250 practice questions for the Series 66, NASAA's Uniform Combined State Law exam, the one state exam that, with the Series 7, qualifies you as both a broker-dealer agent and an investment adviser representative. They follow NASAA's test specifications and its 4 sections, weighted the way the real exam is: economic factors and business information (8%), investment vehicle characteristics (17%), client and customer recommendations and strategies (30%) and laws, regulations and ethics (45%). The law half is built for dual registrants: agent and adviser rules side by side, from discretion and custody to Regulation BI, soft dollars, pay-to-play and AML. The math is worked out: present value, Sharpe ratio, CAPM, current yield, the dividend discount model and after-tax real returns. Each question is tagged to its outline section, so your score report shows exactly where you miss, and every answer explains why the best choice is best, gives you a Remember line, and links its source.
The real test: 100 scored multiple-choice questions plus 10 unscored pretest questions (110 in all) in 150 minutes, closed book. You pass by answering at least 73 of the 100 scored questions. NASAA writes it and FINRA gives it; the fee is $177, and the Series 7 is a corequisite: with the Series 7, it qualifies you as both a broker-dealer agent and an investment adviser representative in states that follow NASAA's model rules. It covers 4 sections: economic factors and business information (8%), investment vehicle characteristics (17%), client and customer recommendations and strategies (30%) and laws, regulations and ethics (45%). Our practice test is full length, 100 scored questions plus 10 unscored in 150 minutes, split like the specifications, passing at 73 of 100.
Passing score: The Series 66 passing score (73 of 100), the Series 7 corequisite and the retake waits
Here: 250 questions. Our own practice questions, built on NASAA's Series 66 test specifications and written from public sources (the Uniform Securities Act of 1956 as amended by NASAA, NASAA model rules and statements of policy, the 1933 and 1934 Acts, the Investment Advisers and Investment Company Acts and SEC rules, FINRA and MSRB rules, the Internal Revenue Code and IRS pages, ERISA and DOL rules, the Bank Secrecy Act and Investor.gov), with every answer's source linked. Topics are the exam's 4 sections. Not NASAA's exam questions. Free.
Start studying, freeOpens the SIE Ticket study guide. No sign-up, nothing to install.| Topic | On the test | In the guide |
|---|---|---|
| I. Economic Factors and Business Information | ~8 | 20 |
| II. Investment Vehicle Characteristics | ~17 | 43 |
| III. Client/Customer Investment Recommendations and Strategies | ~30 | 75 |
| IV. Laws, Regulations, and Guidelines, Including Prohibition on Unethical Business Practices | ~45 | 112 |
"On the test" is the rough share of a 100-question test for each topic, following the exam's published weights.
A client needs $50,000 in 4 years and can earn 5% a year, compounded annually. About how much must she invest today?
C. About $41,135
A couple has a joint savings account with $480,000 at one FDIC-insured bank. How much is covered by FDIC insurance?
D. Up to $480,000
A small company with 40 shareholders, all U.S. individuals and one class of stock, wants owners taxed only once on its profits but keeps corporate form. Which election fits?
B. S corporation status
A sports agent who negotiates athletes' contracts also tells them, for an annual fee, which stocks and funds to buy. What is he under the Act?
A. An investment adviser
Two investments cost the same. Project A's net present value at the client's 7% required return is +$2,000; Project B's is -$500. What follows?
C. A earns more than 7%; B earns less than 7%
Which is a cash equivalent rather than a long-term investment?
D. A 13-week Treasury bill
An agent opens an account for a corporation. What document should confirm who may trade for it?
D. A corporate resolution naming authorized persons
An advisory firm in Texas manages $30 million for 80 individual clients, all in Texas. Where does it register?
A. With the Texas Administrator
An investment's internal rate of return is 9%, and the client requires 7%. What does that tell an adviser?
C. Its NPV at 7% is positive
What usually happens if a client withdraws money from a bank CD before it matures?
A. She pays an early withdrawal penalty