Series 66 exam guide: combined state law, fee and passing score
Last checked October 16, 2026 · Sources: FINRA qualification exams table and Series 66 page; NASAA exams FAQ and August 10, 2026 announcement; NASAA’s 2023 update as reported by Achievable and Knopman Marks
The Series 66 exam, the Uniform Combined State Law Exam, combines state securities law with investment adviser law for people who hold the Series 7. It has 100 scored questions in 2 hours 30 minutes, costs $177, and you need 73 correct to pass. Paired with the Series 7, it can replace taking both the Series 63 and 65.
What the Series 66 exam covers
The Series 66 is written by NASAA and administered by FINRA. It covers the state securities law tested on the Series 63 together with much of the investment adviser law and investment content tested on the Series 65. It’s designed for people who will be both registered representatives (with the Series 7) and investment adviser representatives.
Who should take the Series 66
If your firm wants you registered as both a securities agent and an investment adviser representative, the Series 66 with the Series 7 covers both. On its own, the Series 66 doesn’t qualify you as an investment adviser representative; that’s what the standalone Series 65 is for. NASAA says its exams can be taken without firm sponsorship, but the Series 7 that goes with the Series 66 needs a sponsoring FINRA member firm.
Series 66 vs taking the Series 63 and 65
| Route | Exams | Questions | Fees |
|---|---|---|---|
| Combined | Series 66 (with the Series 7) | 100 | $177 |
| Separate | Series 63 + Series 65 | 60 + 130 | $334 |
Fees and format from FINRA’s qualification exams table, checked October 16, 2026. Totals are our sums.
For someone who already holds or will take the Series 7, the Series 66 means one exam instead of two, and lower fees. Your firm decides which registrations it needs, so confirm before you enroll.
Retakes
NASAA requires 30 days after a first or second unsuccessful attempt. After a third, the wait is currently 180 days but drops to 60 days from January 4, 2027, according to NASAA’s August 10, 2026 announcement. Each attempt means paying the $177 fee again. See our 2027 exam changes page.
How to prepare for the Series 66
- Expect both state law (as on the Series 63) and adviser law and investment content (as on the Series 65).
- If you’ve just passed the Series 7, the investment content will be familiar; focus on law, ethics and adviser rules.
- Take timed 100-question practice exams in 2 hours 30 minutes.
- Aim comfortably above 73 correct before booking.
Online textbook, quizzes and practice exams.
See Achievable's pricesCommon questions about the Series 66 exam
How many questions are on the Series 66?
100 scored questions in 2 hours 30 minutes, according to FINRA’s exam table.
What is the Series 66 passing score?
73 of 100, per NASAA’s 2023 update as reported by prep providers.
How much does the Series 66 cost?
$177, according to FINRA’s exam table.
Do I need the Series 7 for the Series 66?
For combined agent and adviser registration, yes: the Series 66 is paired with the Series 7. On its own it doesn’t qualify you as an investment adviser representative; the Series 65 does.
Is the Series 66 better than the Series 63 and 65?
If you’ll also hold the Series 7 and need both roles, the Series 66 is one exam and $177 instead of $334 for the Series 63 and 65.
See also our Series 63 guide, Series 65 guide and Series 7 guide. MockTestPrep is independent and is not affiliated with NASAA or FINRA.