The Series 66 test, also known as the Uniform Combined State Law Examination, is a challenging and comprehensive assessment for men and women looking to enter this rewarding and fast-paced field of financial management. This exam qualifies people to become investment adviser representatives and securities agent
The exam consists of 110 multiple-choice questions, 10 of which do not contribute to the final score. These are pretest questions, used to develop future versions of the exam. The examination requires 150 minutes to complete.
Scores are made available immediately after the exam. To pass, candidates must answer at least 75 percent of the questions correctly.
The Series 66 test is divided into four general content areas:
- In the economic factors and business information content area (5 items, 5 percent of the test), questions address financial reporting, quantitative methods, and types of risk.
- The investment vehicle characteristics content area (15 items, 15 percent) covers the methods used to determine the value of fixed income, the types and characteristics of derivative securities, alternative investments, and insurance-based products.
- The content area on client investment recommendations and strategies (30 items, 30 percent) reviews issues that include types of clients, client profiles, capital market theory, portfolio management styles and strategies, portfolio management techniques, tax considerations, retirement plans, ERISA issues, special types of accounts, trading securities, and performance measures.
The laws, regulations, and guidelines content area of the Series 66 test, which includes prohibition on unethical business practices (50 items, 50 percent), covers state and federal securities acts and related rules and regulations as well as ethical practices and fiduciary obligations.
Series 66 Study Guide
Start learning how to be successful on your Series 66 exam. Our Series 66 study guide is guaranteed to help you get the results you deserve on your Series 66 test. Some test takers prefer to study using flashcards and so we have created the best Series 66 flashcards that cover everything you need to know for the Series 66 exam. Note that using multiple study aids will help you maximize the benefit from your study time.