An inverted yield curve occurs when:

Short-term Treasury yields are higher than long-term Treasury yields

Corporate bond yields fall below Treasury yields of equal maturity

Yields on all Treasury maturities are exactly the same level

Long-term Treasury yields are much higher than short-term yields

When market interest rates rise, the price of an existing fixed-rate bond generally:

Rises only if the bond is callable

Which bond is backed by the full taxing power of the issuing municipality?

A revenue bond supported by toll collections

An industrial development revenue bond

A special tax bond backed only by a gasoline tax

A limited partner in a real estate program receives an allocated passive loss. How can that loss generally be used?

To offset passive income from other sources, with unused losses carried forward

To offset portfolio income such as dividends and interest from bond funds

To offset wages and salaries from the investor's full-time job in the same tax year it is allocated

It cannot be used at all and is permanently lost when it is allocated

How are life insurance death benefits paid to a named beneficiary generally treated for federal income tax purposes?

They are generally excluded from the beneficiary's gross income

They are taxed as ordinary income to the beneficiary in the year received

They are taxed as long-term capital gains to the beneficiary

They are taxed as ordinary income only above the premiums paid

Which is a financial (quantitative) factor in a client profile rather than a non-financial one?

Investment experience and knowledge

Attitude toward investment risk

What distinguishes strategic asset allocation from tactical asset allocation?

Strategic sets long-term targets; tactical makes short-term deviations from them

Strategic is used only for retirement plans, tactical only for taxable accounts

Strategic applies only to bonds, while tactical applies only to equities

Strategic changes weights weekly based on news; tactical never deviates from targets

Series 66 Pass Rate and Passing Score

To pass the Series 66 you need 73 of 100 scored questions. NASAA does not publish pass rates for the exam.

Updated 2026-09-23 · 4 sources · By the SeriesPrepKit team

Passing score

73 of 100

raw count

Official pass rate

Not published

NASAA does not publish

Scored questions

100

Time

2 hr 30 min

What is officially published

NASAA does not publish pass rates for the Series 66, and neither does FINRA, which administers it. We found no official figure on NASAA’s exam pages or FAQ. Pass-rate numbers for the Series 66 that circulate online come from prep vendors (often their own customers) and are not comparable to an all-candidate rate. What NASAA does publish is the pass mark: 73 of 100 scored questions.

How the passing score works

The Series 66 is scored as a raw count: 73 of 100 scored questions. Unscored pretest questions (10) are mixed in and do not count toward the result.

What makes it hard

Law and ethics are 45% of the Series 66, heavier than on any other NASAA exam. Product questions assume Series 7 knowledge.

Once our practice-test data is large enough, we will publish anonymized section-level miss rates here, labeled as our own data.

If you fail: retake rules

NASAA rule (Series 63/65/66): wait 30 days before a second attempt, 30 days before a third, and 180 days before later attempts within a two-year period. From January 4, 2027 the wait after a third failure drops to 60 days (announced by NASAA on August 10, 2026). The first two 30-day waits are unchanged.

Check your readiness: 10 free Series 66 questions

Series 66 practice questions

Which sequence correctly lists the phases of the business cycle?

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Outline-weighted original questions with explanations, section drills and timed full-length exams. $99 one-time, 12 months, free access extension until you pass.

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Frequently asked questions

What is the Series 66 pass rate?

There is no current official figure. NASAA does not publish pass rates.

What is the Series 66 passing score?

73 of 100 scored questions correct.

How hard is the Series 66?

Law and ethics are 45% of the Series 66, heavier than on any other NASAA exam. Product questions assume Series 7 knowledge.

How soon can I retake the Series 66?

30 days after a first or second failure; 180 days after a third consecutive failure under current rules. From January 4, 2027, NASAA cuts the third-failure wait to 60 days.

Sources

FINRA - Series 66 Uniform Combined State Law Exam (accessed 2026-09-23)
NASAA - Series 66 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)
NASAA - Exam FAQs (accessed 2026-09-23)
NASAA - Updated waiting period for Series 63, 65 and 66 retests (Aug 10, 2026) (accessed 2026-09-23)