Series 66 Exam Prep Course

A comprehensive course covering everything on the NASAA Uniform Combined State Law Examination (Series 66). Master economic analysis, investment vehicles, client recommendations, and state/federal securities law with interactive tools and concept checks.

36
Lessons
1524
Minutes

Ready to test your knowledge?

Practice Tests & Q-Bank

What's Included — Free

8 Interactive Learning Tools CAPM calculator, bond yield visualizer, cost basis calculator, drag-and-drop sorters, registration decision tree, and scenario quizzes — embedded directly in lessons.
106 Concept Checks 3+ embedded quiz questions per lesson testing NASAA-specific scenarios — fiduciary duty, Reg BI, cost basis rules, CAPM, and more — with detailed explanations.
12 Step-by-Step Worked Examples NPV investment decisions, CAPM expected returns, dollar-cost averaging, dividend discount models, ratio analysis, and current yield — each with exam trap callouts.
47 Comparison Tables Side-by-side breakdowns: fiduciary vs Reg BI, traditional vs Roth IRA, growth vs value, Sharpe vs Treynor, open-end vs closed-end funds, and dozens more.
NASAA-Tested Regulatory Detail Administrator powers, IA registration thresholds, Form ADV parts, custody rules, soft dollar safe harbors, pay-to-play rules — the specific facts the exam targets.
Exam Tips & Common Traps Callouts highlighting NASAA's favorite traps: yield hierarchy flips, gift basis "no-man's land," the solely incidental test, and more.
Quantitative Tools Live CAPM calculator, bond yield relationship visualizer, and cost basis calculator — adjust inputs and see results in real time.
QBank-Linked Lessons Every lesson maps to 3,117 practice questions across 39 NASAA sub-topics — finish a lesson and immediately practice what you just learned.

About the Series 66 Exam

The Series 66 (Uniform Combined State Law Examination) is developed by NASAA and administered by FINRA. Passing the Series 66 qualifies you as both a securities agent and investment adviser representative — combining the Series 63 and Series 65 into a single exam. The Series 7 is a co-requisite.

110 Questions
100 scored + 10 unscored
2 Hours 30 Min
Exam time limit
73% to Pass
73 of 100 scored questions
$177 Fee
NASAA exam fee

How to prepare:

  1. Learn the material — Work through this free course starting with Section IV (Laws & Regulations, 45% of exam), then Client Recommendations (30%), Investment Vehicles (17%), and Economic Factors (8%).
  2. Use the interactive tools — Practice with the CAPM calculator, bond yield visualizer, cost basis calculator, and regulatory sorters embedded throughout the course.
  3. Test your readiness — Take timed practice exams under real conditions. Our 3,117-question bank covers all 39 NASAA sub-topics. Aim for 80%+ consistently.
  4. Focus on regulations — The Uniform Securities Act, fiduciary duty, Reg BI, IA registration thresholds, administrator powers, and exemptions make up nearly half the exam. Know them cold.

Section 1: Economic Factors and Business Information

8% of exam ~8 questions · 4 lessons

Master the analytical methods tested on the Series 66: time value of money, descriptive statistics, financial ratios, and equity valuation factors. This section accounts for 8% of the exam (8 questions).

Time Value of Money
45 min
Descriptive Statistics
42 min
Financial Ratios
42 min
Valuation Factors
42 min

17% of exam ~17 questions · 12 lessons

Understand the types, characteristics, valuation, and risks of all major investment vehicles: cash equivalents, fixed income, equity, pooled investments, options, alternatives, and insurance products. This section accounts for 17% of the exam (17 questions).

Types and Characteristics of Cash and Cash Equivalents
42 min
Valuation Factors of Fixed Income Securities
42 min
Types of Equity Securities
42 min
Valuation Factors of Equity Securities
42 min
Characteristics of Equity Securities
42 min
Equity Public Offerings
42 min
Types of Pooled Investments
42 min
Characteristics of Pooled Investments
42 min
Futures and Options
42 min
Alternative Investments
42 min
Insurance-Based Products
42 min
Other Assets
42 min

Learn to analyze client profiles, apply capital market theory, build appropriate portfolios, and navigate tax, retirement, and estate planning. This is the largest tested section at 30% of the exam (30 questions).

Types of Clients and Customers
42 min
Client and Customer Profile
42 min
Client Data Gathering, Risk Tolerance, and Time Horizon
42 min
Capital Market Theory
42 min
Portfolio Management Strategies, Styles, and Techniques
42 min
Tax Considerations
42 min
Retirement Plans
42 min
ERISA Issues
42 min
Special Types of Accounts
42 min
Ownership and Estate Planning Techniques
42 min
Trading Securities
42 min
Portfolio Performance Measures
42 min

45% of exam ~45 questions · 8 lessons

Master the Uniform Securities Act, federal securities laws, registration requirements, fiduciary obligations, ethical practices, and remedies. This is the heaviest section at 45% of the exam (45 questions).

Regulation of Investment Advisers
50 min
Regulation of Investment Adviser Representatives
40 min
Regulation of Broker-Dealers
42 min
Regulation of Agents of Broker-Dealers
42 min
Regulation of Securities and Issuers
26 min
Remedies and Administrative Provisions
40 min
Communication with Clients and Prospects
50 min
Ethical Practices and Fiduciary Obligations
55 min

Frequently Asked Questions

Is this Series 66 course really free?

Yes — all 36 lessons are free with no account required. The course includes 8 interactive tools (CAPM calculator, bond yield visualizer, cost basis calculator, drag-and-drop regulatory sorters), 106 concept checks, 47 comparison tables, and 12 worked examples at no cost. Practice exams are available separately for $2 each.

What makes this different from Kaplan, Achievable, or STC?

This course is completely free and includes interactive tools that paid courses don't offer — a live CAPM calculator, bond yield relationship visualizer, cost basis scenario calculator, and regulatory drag-and-drop sorters. Our 3,117-question bank covers all 39 NASAA sub-topics. Kaplan charges $199–$549. Achievable charges $199. We charge $0.

Do I need the Series 7 to take the Series 66?

The Series 7 is a co-requisite — you must pass both exams before a state will issue your dual registration as a securities agent and investment adviser representative. You can take them in either order. No firm sponsorship is required for the Series 66 itself.

Does this cover everything on the Series 66 exam?

Yes. The course covers all four NASAA sections: Economic Factors and Business Information (8%), Investment Vehicle Characteristics (17%), Client Investment Recommendations and Strategies (30%), and Laws, Regulations, and Guidelines (45%). Each lesson maps 1:1 to the official NASAA content outline.

Is it up to date for 2026?

Yes. The course reflects the June 2023 NASAA test specification update, SECURE Act 2.0 retirement plan changes, the SEC Marketing Rule, and current Regulation Best Interest requirements. Content is reviewed and updated regularly.