Series 66 Pass Rate, Format & Study Guide

The Series 66 has 110 multiple-choice questions: 100 count toward your score and 10 are unscored pretest questions that you cannot tell apart; you have 150 minutes (NASAA Series 66 exam overview). You pass by answering at least 73 of the 100 scored questions correctly; the exam is closed book and you learn at once whether you passed (NASAA). The test specifications weight four areas: economic factors and business information 8%, investment vehicle characteristics 17%, client and customer investment recommendations and strategies 30%, and laws, regulations and guidelines including the prohibition on unethical business practices 45% (NASAA test specifications, effective June 12, 2023).

Together with the Series 7, the Series 66 is the usual route to state registration as a dually registered broker-dealer agent and investment adviser representative.

Financial professionals who need to register as securities agents and investment adviser representatives with state regulators.

The certifying body does not publicly publish an official pass rate for this exam. Be wary of third-party sites citing a specific number here — treat any pass-rate claim you see elsewhere for this exam as unverified.

NASAA's Series 66 overview sets a minimum wait of 30 days after the first failed attempt, 30 days after the second and 180 days after the third and each later attempt; waiting periods can change, so check the current rules with FINRA and NASAA before you rebook.

You need at least 73 of the 100 scored questions correct, which is 73 percent; the portal mock uses the same rule. Format: 110 multiple-choice questions, 100 of them scored, in 150 minutes. No official pass rate is available for this exam, so none is quoted here.

The Series 66 has 110 multiple-choice questions: 100 count toward your score and 10 are unscored pretest questions that you cannot tell apart; you have 150 minutes (NASAA Series 66 exam overview). You pass by answering at least 73 of the 100 scored questions correctly; the exam is closed book and you learn at once whether you passed (NASAA). The test specifications weight four areas: economic factors and business information 8%, investment vehicle characteristics 17%, client and customer investment recommendations and strategies 30%, and laws, regulations and guidelines including the prohibition on unethical business practices 45% (NASAA test specifications, effective June 12, 2023). 110 multiple-choice questions (100 scored, 10 unscored) · 150 minutes · closed book · administered by FINRA. You need at least 73 of the 100 scored questions correct, which is 73 percent; the portal mock uses the same rule.

• Economic Factors and Business Information8%
• Investment Vehicle Characteristics17%
• Client/Customer Investment Recommendations and Strategies30%
• Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices45%

The content outline spreads questions across 4 areas: Economic Factors and Business Information (8.0%); Investment Vehicle Characteristics (17.0%); Client/Customer Investment Recommendations and Strategies (30.0%); Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices (45.0%).

NASAA lists no requirement to take the exam itself, but the FINRA Series 7 is a corequisite for state registration. You may take either exam first; both must be passed before you apply for registration, and FINRA opens a 120-day window after enrollment in which to schedule the exam.

$177 for the Series 66 as listed by FINRA; the Series 7 and any state registration fees are separate.

Passing the Series 66 does not by itself give the right to transact business in any state; your state registration and continuing education follow your state and employer rules.

Start with the heaviest areas of the content outline: Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices (45.0%); Client/Customer Investment Recommendations and Strategies (30.0%); Investment Vehicle Characteristics (17.0%). Then work through the remaining areas, and finish with timed full-length practice runs of 100 questions in one sitting.

Test specifications, fees and waiting periods change; this guide follows the official documents listed under Verification as of October 2026. Check NASAA and FINRA before you enroll.