What is Series 66 in Securities Licensing?
Learn what the Series 66 securities license is, its role in financial advising, exam details, and how it helps you become a registered investment advisor.
Introduction to Series 66 Securities License
If you're aiming to work as a financial advisor or investment professional, understanding the Series 66 license is essential. This license combines knowledge of state securities regulations and investment advisory practices.
In this article, we’ll explore what the Series 66 license is, why it matters, and how it fits into your career path in the securities industry.
What is the Series 66 License?
The Series 66 license, officially called the Uniform Combined State Law Examination, is a securities license required by many U.S. states. It allows you to act as both a securities agent and an investment advisor representative.
This license is unique because it combines two roles into one exam, simplifying the licensing process for professionals who want to provide comprehensive financial advice and sell securities.
Regulated by the North American Securities Administrators Association (NASAA)
Administered by the Financial Industry Regulatory Authority (FINRA)
Required in most states for investment advisor representatives
Who Needs the Series 66 License?
The Series 66 is designed for individuals who want to provide investment advice and sell securities but do not hold a securities principal license. Typically, you need it if you want to:
Become a registered investment advisor (RIA) representative
Sell securities like stocks, bonds, and mutual funds
Work in states requiring combined registration for agents and advisors
However, the Series 66 license alone is not enough; you must also pass the Series 7 exam to qualify fully.
How Does the Series 66 Exam Work?
The Series 66 exam tests your knowledge of state securities laws, ethical business practices, and investment advisory regulations. It covers topics essential for compliance and client protection.
- Format:
100 multiple-choice questions
- Time:
150 minutes to complete
- Passing score:
73%
- Content areas:
State securities acts, ethical practices, investment vehicles, portfolio management, and fiduciary responsibilities
Preparing for the exam requires solid study materials and understanding of both securities regulations and investment advisory principles.
Benefits of Holding a Series 66 License
Having the Series 66 license opens doors to various career opportunities in the financial services industry. It allows you to:
Serve clients as both a securities agent and investment advisor
Meet state registration requirements efficiently
Enhance your credibility with clients and employers
Expand your knowledge of investment products and regulations
This license is especially valuable if you want to offer comprehensive financial planning and investment advice under one registration.
How to Prepare for the Series 66 Exam
Effective preparation is key to passing the Series 66 exam. Here are some tips to help you succeed:
Use updated study guides and practice exams tailored to the 2026 exam content
Focus on understanding state securities laws and ethical standards
Join study groups or online forums to discuss challenging topics
Schedule regular study sessions and review mistakes carefully
Many candidates find that combining Series 7 and Series 66 study materials helps since the two exams complement each other.
Series 66 vs. Other Securities Licenses
It’s important to know how the Series 66 compares with other licenses:
- Series 7:
Focuses on general securities sales; required alongside Series 66
- Series 63:
Covers state securities laws but only for agents, not advisors
- Series 65:
For investment advisor representatives who don’t sell securities
The Series 66 license is a combined exam that covers both agent and advisor roles, making it efficient for many professionals.
Maintaining Your Series 66 License
After passing the exam, you must stay compliant to keep your license active. This includes:
Registering with your state securities regulator
Maintaining sponsorship by a FINRA-member firm
Completing continuing education requirements regularly
Adhering to ethical and regulatory standards
Failing to meet these requirements can lead to suspension or revocation of your license.
Conclusion
The Series 66 license is a crucial credential for financial professionals who want to provide investment advice and sell securities. It combines essential knowledge of state laws and investment principles into one exam.
By understanding the exam structure, preparation tips, and ongoing requirements, you can position yourself for a successful career in financial advising and investment management.
FAQs
What exams do I need to pass to get the Series 66 license?
You must pass both the Series 66 exam and the Series 7 exam to qualify for the Series 66 license.
Can I take the Series 66 exam without sponsorship?
No, you need to be sponsored by a FINRA-member firm to take the Series 66 exam.
How long is the Series 66 exam?
The exam consists of 100 questions and you have 150 minutes to complete it.
Is the Series 66 license valid nationwide?
Yes, the Series 66 is accepted in most U.S. states, but registration requirements may vary by state.
How often do I need to renew the Series 66 license?
You must complete continuing education and maintain registration to keep the license active, typically renewed annually or as required by your state.