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NASAA Series66 Exam (Uniform Combined State Law - Series 66) Detailed Information
Series 66 Exam: Uniform Combined State Law
An exam administered by the North American Securities Administrators Association (NASAA). Successful completion of the Series 66 exam is equivalent to the successful completion of both the Series 63 and Series 65 exams. It is required by certain states in America, (in addition to successful completion of the Series 7) in order for an investment professional to qualify for registration as an Investment Advisor Representative and as a securities agent representing a broker dealer.
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EXAM DETAILS
Time Limit: 2 hours and 30 minutes
Cost: $145
Number of Questions: 100, plus 10 "pre-test" questions
Passing Score: 75%
Format: Multiple Choice
Prerequisites: Successful completion of the Series 7 must occur before registration for the Series 66 exam.
Exam Date(s): Any day of the week, excluding Sundays
Exam Locations: Find an exam center in your state here. Complete information about your appropriate testing center, admittance requirements and exam administration will be included with the enrollment confirmation form mailed to you.
1. Quantitative Methods
2. Measuring Portfolio Returns
3. Analyzing Your Client's Financial Profile
4. Special Issues for Retirement Plans
5. Portfolio Risks
6. Portfolio Management Strategies, Styles and Techniques
7. Foundation for Regulatory Issues
8. Regulation of Investment Advisors and Investment Advisor Representatives
9. Regulation of Broker-dealers
10. Regulation of Sales Representatives (Agents)
6.1 Introduction
6.2 Asset Allocation and Strategic vs. Tactical Asset Allocation
6.3 Diversification
6.4 Portfolio Styles: Active vs. Passive
Series 66
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What is the 'Series 66'
Series 66 is an exam administered by the Financial Industry Regulatory Authority (FINRA). Successful completion of the Series 66 exam is equivalent to successful completion of both the Series 63 and Series 65 exams. The Series 66, also known as the North American Securities Administrators Association (NASAA) Uniform Combined State Law Examination, was created to qualify candidates as both securities agents and investment advisor representatives.
BREAKING DOWN 'Series 66'
The FINRA Series 7 exam must also be passed along with the Series 66. Either exam may be passed first, but both exams must be completed before applying to register with any particular state. The Series 66 was designed to cover topics deemed necessary to provide investment advice.
Series 66 Exam Structure
The Series 66 examination contents include 100 multiple-choice questions that are scored and 10 pretest questions that are not scored. Candidates have a maximum time of 150 minutes to complete the examination. To obtain a passing score, a candidate must correctly answer 75 of the 100 questions that are scored. The exam administrator provides electronic calculators for candidates to use, and these are the only calculators allowed in the exam room. A dry-erase marker and whiteboard are provided. No study or reference materials of any kind are permitted in the examination room, and there are harsh penalties for anyone caught cheating or attempting to cheat. An individual's employer can register a candidate for the exam by filing either a Form U4 or Form U-10 and paying the $155 examination fee.
Series 66 Exam Content
The NASAA updates information on the exam's content and posts it online. As of May 2016, the exam questions are allocated as follows:
• Economic factors and business information (5%) - This section includes questions on financial reporting (such as financial ratios, SEC filings and annual reports), quantitative methods (such as internal rate of return and net present value), and types of risk (such as market, interest rate, inflation, political, liquidity and other risks).
• Investment vehicle characteristics (15%) - Questions in this section include, but are not limited to: methods used to value fixed-income securities, types and characteristics of derivative securities, alternative investments, and insurance-based products.
• Client investment recommendations and strategies (30%) - Questions in this section include, but are not limited to: types of clients (including individuals, business, trusts and estates), client profiling (including financial goals, current financial status and risk tolerance), capital market theory, portfolio management strategies, tax considerations, retirement planning, trading accounts, and performance measurement.
• Laws, regulations and guidelines, including prohibition on unethical business practices (50%) - This section includes state and federal securities acts along with related rules and regulations, ethical practices, and fiduciary obligations.
Series 66 - Uniform Combined State Law Examination
The Series 66 exam — the NASAA Uniform Combined State Law Examination — is a North American Securities Administrators Association (NASAA) exam administered by FINRA.
The exam consists of 100 scored questions. 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. However, the Series 7 examination is a co-requisite to the Series 66 Examination.
For additional information about this exam, including the content outline, please visit the exams page on the NASAA website.
Series 66 Study Guide
The Uniform Combined State Law Examination was developed by NASAA based on industry requests. The examination (also called the “Series 66”) is designed to qualify candidates as both securities agents and investment adviser representatives. The exam covers topics that have been determined to be necessary to provide investment advice and effect securities transactions for clients. The examination consists of 100 multiple-choice questions and 10 pretest questions. Applicants are allowed 150 minutes to complete the examination.
The examination is conducted as a closed-book test. Upon completion of the examination, the score for each section and the overall test score will immediately be made available to the candidate.
The examination is administered by the FINRA. The fee for taking the examination is $155. To schedule a candidate for examination, a firm should file an electronic Form U4 or an individual should file a Form U-10 and pay the fee.
Once registered, FINRA will open a 120-day window within which an individual may schedule the exam. Form U10 and more information on sites to take the exams can be found on the FINRA website.
The questions in the examination, the weighing of the composite examination, the examination study outline, and the method by which the examination is administered have been designed by Chauncey Group International for NASAA and approved by NASAA and the Competency Exam Project Group. In addition, each examination question is statistically analyzed to insure reliability.
Any attempt to compromise the examination may serve to destroy its validity and usefulness. Therefore, NASAA intends to bring appropriate action against persons who attempt to compromise the examination in whole or in part. In addition, such conduct may subject a candidate to further action by state administrators.
Successful completion of the Uniform Combined State Law Examination does not relieve a candidate of the personal responsibility to know and to abide by the specific requirements of the securities laws and regulations of the states in which the candidate transacts business. Furthermore, although successful completion of the examination may satisfy a portion of the requirements of a particular state, it does not convey the right to transact business prior to being granted a license or registration by that state. NASAA believes that the Uniform Combined State Law Examination will significantly benefit the industry and state regulators alike by such uniformity. The investing public will be afforded a greater degree of protection through enhanced uniform qualification standards.
Please note, the FINRA Series 7 is a corequisite exam that needs to be successfully completed in addition to the Series 66 exam before a candidate can apply to register with a state. You may take either exam first but must complete both satisfactorily.
