The outline at a glance
| Section | Weight | Scored questions |
|---|---|---|
| I. Economic Factors and Business Information | 8% | 8 |
| II. Investment Vehicle Characteristics | 17% | 17 |
| III. Client Investment Recommendations and Strategies | 30% | 30 |
| IV. Laws, Regulations and Guidelines, incl. Prohibition on Unethical Business Practices | 45% | 45 |
Total | 100% | 100 |
I. Economic Factors and Business Information
8% of the exam, 8 scored questions.
- Time value of money, descriptive statistics, ratios and valuation measures. The Series 66 drops the macro-economics block that appears on the 65.
Common trap: Spending 65-level hours on economics: it is only 8% of the 66.
II. Investment Vehicle Characteristics
17% of the exam, 17 scored questions.
- Fixed income and equity valuation factors, pooled investments, derivatives, alternatives and insurance products at an adviser level.
Common trap: Re-learning product mechanics the Series 7 already covered instead of focusing on valuation and suitability.
III. Client Investment Recommendations and Strategies
30% of the exam, 30 scored questions.
- Client profile, portfolio theory, strategies and styles, taxation, retirement plans and ERISA, performance measurement.
Common trap: Ignoring tax and retirement-plan material, which is dense and fact-heavy.
IV. Laws, Regulations and Guidelines, incl. Prohibition on Unethical Business Practices
45% of the exam, 45 scored questions.
- Everything the Series 63 tests (agents and broker-dealers) plus adviser law: IA and IAR registration, custody, fiduciary duty, performance fees, communications and prohibited practices.
Common trap: Under-studying the section that is 45% of the exam. It is the difference between the 66 and the 65.
The NASAA exams reward exact definitions. Build a one-page list of “is it registered / is it exempt / who is excluded” and quiz yourself daily in the last week.
Download the printable Series 66 outline checklist
A one-page checklist of every outline section and key rule on this page, as a Word file or a printable page.
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Frequently asked questions
What is on the Series 66?
The official outline has 4 sections: I. Economic Factors and Business Information (8%); II. Investment Vehicle Characteristics (17%); III. Client Investment Recommendations and Strategies (30%); IV. Laws, Regulations and Guidelines, incl. Prohibition on Unethical Business Practices (45%).
Where do I find the official Series 66 content outline?
On NASAA’s website; we link the current PDF in the sources below. NASAA’s current specifications took effect June 12, 2023.
How many hours should I study for the Series 66?
Most candidates plan roughly 50-90 hours. That range is our editorial estimate, not an official figure; adjust it after a diagnostic test.
Sources
- NASAA - Series 66 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)
- FINRA - Series 66 Uniform Combined State Law Exam (accessed 2026-09-23)