Series 66 Exam Study Guide 2027–2028 | NASAA Uniform Combined State Law Exam Prep, 200 Practice Questions (PDF)

Prepare for the NASAA Uniform Combined State Law Examination (Series 66) with a complete study guide organized by the four sections of the official Series 66 content outline. Every section teaches the reasoning the exam rewards: who must register, what is exempt, what the Administrator may do, which practices are unethical, and what is suitable for a particular client.

What's Inside

• Exam overview: format (110 questions, 150 minutes, 73 of 100 scored to pass), the four outline sections and their weights, the Series 7 and SIE corequisites, fee, enrollment window, scheduling, results and retake waits

• Economic Factors and Business Information: time value of money, NPV and IRR, descriptive statistics, standard deviation, beta, alpha, Sharpe ratio, financial and valuation ratios

• Investment Vehicle Characteristics: cash equivalents, bond yields and duration, common and preferred stock, options and restricted stock, offerings and SPACs, mutual funds, ETFs, UITs, REITs, private funds, options and futures, annuities, life insurance, commodities and digital assets

• Client Investment Recommendations and Strategies: client types and profiles, CAPM, Modern Portfolio Theory, asset allocation and styles, performance measurement, taxation, IRAs and employer plans, ERISA, 529 plans and HSAs, ownership and estate planning, orders, trading and best execution

• Laws, Regulations and Unethical Business Practices: investment advisers and representatives, SEC versus state registration, broker-dealers and agents, securities and exemptions, the Administrator's powers and civil liability, communications and the amended adviser advertising rules, fees, custody, fiduciary duty, conflicts, cybersecurity and business continuity

• Worked calculations: yields, current and quick ratios, Sharpe ratio, CAPM, real and after-tax returns, time-weighted and dollar-weighted returns, sales charges and rescission recovery

• Charts of the normal distribution, bond yield order, option payoffs, the efficient frontier and SEC-versus-state registration, plus 103 quick-reference tables

• Exam Tips, Common Traps, Memory Aids and Practice Scenarios in every chapter

• Study schedules, FAQs and test-taking strategies

• 2 practice tests of 100 questions each (200 questions total), four options per question, weighted like the official outline (8 / 17 / 30 / 45), with a complete answer key and an explanation for every question

Format

• Instant digital download (PDF), 8.5 × 11 in

• Clickable table of contents

• Print it or study on a tablet, laptop or phone

Please note: This is a digital product. No physical item will be shipped.

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