What is the Series 66 License Exam?

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FINRA Certifications

FINRA certification exams are pre-requisite for various roles in the US securities industry. The exams provide a license to trade and advise on different securities products in the US capital markets. These exams offer knowledge on products such as investment, direct participation programs, mutual funds, futures and foreign exchange, among others. Apart from licensing, these exams can provide a good knowledge base to a candidate taking them.

Series 66 Exam

The Series 66 exam is created by the North American Securities Administrators Association (NASAA) and is administered by FINRA. The exam qualifies candidates who pass as investment advisor representatives or securities agents. Some important details of the exam are:

Created byNorth American Securities Administrators Association (NASAA)
Administered byFINRA
Pre-requisitesSecurities Industry Essentials(SIE) & Series 7
LicenseInvestment advisor representatives or securities agents
Questions100 MCQs (73 to pass)
Duration150 minutes
Cost$165

Series 66 Exam Content

The exam content attempts to test candidates on the macroeconomic environment, investment strategies and recommendations, and securities laws. The content, as updated on NASAA website, is depicted below.

TopicWeightNumber of questions
Economic Factors and Business Information 5%5
Investment Vehicle Characteristics20%20
Client/Customer Investment Recommendations and Strategies30%30
Laws, Regulations, and Guidelines
Including Prohibition on Unethical Business Practices
45%45

Career & Study Options

The exam provides a license to advise on investment and securities to individuals or institutional clients. Career options after obtaining this license may include:

  • Financial analysts
  • Fund managers
  • Pension planners
  • Financial valuations
  • Other investment jobs

The topics provided by NASAA can be studied from different finance books available or online. Study.com provides concise and complete study material on the exam with video lessons and tests. The material needed for the exam is easily accessible in one place and will prepare you to succeed on exam day.

Check out the resources below:

In this lesson, we will discuss various types of finance certifications and associated exams. Included are important terms, examples of each exam and certifications, and the career path within the industry.

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