A Kavanah Course — Free · 5 modules · Intermediate
Series 66: Uniform Combined State Law Exam
Twelve lessons on the combined exam that, with a valid SIE and Series 7, covers both state agent and investment adviser representative qualification.
A complete preparation course for the Series 66, NASAA's combined state law exam for people who hold, or are taking, the Series 7. Passed alongside a valid SIE and Series 7, it stands in for both the Series 63 and the Series 65. Nearly half the exam is law, so that is where this course spends its time: the regulation of advisers, representatives, broker-dealers and agents, the Administrator's powers, communications and fiduciary conduct. Every claim is traced to the statute, the rule or the published source behind it, including the 2026 advertising amendments that change exam questions in 2027.
An Introduction
Two Registrations, One Exam
What the Series 66 replaces, what it depends on, and how to use this course.
The Series 66 is often described as a shortcut, and that is half right. Passing it can stand in for both the Series 63 and the Series 65, but only for a candidate who also has a valid SIE and Series 7. On its own it qualifies you for nothing.
What this course is
Twelve lessons across five modules, built against NASAA's published test specifications and its Series 66 study guide. Each lesson cites the primary sources behind its claims: the Uniform Securities Act of 1956 as amended by NASAA, NASAA's model rules, the Investment Advisers Act of 1940 and SEC rules.
It assumes you have studied for the Series 7, so it does not reteach product basics. If you have no Series 7 and no plan to take one, the Series 65 is the exam you want.
This course is not affiliated with, endorsed by or produced in cooperation with NASAA, FINRA or the SEC, and it contains no exam questions. It is education, not legal advice, and state rules differ.
How it is weighted
The exam has 100 scored questions. Economic Factors and Business Information carries 8. Investment Vehicle Characteristics carries 17. Client and Customer Investment Recommendations and Strategies carries 30, and Laws, Regulations and Guidelines carries 45.
So this course gives law five lessons, recommendations three, finance two, and one each to the path and the study plan.
How to use it
Start with lesson 1.1, because the decision between the Series 66 and the Series 65 has consequences a candidate cannot undo cheaply: a professional designation can waive the Series 65 and never the Series 66, and the Series 66 credits depend on your Series 7.
One date matters. NASAA adopted amendments to its adviser advertising model rules in May 2026 and has said the affected exam questions will change in early 2027, with the exact date still to be announced. Lesson 4.4 teaches both positions, and lesson 5.1 sets out a four-week study plan.
A dual registrant holds two roles with different duties, sometimes with the same client on the same day. The law on this exam is largely about keeping those roles straight, which is the part of the job that does not end when the exam does.
Module 1
The Combined Exam
What it replaces and what it depends on
1 lessons · ~11 min
The choice between the Series 66 and the Series 65, the co-requisites, and the exam's structure, scoring, enrollment and retake rules.
Module 2
Economics and Investment Vehicles
Twenty-five percent of the exam, in two lessons
2 lessons · ~22 min
The economic, analytical and product material, concentrated on what the Series 7 does not already cover.
Lesson 2.1 · 10 min
Economic Factors: The Analytical Methods
Eight questions of arithmetic: time value, statistics, ratios and valuation
Start lesson
Lesson 2.2 · 12 min
Investment Vehicles Through an Adviser's Eyes
Seventeen questions on valuation, pooled funds, alternatives and insurance products
Start lesson
Module 3
Client and Customer Recommendations
Thirty percent of the exam, in three lessons
3 lessons · ~35 min
Client profiles and portfolio management, tax, retirement and estates, trading and performance.
Lesson 3.1 · 12 min
Client Profiles, Capital Market Theory and Portfolio Management
Who the client is, what theory says, and how a portfolio gets built
Start lesson
Lesson 3.2 · 13 min
Tax, Retirement Plans, ERISA and Estate Basics
What the client keeps, what the plan allows, and who gets it afterward
Start lesson
Lesson 3.3 · 10 min
Trading Securities and Measuring Performance
Who touches an order, what it costs, and which return tells the truth
Start lesson
Module 4
Laws, Regulations and Guidelines
Forty-five percent of the exam, in five lessons
5 lessons · ~1 hr 3 min
Regulation of advisers, representatives, broker-dealers, agents and securities, the Administrator's remedies, communications with clients and the ethical and fiduciary obligations.
Lesson 4.1 · 13 min
Regulating Investment Advisers and Their Representatives
Who is an adviser, who regulates it, and what registration requires
Start lesson
Lesson 4.2 · 12 min
Broker-Dealers, Agents, Securities and Issuers
The state definitions, the three registration methods, and what is exempt
Start lesson
Lesson 4.3 · 12 min
The Administrator, Remedies and Liability
What the state can do, what a client can recover, and how long each has
Start lesson
Lesson 4.4 · 13 min
Communications, Contracts and the 2026 Advertising Amendments
What must be said, what may never be said, and a rule in transition
Start lesson
Lesson 4.5 · 13 min
Ethical Practices and Fiduciary Obligations
Compensation, custody, discretion, conflicts, AML, vulnerable adults and continuity
Start lesson
Module 5
Preparing for the Exam
A four-week plan
1 lessons · ~9 min
A study plan derived from the published weights, and a Kavanah project to run it.
The first lesson is free to read. The rest of the course is free for members.
Sign in, or create a free Kavanah account, to read every lesson, track your progress and listen to the narration.