Welcome to the Series 66 Study Guide

You're about to begin a comprehensive journey through the NASAA Series 66 Uniform Combined State Law Examination. This study guide contains 32 units organized into five chapters, aligned with NASAA's exam outline and sequenced for optimal learning.

The 5 Content Chapters

This guide is organized for optimal learning, building from analytical foundations through investment products, client planning, portfolio strategy, and the regulatory framework:

Total: 32 content units covering 100 scored exam questions (plus this welcome chapter)

Why this order? You'll start with analytical tools and core securities to build your investment knowledge foundation. Then you'll explore packaged products and alternatives. With that product knowledge in place, you'll learn how to assess clients and plan for their financial needs. Next comes portfolio construction and performance measurement. Finally, you'll master the legal, regulatory, and ethical framework: the largest section of the exam at 45%.

Series 66 vs. Series 65: What's Different?

The Series 66 is the Uniform Combined State Law Examination. It combines the content of the Series 63 (state law) and Series 65 (investment adviser law) into a single exam. However, it assumes you've passed (or will pass) the Series 7, which covers securities products in depth.

What this means for your study:

• Product knowledge is assumed - The Series 66 tests securities at the valuation and analysis level, not basic definitions
• Heavier law focus - 45% of the exam covers laws, regulations, and ethics (vs. 30% on the Series 65)
• Co-requisites: You must also pass the SIE and Series 7 to complete your dual registration as both a BD agent and an IAR. Haven't taken the SIE yet? CertFuel's SIE course is completely free.

Choose Your Study Path

Path A: New to the Material (Start Here)

If you're starting from scratch, work through the chapters in order. Each chapter builds on the previous one, so concepts introduced early become building blocks for more advanced material later. After completing the content, take a practice exam to confirm your understanding and identify any gaps.

Path B: Some Background Knowledge (Recommended for Efficiency)

If you have finance experience or have already passed the Series 7, start by taking a practice exam. The app analyzes your results and identifies your weak areas. You can then focus your study time on the specific chapters and topics where you actually need work, rather than reading material you already know.

Think of it this way: Why spend hours reviewing equity valuation if you already understand it from your Series 7 prep? Take the practice exam first, find out where the gaps are, and target those areas. This is the most efficient path to passing.

The Right Way to Study

After reading a unit, take one or two unit-specific quizzes to get quick feedback on what you just learned. That's it. Don't try to master a chapter before moving forward. The goal is to get a sense of what stuck and what didn't, then keep going.

Once you've worked through all the content, shift entirely to smart study quizzes:

• These pull questions from every topic, weighted by exam importance, and automatically focus on your weak areas
• This is where the real learning happens
• Your goal should be to complete around 1,500 smart study quiz questions before exam day
• That sounds like a lot, but at 10 questions per quiz, that's about 150 quizzes spread over your study period
• Grinding through smart quizzes is the fastest path to a passing score

Only go back to unit-specific quizzes as a last resort, if a smart quiz keeps flagging the same subtopic and you need targeted practice on it.

-> Take a Practice Exam

Key Features Throughout

As you study, look for these learning aids:

• Exam Tips highlight common pitfalls and gotchas that catch test-takers off guard
• Think of it this way sections provide analogies that make abstract concepts concrete
• Tables and comparisons help you see distinctions the exam loves to test
• Memory aids give you shortcuts for recalling key facts under pressure

The Exam at a Glance

• Questions: 110 total (100 scored, 10 unscored pretest questions)
• Time: 150 minutes (2 hours, 30 minutes)
• Passing Score: 73 out of 100 scored questions (73%)
• Format: Multiple choice
• Co-requisites: SIE + Series 7 (must pass both for full registration)

Exam Weights (NASAA Official):

• Economic Factors and Business Information: 8%
• Investment Vehicle Characteristics: 17%
• Client Investment Recommendations and Strategies: 30%
• Laws, Regulations, and Guidelines: 45%

Notice something? Nearly half the exam (45%) tests laws, regulations, and ethics. Combined with Client Recommendations (30%), these two areas account for 75% of the exam. Master the regulatory framework and client-facing rules, and you're well on your way.

Next: Learn How to Use This App

Before diving into the content, learn how to maximize the platform's features: How to Use This App ->

You'll discover:

• How "Mark as Complete" tracks your progress and auto-advances to the next section
• Smart flashcards that adapt to your weak areas
• Smart quizzes weighted by exam importance
• Practice exams that mirror the real Series 66

Unlock the Rest of the Course

To open up the rest of the chapters, mark every section in this Welcome chapter as complete. Each page has a Mark as Complete button at the bottom; tap it on this page and on How to Use This App, and the full course unlocks.

Let's Go.