Glossary term
Series 66
The Series 66 is the Uniform Combined State Law Exam, a NASAA exam administered by FINRA that combines Series 63 and Series 65 concepts when paired with a valid Series 7.
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What Is the Series 66?
The Series 66 is the Uniform Combined State Law Exam. It is a NASAA exam administered by FINRA that combines Series 63 and Series 65 concepts when paired with a valid Series 7.
The Series 66 is often relevant for financial professionals who work in both brokerage and advisory contexts, but passing it does not by itself make someone fully registered or eliminate state requirements.
Key Takeaways
- The Series 66 is formally the Uniform Combined State Law Exam.
- NASAA says passing the Series 66 qualifies an individual as if they had passed both the Series 63 and Series 65.
- To register as an investment adviser representative based on Series 66, the individual must also have a valid Series 7.
- The Series 66 is administered by FINRA for NASAA.
- Registration approval can still require firm filings, background checks, fees, and state-specific requirements.
What the Series 66 Covers
The Series 66 covers state securities law, investment adviser regulation, ethical practices, fiduciary concepts, client recommendations, securities products, and economic factors. It is designed as a combined exam for professionals who already have the Series 7 path in place.
Because the Series 66 depends on Series 7 for its combined use, it should not be treated as a standalone replacement for every registration requirement.
Series 66 Versus Series 63 and Series 65
Exam | General role |
|---|---|
Series 63 | State law exam for broker-dealer agents |
Series 65 | Investment adviser law exam for IAR qualification |
Series 66 | Combined exam used with a valid Series 7 |
Why It Matters to Investors
The Series 66 can help explain why a professional may be registered in both brokerage and advisory roles. Investors should still ask whether the professional is acting as a broker, an investment adviser representative, or both for a specific recommendation.
That distinction affects duties, compensation, conflicts, and disclosures.
The Bottom Line
The Series 66 is a combined NASAA state law exam administered by FINRA. It can satisfy Series 63 and Series 65 exam-credit needs when paired with a valid Series 7, but registration and role still need to be verified.