Uniform Combined State Law Examination (Series 66)
The Series 66 certification is an exam and qualification for individuals in the U.S. seeking to become licensed to act as both securities agents and investment adviser representatives. It combines elements from the Series 63 and Series 65 exams, focusing on topics such as investment analysis, recommendations, and laws concerning both securities and investment advisers.
Total Cost
Estimated Budget
Median Salary
Annual Earnings
Job Growth
10-Year Outlook
Training Hours
Total Program Duration
Who Needs This Credential?
This certification is required for financial professionals who want to provide clients with investment advice and transact securities. It is necessary for those seeking a comprehensive advisory role within the financial services industry.
Reciprocity generally applies, allowing professionals to operate in multiple states without needing additional exams, contingent on registration with each state.
Requirements
The Series 66 license, formally known as the Uniform Combined State Law Examination, requires candidates to pass an exam that covers topics such as investment analysis, legal standards, and ethics. This credential is necessary for individuals seeking to become both securities agents and investment adviser representatives in the United States.
- Minimum Age
- 18
- Minimum Education
- High school diploma or equivalent
- Training Hours
- Not specifically required, but preparation courses are highly recommended
- Background Check
- Includes a thorough review of criminal records, financial history, and previous employment verification
Other Requirements
How to Become Series 66 Certified
The Series 66 certification involves several steps, typically completed in a few months, depending on the individual's preparation pace. The process includes educational prerequisites, exam registration, study and preparation, exam completion, and compliance with regulatory requirements.
Meet the Prerequisites
Ensure eligibility by having a Series 7 license, which is a prerequisite for taking the Series 66 exam. This requirement is set by the NASAA and the FINRA.
Verify Series 7 status before proceeding.
Register for the Exam
Register for the Series 66 exam through the FINRA website. This requires setting up an account and scheduling a date for the examination.
Choose an exam date that allows ample study time.
Prepare for the Exam
Study for the Series 66 exam using study guides, online courses, and practice exams. Preparation time can vary based on individual familiarity with the material.
Utilize a variety of resources to cover all exam topics.
Take the Exam
Complete the Series 66 exam, which consists of 100 multiple-choice questions, within the allotted 150 minutes.
Arrive early on test day to avoid any last-minute issues.
Pass the Exam
Achieve a passing score of 73% or higher on the Series 66 exam to meet the qualification requirements for becoming a registered investment adviser.
Review exam results to identify areas of improvement, if necessary.
Register with State Regulators
After passing the exam, register with state securities regulators as required. This step may involve additional fees and paperwork depending on the state.
Check specific state requirements early in the process.
Maintain Credentials
Comply with continuing education requirements and renew registrations annually to maintain the Series 66 credential and stay current with industry regulations and practices.
Set reminders for renewal deadlines and CE opportunities.
Cost Breakdown
The total cost for obtaining the Series 66 license varies mainly due to training expenses, which can differ based on the provider and materials chosen. Financial aid options are not typically available, but employers may cover costs.
💰 Financial Aid Available
Many financial firms cover the costs of the Series 66 exam and associated fees for their employees, as holding this license is often a job requirement.
Salary & Career Outlook
Entry Level
$50,000
Median Salary
$78,140
Experienced
$120,000
Job Outlook: 3.3%
The growth in employment for Series 66 holders is driven by an increasing demand for financial planning services as the population ages and more individuals seek retirement planning. Additionally, regulatory changes and the complexity of financial products necessitate skilled professionals to guide clients through investment decisions.
Exam Information
The Series 66 exam, formally known as the Uniform Combined State Law Examination, assesses the competency of an entry-level representative to provide investment advice and transact securities. Candidates must answer 100 multiple-choice questions within 150 minutes. Preparation involves a thorough study of topics such as investment strategies, ethics, and regulations.
Uniform Combined State Law Examination
Administered by North American Securities Administrators Association (NASAA) • Fee: $165
Career Advancement Paths
Industry Insights
Data from Bureau of Labor Statistics & O*NET
Series 66 Jobs to Grow by 3.1%: Navigating the AI-driven Shifts in the Financial Advisory Landscape
Current Employment
—
Projected
—
Growth Rate
+3.1%
New Positions
—
What's Driving Demand
The Series 66 profession is expected to see a steady growth driven by the increasing complexity of financial markets, regulatory updates, and a greater need for personalized financial advice amid demographic changes.
The Series 66 profession, encompassing both securities agents and investment adviser representatives, is poised for a modest employment growth of 3.1% between 2024 and 2034, translating into a rise from 169,956,100 to 175,167,900 in total employment. This growth, while not explosive, is significant in a sector highly susceptible to technological advancements and regulatory changes. The integration of AI and automation is rapidly reshaping the nature of financial advisory roles, pushing professionals towards more strategic and less computational tasks. Automated tools handle routine data analysis and client reporting, freeing up advisors to focus on complex client interactions and personalized financial planning. The demographic trends, particularly the aging population and evolving immigration policies, further influence the demand for seasoned financial advisors who can navigate the increasingly complex retirement planning landscape. For those considering entering this field, a deep understanding of AI tools and regulatory environments will provide a competitive edge in a landscape where technical savvy is as crucial as financial acumen.
Long-Term Outlook
AI & Automation
medium disruption riskAI is significantly transforming the Series 66 profession, automating routine tasks like market analysis and risk assessment. This shift allows advisors to focus on higher-value activities such as client relationship management and bespoke financial planning.
These changes are already being implemented and will continue to evolve over the next decade.
Demographics
An aging population and changing immigration patterns are increasing the demand for financial advisory services, particularly in retirement planning and wealth management.
Key factor: Aging population
Policy & Regulation
Evolving regulations around financial advising, including fiduciary responsibilities and transparency requirements, are reshaping the profession.
Industry Shifts
The financial advisory sector is experiencing a shift towards more client-centric services and reliance on digital platforms to enhance service delivery.
Top Skills
Financial Analysis
85/100Client Service
90/100Regulatory Compliance
88/100Bottom Line
Those entering the Series 66 profession should prioritize learning about AI financial tools and regulatory changes to stay competitive in this evolving field.
State-by-State Variations
Series 66 requirements are generally uniform across states due to its status as a national exam. However, some states may have additional requirements or variations in processing times and fees.
Most Strict
Renewal Requirements
Series 66 license renewal is mandatory to maintain the legal status to advise clients and conduct transactions. Renewal is required to ensure advisors are up-to-date with regulatory changes and industry standards, emphasizing the importance of continuous professional development.
Renewal Period
every 2 years
Renewal Cost
$100
CE Hours
10 hours
CE Topics: Ethics, Regulatory Compliance, Risk Management
Late renewal incurs a penalty fee and may require additional continuing education credits.
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Recommended Resources
Series 66 Exam Prep Practice Test
Practice questions for the Uniform Combined State Law Examination exam.
Series 66 Study Guide
Comprehensive study guide covering all Series 66 exam topics.
Series 66 Certification All-in-One
Everything you need to prepare for Series 66 certification.
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