Series 66 Exam
Clients who need investment advice or who want to engage in a securities transaction will seek help from a securities agent and investment adviser representative. The most qualified professionals have taken the North American Securities Administrators Association’s Uniform Combined State Law Examination. The test, commonly called the Series 66 exam, is administered by the Financial Industry Regulatory Authority. The exam grills applicants on a wide range of financial questions. Here’s what you can expect on the test.
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How many questions are on the Series 66 exam?
There are 110 multiple-choice questions on the test. Of those, 100 are scored, and 10 are not.
What is the test’s passing score?
Candidates must correctly answer 73 out of 100 questions to receive a passing grade.
How much time do I have to complete the test?
Candidates have 150 minutes to complete the Series 66 exam.
How much is the exam fee?
The test fee is $165.
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What’s on the Series 66 exam test?
There are four categories of questions on the test.
Economic Factors and Business Information contains five questions that focus on methods of analytics, including money concepts like internal rate of return; statistics such as mean and median; and financial ratios such as current, quick and debt-to-equity.
Investment Vehicle Characteristics contains 20 questions that include:
- Fixed income securities valuation factors with questions on yields (call, maturity)
- Equity Securities valuation factors including questions on technical and fundamental analysis issues and more
- Knowledge of pooled investment vehicles evaluation in the areas of liquidity, pricing, benefits, and risks
- The costs, benefits, and risks of futures
- Insurance products such as annuities and life insurance
- Assets including real estate investment
Client/Customer Investment Recommendations and Strategies has 30 questions. Candidates will see questions about:
- Client/customer types including entities such as a limited or general partnership
- Profiles of clients/customers, such as financial objectives and tolerance for risk
- Theories in capital markets, which examines theories of investment, models and more
- Strategies, Styles, and Techniques for Portfolio Management, which examines strategic and tactical asset allocation, diversification and dollar-cost averaging
- Tax Considerations, which tests a candidate’s knowledge of individual and corporate income tax fundamentals
- Planning for retirement, which looks at individual, qualified and nonqualified plans
- The Employee Retirement Income Security Act (ERISA), which includes fiduciary issues
- Special accounts, ownership, and estate planning, securities trading and performance measures for portfolios.
Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices is the largest area of the test, with 45 questions:
- Investor adviser regulations including requirements for filing notices, exemptions and more
- Several regulatory issues are included in this section, including Investment Adviser Representatives regulations, Broker-Dealer regulations, and Securities and Issuer regulations
- How to communicate with clients/customers and prospects when it comes to disclosures, contracts, agreements and the like
- Ethics and fiduciary obligations cover compensation such as fees and conflicts of interest.
When will I receive my test score?
Candidates receive their score as soon as they finish the exam.
Where can I take the test?
The Financial Industry Regulatory Authority has hired an independent testing organization with testing centers across the country to administer the exam.
What are the policies at the test center?
Candidates should get to the test center early on test day. Any candidate who arrives at the center more than 15 minutes late won’t be allowed to take the exam.
What identification do I need on test day?
You’ll need a government-issued ID that has your photo and signature.
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Can I bring personal items like a mobile phone into the test room?
No. No personal items of any kind, including electronic devices and certain items of clothing, are allowed in the testing room. All personal items must be placed in a test center locker.
What if I need writing materials and a calculator for the test?
Candidates will receive, at the testing center, a whiteboard/dry eraser and a basic calculator.
I’ve always dreamed of this career. What preparation materials should I buy?
Mometrix has test preparation materials that will help get ready for this important test. Our easy step-by-step study guide will show you how to solve exam problems, provide a study plan for the test and guidance on how to beat the number one enemy of some test takers — procrastination. Our flashcards are great to use at any time and any place because they’re portable. Even if you have just a few minutes, you can pull out a flashcard and quickly study test areas that are proving difficult.
These are two excellent tools to help you prepare for the Series 66 exam.
Series 66 Study Guide
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