The Series 66 exam - the Uniform Combined State Law - developed by NASAA and administered for NASAA by FINRA, evaluates entry-level proficiency to provide investment advice and effect securities transactions for clients, as well as understanding the principles of state securities regulations reflected in the Uniform Securities Act with NASAA rule amendments prohibiting dishonest and unethical business practices. The exam provides state securities administrators with a basis to evaluate an applicant's knowledge and understanding of state law and regulations. This exam comprises 100 scored questions and 10 unscored "pretest" questions. Applicants have two-hours and 30-minutes to complete the exam. The passing score is 73%. The Series 7 is a co-requisite for this examination but either exam can be taken first and the Series 66 does not require FINRA member firm sponsorship. The Series 7 licensed representative, however, must be associated with and sponsored by a FINRA member firm.

Audience: The Series 66 exam - the Uniform Combined State Law - is a state law exam for a broker/dealer and an investment adviser representative (equivalent to the Series 63 and Series 65 combined). The exam is for professionals who, for compensation, provide advice and solicit purchases and/or sales of all securities products, including corporate securities, municipal securities, investment company securities, variable annuities, direct participation programs, options, and government securities.