for Security Industry Registration or Transfer (Form U4).
What does a Series 66 license allow you to do?
The Series 66 is an exam and license that is meant to qualify individuals as investment advisor representatives or securities agents. The Series 66, also known as the Uniform Combined State Law Examination, covers topics relevant to providing investment advice and effecting securities transactions for clients.
Which FINRA exams don't require sponsorship?
FINRA and Broker-Dealer Exams SIE and Series 63 exams do not require any sponsoring program. Series 7, 79, and 82 require a FINRA exam sponsorship before you can take the test.
Is the series 65 or 66 Harder?
Is It Harder to Pass the Series 65 or Series 66 Exams? While the pass/fail rate for these exams is not publicly available, many consider the Series 66 exam less difficult than the Series 65 because the latter is longer. The Series 65 contains 130 questions and the Series 66 has only 100.
Is the series 63 or 66 Harder?
Generally speaking, the Series 66 exam is considered more difficult than the Series 63 test. It has almost twice the amount of questions with a strict 150 minute time limit. Plus, the exam is intended to prepare you for a career as both a securities agent and an investment advisor representative.
How long is the series 66 Good For?
The Series 66 license does not have an expiration date. Instead, your license remains current as long as you remain employed by a sponsoring firm, company, or organization. If you leave your position or company, your license will still be current for two years as you search for a new job in the industry.
What does a Series 66 license allow you to do?
The Series 66 is an exam and license that is meant to qualify individuals as investment advisor representatives or securities agents. The Series 66, also known as the Uniform Combined State Law Examination, covers topics relevant to providing investment advice and effecting securities transactions for clients.
How many questions are asked in the series 66 exam?
Candidates have 150 minutes to complete the exam. In order for a candidate to pass the Series 66 Exam, he/she must correctly answer at least 73 of the 100 scored questions. There is no prerequisite for the Series 66 examination.
When will the NASAA series 63 exam be updated?
At this time candidates should answer exam questions reflecting the state of the law as of December 21, 2020.
Is there a prerequisite for the Series 66 exam?
There is no prerequisite for the Series 66 examination. However, the Series 7 examination is a co-requisite to the Series 66 Examination.
What is a series 66 license?
March 18, 2019. The Series 66 license, known as the Uniform Combined State Law Examination, is a North American Securities Administrators Association ( NASAA) exam that is administered by FINRA. It is required for individuals acting as or soliciting for the service of investment advisors or soliciting the purchase or sale ...
Why is a Series 66 license important?
Obtaining the Series 66 license is important for representatives who provide advice on ERISA-regulated retirement accounts.
How many questions are asked in the series 66?
Laws, Regulations, and Guidelines, including Prohibition on Unethical Business Practices. The Series 66 exam contains 100 multiple-choice questions that must be completed in 150 minutes. You must get a 73/100 or higher to pass.
What is the passing score on the NASAA series 66 exam?
While the length of the exam did not change, the passing score did change to 73%. The weighting of the topics and number of questions in each topic area were also updated to better reflect the importance of certain knowledge and skills. Check NASAA’s website for the most up-to-date content outline for the Series 66 exam.
What Is the Series 66?
The Series 66 is an exam and license that is meant to qualify individuals as investment advisor representatives or securities agents. The Series 66, also known as the Uniform Combined State Law Examination, covers topics relevant to providing investment advice and effecting securities transactions for clients.
When will the 66 series be updated?
As of December 2018 , the North American Securities Administrators Association (NASAA), which creates the Series 66 exam, had updated its questions due to recent changes in the tax code. Questions using the 2018 tax code were rolled out in January 2019.
How many questions are asked in the Series 66 exam?
The Series 66 exam has 100 multiple-choice questions that are scored, and a candidate must correctly answer 73 of those questions in order to pass. The comprehensive exam covers topics such as economic factors, the characteristics of investment vehicles, client/customer investment recommendation strategies, and laws and regulations.
How much does it cost to take the FINRA 66 exam?
An individual's employer can register a candidate for the exam by filing either a Form U4 or Form U-10 and paying the $165 examination fee. FINRA's Series 66 Informational Page has additional details.
Who administers the Series 66 exam?
