Series 66 Exam (Uniform Combined State Law Examination)

The Series 66 Exam, also known as the Uniform Combined State Law Examination, is a crucial step for individuals in the United States who want to become registered investment advisor representatives (IARs) or hold dual licensure as both securities agents and IARs. Here's a breakdown of its syllabus and pattern:

Syllabus:

The exam covers a comprehensive range of topics related to securities regulation and investment advisor activities, broadly categorized into six sections:
⚫ Regulation of Securities Activities: This section focuses on the Securities Act of 1933, the Securities Exchange Act of 1934, and other relevant regulations governing the offer and sale of securities.
⚫ Regulation of Investment Advisers: This section dives into the Investment Advisers Act of 1940, outlining the fiduciary duties, registration requirements, and prohibited practices for investment advisors.
⚫ Securities Products and Markets: This section explores various investment products like stocks, bonds, options, mutual funds, and alternative investments, along with their features and risks.
⚫ Investment Analysis and Portfolio Management: This section delves into investment analysis techniques, portfolio construction strategies, and risk management principles.
⚫ Professional Conduct and Ethics: This section emphasizes the ethical standards and best practices expected of investment professionals, including suitability standards, conflicts of interest, and recordkeeping requirements.
⚫ State Uniform Securities Law: This section covers key provisions of the Uniform Securities Act (adopted by most states) and specific regulations in the candidate's chosen state of registration.

Pattern:
⚫ Format: 100 multiple-choice questions (10 unscored pretest questions are also included)
⚫ Duration: 2.5 hours (150 minutes)
⚫ Passing Score: 73% (a minimum of 73 correctly answered questions)
⚫ Delivery: Computer-based testing only (except for accommodations)

Resources:
⚫ NASAA Series 66 Exam Content Outline: https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/
⚫ FINRA Series 66 Exam Information: https://www.finra.org/registration-exams-ce/qualification-exams/series66
⚫ North American Securities Administrators Association (NASAA): https://www.nasaa.org/
⚫ Financial Industry Regulatory Authority (FINRA): https://www.finra.org/

Remember, passing the Series 66 exam is just one step in the licensing process. Additional requirements and state-specific regulations may apply.