NASAA Series 66 Exam Overview
October 10, 2007 on 4:10 pm | In EducationalIf you want to be able to both trade securities, and also be able to practice as an investment adviser to private clients, one way of reducing the cost and time necessary to achieve both of these career goals is to take the Uniform Combined State Law Examination, or Series 66 exam, which is administered by FINRA (Financial Industry Regulatory Authority (formerly NASD)) on behalf of the North American Securities Administrators Association (NASAA). Instead of taking both the Uniform Securities Agent test (Series 63) and the Investment Adviser test (Series 65), you can kill two birds with one stone by taking the Series 66 exam to obtain Series 66 license. The test will require you to understand the Uniform Securities Act, which allows qualified brokers to trade securities in all fifty states, along with basic stock market terms and definitions, and rules for soliciting clients and handling their accounts. In addition, you’ll also need to understand risk, different investment types, appropriate investments for different kinds of investors, interest rates and their effects, retirement planning, investment law, inflation and deflation, portfolio management, and all other aspects of advising private investors.