The exam is administered by the Financial Industry Regulatory Authority (FINRA), which is also responsible for processing and disseminating test results.
Is the Series 7 required for a 66?
FINRA's Series 7 exam is a co-requisite of the Series 66, which means it needs to be successfully completed along with the Series 66 before a candidate may apply to register in a state. There is no order in which the Series 7 and Series 66 must be taken. Individuals who have passed the Series 7 may take the Series 66 in order to avoid having ...
Who can take the Series 65?
Currently, the majority of those who take the Series 65 are either securities professionals who have not passed the Series 7 General Securities Representative Exam, or those in related fields within the financial services industry—such as accountants —who wish to be in the business of providing investment advice for fees. This includes, of course, those who work for investment advisory firms and wish to become IARs.
How many questions are asked in the series 63?
1 The Series 63 (formally known as the Uniform Securities Agent State Law Examination) consists of 60 questions. The exam has a time limit of 75 minutes.
How long is the Series 65 exam?
It had long been a 75-question exam that focused primarily on state securities laws (the Uniform Securities Act) and ethics but became a 130-question "competency exam" with a time limit of 180 minutes.
When a person is preparing to enter the world of investment professionals, they must take—and pass—qualification?
When a person is preparing to enter the world of investment professionals, they must take—and pass—qualification examinations. Often before the individual is prepared to fully function in their profession, there are multiple examinations that must be successfully negotiated.
Is the Series 66 exam easier than the Series 7?
As a result, the Series 66 exam is considered by most to be an "easier" test.
Is the 66 worthless without the 7.?
You are solid just go to the FINRA site like you did for the SIE. Like u/series7examtutor said you only need to get sponsored for the 7. The 66 is just worthless ( registration wise ) without the 7.
Do you need to be sponsored to take the 66?
You don't need to be sponsored to take the 66. You do need to for the SIE and the 7 if I recall correctly.
What is the Series 7 and Series 66?
The series 7, also known as the General Securities Representative Exam (GSRE), is a test for registered representatives, or stockbrokers to get their license to trade. It is a 6 hour exam held in 2 3-hour sessions with 260 questions, with only 250 counting towards your score. Candidates must score at least 72% to pass.
How to be Sponsored for the Series 7 or Series 66
In order to take the series 7, candidates must be sponsored by a FIRNA member firm or self-regulatory organization (RSO). Firms apply for candidates to take this exam by filing a Uniform Application for Security Industry Registration, or Transfer (Form U4).
Why is the 66 series shorter than the 65 series?
The Series 66 is a shorter test than the Series 65 (100 questions instead of 130) because items covered by the Series 7 are not covered on the exam.
How long do you have to wait to take a series 65?
The following waiting periods apply for individuals needing to retake the Series 63, Series 65 or Series 66 following a failed attempt: (1) a minimum of 30 days after failing the first exam before the second taking of the exam can be scheduled; (2) a minimum of 30 days after failing the exam for the second time before the third taking of the exam can be scheduled; and (3) a minimum of 180 days after failing the exam for a third time before the fourth taking of the exam (and each subsequent taking) can be scheduled. These waiting periods mirror those in place for FINRA-sponsored examinations.
What is the Series 65 exam?
The Series 65 exam is a test of both an individual’s knowledge of investing principles and the state law governing investment advisers (particularly the ethics provisions of the Uniform Securities Act as modified by NASAA policies and rules).
Where is the 63 series exam given?
FINRA is NASAA’s contractor for administering the Series 63, 65, and 66. As with other FINRA-administered exams, they are given at Prometric and PearsonVue test centers. More scheduling information, including a link to a list of exam sites, can be found on the FINRA website.
How much does a series 65 exam cost?
The exam fees are: $147 for the Series 63; $187 for the Series 65; and $177 for the Series 66.
What is SEC 65?
The SEC’s August 26, 2020 order allows persons who hold an “Investment Adviser Representative license (Series 65) … in good standing” to qualify as accredited investors. The SEC explained in its Small Entity Compliance Guide for Amendments to the Accredited Investor Definition that “a person seeking accredited investor status by passing ...
Where is my FINRA score recorded?
When you take an exam, your score is permanently recorded in the Central Registration Depository (CRD) maintained by FINRA.
