The Series 66, also known as the Uniform Combined State Law Examination, is required (in most states) for candidates to become an investment advisor representative or securities agent.
The exam combines elements of both the Series 63 and the Series 65 into one exam to increase the efficiency with which candidates can gain the necessary qualification.
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What is the Pass Rate?
Candidates of the Series 66 must score 73% on 100 questions in order to pass.
The exam actually has 110 questions, but 10 of these are unscored – these experimental questions are used to test out future test questions.
Candidates do not know which questions are scored and which aren’t, and they have 150 minutes to complete the exam.
The NASAA (North American Securities Administrators Association) does not publish how many applicants pass and how many fail.
However, data from Kaplan suggests that 93% of their students for the Series 66 go on to pass the exam (although it is unclear if this required multiple attempts). It is highly likely that the overall pass rate is lower than this number.
What Happens If You Fail The Series 66?
Candidates who fail the exam must wait 30 days before being eligible for a resit.
A person who fails twice can take the exam for a third time after 30 days, but after that resits are only offered once every 180 days.
Are There Any Prerequisites?
Candidates must first take and pass the Series 7 exam.
Additionally, most candidates will already have studied and passed for a bachelor’s degree before taking the Series 7.
What Does Becoming an Investment Advisor Representative Enable You To Do?
Passing the Series 66 is a significant step in becoming an Investment Advisor Representative.
Your main responsibilities are likely to include providing financial and investment advice, managing client portfolios and supervising other employees who contribute to these same tasks.
Does Passing The Series 66 Guarantee A Role as an Investment Advisor Representative?
Passing the Series 66 does not guarantee you a role as an Investment Advisor Representative.
You must check your State for further regulations and requirements that you need to meet. It also goes without saying that although passing the Series 66 is a big achievement, it does not make employment 100% certain – you must still get hired to a position.