If you want to register both as an investment adviser representative and a securities agent, the Series 66 license is a must. This credential covers state law, investment principles, and ethical standards. Passing the Series 66 exam helps you meet state requirements and expand your client services. It’s a practical step for professionals who want to grow their practice in a competitive market.
In this article, we’ll discuss everything you need to know about this qualification. We’ll explain what the Series 66 license is, how to obtain it, and how to prepare for the exam.
As mentioned, the Series 66 license allows you to work as a securities agent and an investment adviser representative (IAR). It combines the requirements of the Series 63 and Series 65 into one credential. The licensing exam was created by the North American Securities Administrators Association (NASAA) to streamline the process for financial professionals.
Holding the Series 66 license means you can recommend investments and complete transactions for clients. It also shows your understanding of ethics, regulations, and key industry concepts. The license is recognized across states and is administered by the Financial Industry Regulatory Authority (FINRA) in partnership with NASAA.
To earn the Series 66 license, you must also pass the Series 7 exam. Series 7 focuses on general securities knowledge and is a separate requirement. The Series 7, however, has a co-requisite, the Securities Industry Essentials (SIE) exam, which candidates must also pass. Together, these credentials let you provide advice and execute trades for clients as a dual-registered representative.
The Series 66 license upholds industry standards by requiring candidates to show knowledge of laws, ethics, and investment principles. It’s a key step for financial professionals who want to expand their services. States may have additional requirements, so always check local regulations before registering.
If you plan on starting your own RIA firm and want to find out if this credential is necessary, this guide can help.
If you want to advise clients and sell securities, you may need the Series 66 license. As mentioned, this qualification is required for professionals who want to register as both a securities agent and an IAR. Here’s a summary of which professionals typically need the Series 66 license:
With the Series 66 license, you can perform a range of activities under state and federal regulations. Here’s what the license allows you to do:
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Getting a Series 66 license is a key step for professionals who want to advise clients and sell securities. The process includes meeting certain criteria and passing the required exams. Here’s a step-by-step guide on how to obtain a Series 66 license.
You must be at least 18 years old to qualify for the Series 66 license. No formal education is required, although some states may impose education and experience requirements. Some exam prep providers also recommend having basic knowledge of the investment industry before starting Series 66 coursework.
To take the Series 66 license exam, you need to register through FINRA. You can register as a sponsored candidate through your firm or as an independent candidate. The exam fee is $177.
If you’re sponsored by a FINRA member firm, like some of these top wealth management teams, your employer will file Form U4 electronically. Once processed, FINRA will send you enrollment instructions for the Series 66 exam. This step also includes background checks and fingerprinting.
If you’re not associated with a firm, you must create an individual FINRA account. You need to enroll online. FINRA will then provide instructions to complete your registration.
After enrollment, all candidates have 120 days to schedule the Series 66 exam at a Prometric testing center. The exam is only available in person at these locations. Online testing is no longer offered unless a candidate requires testing accommodations.
Preparing for the Series 66 license exam is key if you want to pass on your first try. While NASAA does not require a prep course, most candidates benefit from structured study. Many providers offer Series 66 exam prep courses, with most candidates spending between 60 and 80 hours studying.
Taking a prep course helps you understand the exam format, content, and question style. It also gives you access to practice exams and study guides.
The Series 66 exam includes 100 scored multiple-choice questions and 10 unscored pretest questions. You have 150 minutes, or two and a half hours, to finish the exam. The passing score is 73 percent.
Pretest questions are included to help NASAA evaluate new exam items. These questions don’t count toward your score and are mixed in with the scored questions. You will not know which questions are pretest items during the exam.
The Series 66 exam covers four main areas. Each section tests knowledge you will use as a securities agent and investment adviser representative. Here’s a breakdown:
| Focus | Number of items | Exam weight |
|---|---|---|
| Economic factors and business information | 8 | 8% |
| Investment vehicle characteristics | 17 | 17% |
| Client investment recommendations and strategies | 30 | 30% |
| Laws, regulations, and guidelines, including prohibition on unethical business practice | 45 | 45% |
| Total | 100 | 100% |
NASAA has also prepared a Series 66 exam study guide that you can download for free.
As mentioned, you’ll need to answer at least 73 out of the 100 scored questions correctly to pass. The results are displayed on the screen once you finish the test, so you’ll know immediately if you passed or if you need to try again.
If you pass, your results are sent to FINRA and your sponsoring firm, if you have one. You can then move forward with your registration. You’ll also get an official score report for your records.
If you don’t, you’ll have to wait 30 days before you can retake the exam. If you fail three times in two years, the wait jumps to 180 days, so it pays to prepare well.
Once you pass the Series 66 exam, you will need to register for your license with the appropriate state securities regulator. You have a two-year window after passing to complete this step. If you fail to register within this period, your exam results will expire, and you will need to retake the test.
To qualify for the Series 66 license, however, you must also pass the Series 7 exam. Series 7 has its own co-requisite, the Securities Industry Essentials exam. This means that you must pass all three exams to meet the requirements for dual registration.
Once registered, your license remains valid as long as you are employed by a FINRA-member firm and stay active in the industry. If you’re not employed in a covered role for two consecutive years, your license will lapse. It’s best to always check with your state regulator for any additional requirements or rules that may apply.
Some of the best independent advisors in the US hold the Series 66 qualification. Get to know them in this special report.
The Series 66 license lets you work as a securities agent and an investment adviser representative. This dual qualification means you can sell securities and offer fee-based investment advice to clients. It’s a legal requirement for professionals who want to provide comprehensive financial planning and asset management services.
Holding the Series 66 license also opens doors to other career paths, including financial advisor, wealth manager, and portfolio manager. It increases your earning potential by allowing you to charge advisory fees and manage client assets.
The license also signals to employers and clients that you meet industry standards for ethics and regulatory knowledge. This makes it a key step for career advancement and building credibility in a competitive market.
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