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Series 66 practice questions

The Series 66 (Uniform Combined State Law) combines much of the Series 63 and 65. Taken with the Series 7, it lets you register as both an agent and an investment adviser representative.

The Series 66 exam at a glance

Scored questions
100
Time
2 h 30 min
Passing score
73% (73 of 100)
Fee
$177
Sponsorship
No sponsor needed
Prerequisites
Corequisite: the Series 7, to register using the 66

Checked by ELLE in October 2026. Exams change, so always confirm on the official site before you book.

Try 5 free questions

1 A federal covered investment adviser opens an office in a state. What does the state usually require?

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Answer: B. Federal covered advisers register with the SEC. States can’t require them to register, but can require a notice filing, consent to service of process and fees.

2 An adviser with custody of client funds or securities generally must:

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Answer: B. Client assets must be kept with a qualified custodian, such as a bank or broker-dealer, with account statements going to clients and other safeguards.

3 Before an investment adviser carries out an agency cross transaction for an advisory client, it needs:

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Answer: A. Agency cross transactions require the client’s prior written consent, a confirmation for each trade, and an annual summary.

4 Which of these is NOT a security under the Uniform Securities Act?

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Answer: B. A fixed annuity is an insurance product with a guaranteed payout, so it isn’t a security. A variable annuity is a security because its value depends on investments.

5 Before making a recommendation, a representative should know the client’s:

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Answer: A. Suitability is based on the client’s objectives, financial situation, risk tolerance, time horizon and other needs.

Study tips for the Series 66

  • Study the definitions and registration rules for all four roles: they are the core of the exam.
  • Spend extra time on investment adviser ethics, custody and contracts.
  • Learn the basic economics and portfolio terms that appear on both the 65 and the 66.
  • Schedule the 66 with your Series 7 plans in mind: you need both to register on the 66.

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Practice questions written by ELLE for study only. ELLE is not affiliated with or endorsed by FINRA, NASAA, the SEC or CFP Board. CFP® and CERTIFIED FINANCIAL PLANNER® are certification marks owned by Certified Financial Planner Board of Standards, Inc.