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For investment adviser reps who need the Series 66 (Uniform Combined State Law Exam) — economics, recommendations, and state IA rules in one sitting.

Covers the current NASAA Series 66 exam outline · Written and maintained by Todd Lavergne, Todd Lavergne Media · Last updated Oct 2026

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The 66 mixes portfolio topics with state law. Studying only “investments” or only “ethics” leaves half the exam cold.

What’s inside

Topic lessons, 74 practice questions with answers and explanations, a formula/limits sheet, and a study plan.
74 questions with answers and short explanations (Q&A pairs in the PDF)
Instant PDF download after payment — link also arrives by email

Who this is for

For investment adviser reps who need the Series 66 (Uniform Combined State Law Exam) — economics, recommendations, and state IA rules in one sitting.

What’s not included

Not affiliated with NASAA/FINRA/SEC. Independent study aid only; no pass guarantee.

Free sample: 5 questions from the guide

Taken straight from the Series 66 guide. Try each one, then tap “Show answer.”

A leading economic indicator is one that:
- A. Moves with the economy in real time
- B. Tends to turn before the economy turns
- C. Turns after the economy
- D. Is always a Fed policy rate
Show answer
Answer: B — Leading: permits, initial claims, new orders. Coincident: industrial production, payrolls. Lagging: unemployment duration, prime rate.
Standard deviation measures:
- A. Credit spreads only
- B. Total volatility of returns
- C. Tracking error versus a benchmark only
- D. Liquidity
Show answer
Answer: B — Std. dev. = total risk. Beta = market risk.
A 529 qualified withdrawal for education is generally:
- A. Federally tax-free
- B. Always taxable as ordinary income
- C. Subject to wash-sale rules only
- D. A capital-loss harvest
Show answer
Answer: A — Qualified 529 earnings are federally tax-free. State tax treatment varies.
Sharing advisory losses to keep an account is:
- A. Fiduciary excellence
- B. A prohibited guarantee / sharing of losses
- C. Required by ERISA always
- D. A soft-dollar practice
Show answer
Answer: B — Do not write personal insurance on the portfolio.
A BD notice-filing is not a substitute for:
- A. BD registration when the firm has an office or retail solicitation in the state
- B. Anti-fraud compliance
- C. Both A and B
- D. Neither
Show answer
Answer: C — Notice-filing is the federal-covered-security / federal-covered-IA concept. BDs with an office register as BDs.

Practice questions are original teaching items, not real exam questions. Independent study aid; not affiliated with or endorsed by the exam provider.

Using a full prep program such as Achievable? This $10 guide is a low-cost add-on: a compact outline review plus original practice questions with explanations for extra reps before test day.

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Study-aid disclaimer: Independent study aid. Not affiliated with the exam administrators. Original questions. No pass guarantee. Not legal or investment advice.

Need more practice later? Question bank page (coming next).