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Uniform Combined State Law Examination (Series 66)
The Series 66, Uniform Combined State Law Examination, is developed by the North American Securities Administrators Association (NASAA) and administered by FINRA; passing it (together with the FINRA Series 7 corequisite) qualifies an individual for dual registration as a broker-dealer agent and investment adviser representative under U.S. state law. NASAA owns and develops the content; FINRA administers enrollment, scheduling, and delivery at Prometric test centers.
Official exam siteJump to prep options ↓
Questions110 questions: 100 scored plus 10 unscored pretest
Testing time150 minutes
ScoringAt least 73 of the 100 scored questions must be answered correctly to pass (criterion-based minimum competency exam)
Exam feeUSD 177 examination fee
Prep options
Study resources for Series 66
Independent prep
Courses and study resources
Exam overview
What to know before choosing your prep
- Who runs it
- FINRA
- Category
- Securities Licensing
- Current version
- Series 66 test specifications effective June 12, 2023
- Where it applies
- United States — national
- Exam languages
- English
- Testing provider
- Prometric
- Format
- Computer-based, closed-book, multiple-choice exam delivered at Prometric test centers
- Availability
- By appointment at Prometric test centers within a 120-day enrollment window; one exam attempt per window
- Results
- Pass/fail notified upon completing the exam; failing candidates also receive scores for each of the four sections (no per-question scores disclosed)
- Score validity
- Valid a standard two years when not registered with a jurisdiction; extendable up to five years through NASAA's Exam Validity Extension Program — because the Series 66 carries both a Series 63 credit and a Series 65 credit, both the AG and IAR EVEP programs must be enrolled in (USD 35 annual fee each, USD 70 total) plus continuing education; recognized only in jurisdictions participating in EVEP
- Remote testing
- Not available
Exam structure
100 scored multiple-choice items across four subject areas: Economic Factors and Business Information (8 items, 8%), Investment Vehicle Characteristics (17, 17%), Client/Customer Investment Recommendations and Strategies (30, 30%), and Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices (45, 45%); plus 10 unscored pretest items drawn from any area
Where rules vary
Developed by NASAA (the association of North American state, provincial, and territorial securities regulators), but the exam qualifies individuals for dual broker-dealer agent and investment adviser representative registration under U.S. state law; the same uniform exam applies across U.S. jurisdictions.
Eligibility
No prerequisite; the FINRA Series 7 exam is a corequisite that must be completed (in either order) along with the Series 66 before applying for state registration — the FINRA exam page lists 'SIE + S7TO' as corequisites
Retake policy
Minimum 30-day wait after a first or second failed attempt, and a minimum 180-day wait after a third failure (drops to 60 days on January 4, 2027); waiting periods count failed attempts within a two-year period and apply only to the specific exam failed