Important Details On The Series 66 License

The Series 66 License allows the holder to act as an IAR. It's also a co-requisite for the Series 7 Exam meant for Securities Sales Agents.

Those who want to provide financial advise and receive fee-based pay as well as commissions for trading securities need to first pass the Series 66 examination.

It essentially covers the Uniform Investment Adviser Law Exam (Series 65) for investment advisory representatives (IARs).

It also covers the Uniform Securities Agent State Law Exam (Series 63) for securities agents. However, a co-requisite exam, the series 7, is required in order to be a securities sales agent.

What is the Series 66 License?

Series 66 License
Known as the Uniform Combined State Law License, this is a license that’s granted to any individual who passes the examination conducted by FINRA. The test was developed by the North American Securities Administrators Association and is a combination of both the Series 63 and 65 Exams.

How to Earn a Series 66 License?

If you have a Series 66 License, it proves that you have intimate knowledge of a number of essential financial concepts and fields, this includes:

  • Securities Rules and Regulations
  • Retirement Planning
  • Investment Adviser Rules
  • Fiduciary Duties
  • Portfolio Risks, and
  • Conflicts of Interests

Series 66 Exam Details

The actual test lasts 150 minutes. There are 100 multiple choice questions with 10 pretest questions that aren’t counted against your score.

Each candidate’s score is revealed to them as soon as they complete the exam. You must receive 75% to pass.

If you fail to achieve this minimum grade, you’ll be given another chance to take the test, but only after thirty days. There’s no limit on the number of times you re-take the exam. However, the time you’ll have to wait between attempts increases with each attempt.

If you want to take the exam, you must be willing to part with $155, which is the updated fee for 2016.

The Challenges/Benefits

The Series 66 License is highly sought after in the financial arena despite all the complications involved with acquiring it. This is because it combines the Series 65 and Series 63 License, this makes it very comprehensive and essential for anyone looking for a lucrative career in the securities field.

Series 63 Series 66 License series 7 Uniform Combined State Law License Uniform Investment Adviser Law Exam Uniform Securities Agent State Law Exam
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