Series 66 Outline Checklist

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Official outline: NASAA - Series 66 Test Specifications (effective June 12, 2023). 100 scored questions, 2 hr 30 min, pass: 73 of 100 correct (73%).

[ ] I. Economic Factors and Business Information (8%, 8 questions)

• [ ] Time value of money, descriptive statistics, ratios and valuation measures. The Series 66 drops the macro-economics block that appears on the 65.

Trap: Spending 65-level hours on economics: it is only 8% of the 66.

[ ] II. Investment Vehicle Characteristics (17%, 17 questions)

• [ ] Fixed income and equity valuation factors, pooled investments, derivatives, alternatives and insurance products at an adviser level.

Trap: Re-learning product mechanics the Series 7 already covered instead of focusing on valuation and suitability.

[ ] III. Client Investment Recommendations and Strategies (30%, 30 questions)

• [ ] Client profile, portfolio theory, strategies and styles, taxation, retirement plans and ERISA, performance measurement.

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%, 45 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.

Trap: Under-studying the section that is 45% of the exam. It is the difference between the 66 and the 65.

Checked against the official outline on 2026-09-23. FINRA and NASAA do not endorse SeriesPrepKit.

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