How to Study for the Series 66
Laws, regulations and guidelines are 45% of the Series 66, the largest share of any section on the exam. Client and customer recommendations and strategies are 30%, investment vehicle characteristics 17% and economic factors 8%.
Start with the NASAA outline
About the Series 66 exam
Work through each section
Economic Factors and Business Information8%
- Analytical Methods
Investment Vehicle Characteristics17%
- Cash and Cash Equivalents
- Fixed Income Valuation
- Types of Equity Securities
- Equity Valuation Factors
- Characteristics of Equity Securities
- Equity Public Offerings
- Types of Pooled Investments
- Characteristics of Pooled Investments
- Futures and Options
- Alternative Investments
- Insurance-Based Products
- Other Assets
Client/Customer Investment Recommendations and Strategies30%
- Type of Client/Customer
- Client/Customer Profile
- Capital Market Theory
- Portfolio Management Strategies, Styles, and Techniques
- Tax Considerations
- Retirement Plans
- ERISA Issues
- Special Types of Accounts
- Ownership and Estate Planning Techniques
- Trading Securities
- Portfolio Performance Measures
Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practice45%
- Regulation of Investment Advisers
- Regulation of Investment Adviser Representatives
- Regulation of Broker-Dealers
- Regulation of Agents of Broker-Dealers
- Regulation of Securities and Issuers
- Remedies and Administrative Provisions
- Communication with Clients and Prospects
- Ethical Practices and Fiduciary Obligations
Practice by topic
Mix topics in one practice set
Compare the Series 66 with other exams
Related guides
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Practice the Series 66
Sources
NASAA
- NASAA Series 66 Exam Content Outline ↗
- NASAA Model Rule USA 2002 502(b) (Prohibited Conduct of Investment Advisers) ↗
- NASAA Model Rule USA 2002 102(16) (Investment Adviser Representative Definition) ↗
- NASAA Model Rule 102(a)(4)-1 (Unethical Business Practices of Investment Advisers, 1956 Act) ↗
- NASAA Model Rule: Dishonest or Unethical Business Practices of Broker-Dealers and Agents ↗
- NASAA Model Rule 203(a)-2 / USA 2002 411(c)-1 (Recordkeeping Requirements for Investment Advisers) ↗
Federal regulations
- Investment Advisers Act Section 206 (15 U.S.C. 80b-6, Prohibited Transactions by Investment Advisers) ↗
- Investment Advisers Act Section 203A (15 U.S.C. 80b-3a, State and Federal Responsibilities) ↗
- 26 U.S.C. § 1091 ↗
- 15 U.S.C. § 77c ↗
- SEC Rule 203A-1 (Eligibility for SEC Registration) ↗
- SEC Rule 204-3 (Delivery of Brochures and Brochure Supplements) ↗
FINRA
The official rules and outlines this exam's practice questions cite, last accessed October 2026.
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