Key Takeaways
- Section IV (Laws & Regulations) is 45% of the exam - prioritize it.
- Study order: economics, products, strategies, then regulation.
- If you passed Series 63/65, focus on gaps not overlaps.
- Use quizzes to test recall and identify weak areas.
- Fiduciary duty and prohibited practices are heavily tested.
Last updated: December 2025
How to Use This Study Guide
This comprehensive guide covers all content tested on the Series 66 exam, organized to maximize your study efficiency.
Study Approach
Recommended Study Order
Study the chapters in order, as concepts build on each other:
- Economic Factors (8%) - Foundation concepts
- Investment Vehicles (17%) - Product knowledge
- Client Recommendations (30%) - Apply knowledge to scenarios
- Laws & Regulations (45%) - The bulk of the exam
Time Investment
| Background | Recommended Study Hours |
|---|---|
| Series 63 + 65 already passed | 20-30 hours (review) |
| Series 7 holder, new to state law | 50-75 hours |
| Finance/Accounting background | 60-80 hours |
| New to securities industry | 80-100 hours |
High-Priority Topics (75% of Exam)
Focus your study time on these heavily-tested areas:
Section IV: Laws & Regulations (45%)
- Investment adviser and IAR registration
- Broker-dealer and agent registration
- Prohibited and unethical practices
- Fiduciary obligations
- State administrator authority
Section III: Client Recommendations (30%)
- Suitability and know-your-customer
- Portfolio management strategies
- Retirement plan rules
- Tax considerations
- Risk assessment
If You Already Passed Series 63
You'll find Section IV familiar. Focus on:
- Investment adviser-specific regulations
- Fiduciary duty (not just suitability)
- Fee-based vs. commission-based rules
- Adviser custody requirements
If You Already Passed Series 65
You'll find Sections I-III familiar. Focus on:
- Agent registration (vs. IAR registration)
- Broker-dealer regulations
- Securities registration at state level
- State administrator authority
Key Differences: Series 66 vs. Series 7
| Topic | Series 7 | Series 66 |
|---|---|---|
| Focus | Product sales | State law compliance |
| Regulations | FINRA rules | Uniform Securities Act |
| Standard | Suitability | Suitability + Fiduciary |
| Options | Heavy coverage | Light coverage |
| Registration | Federal focus | State focus |
Using Quiz Questions
Each section includes practice questions. For best results:
- Attempt before checking - Don't peek at answers
- Read all explanations - Even for correct answers
- Track weak areas - Return to difficult topics
- Time yourself - Build exam-day stamina
Good luck with your Series 66 preparation!