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Reference guide

FINRA Series 66 Course Notes

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Section 1I. Economic Factors and Business Information (8%)Preview
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  • 13 more related questions in Pro version

Summary

Eight scored questions: master time value of money, descriptive statistics/risk measures, liquidity/leverage ratios, and P/E/P/B. This domain is calculation-light but definition-sensitive.

Key Points

  • TVM: money today is worth more than the same future amount at a positive required return.

Common Mistakes

  • Leaving initial investment out of NPV.

Exam Tips

  • Write the formula before plugging numbers.
Section 2II. Investment Vehicle Characteristics (17%)Preview
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Summary

Seventeen scored questions: know how each vehicle works, how it is priced, who bears risk, liquidity, tax/credit/interest-rate exposure, and what feature makes it suitable or unsuitable.

Key Points

  • FDIC protects eligible bank deposits subject to coverage rules; it does not insure securities against market loss.

Common Mistakes

  • Calling preferred stock a bond.

Exam Tips

  • Ask who issues/owes the return.
Section 3III. Client/Customer Investment Recommendations and Strategies (30%)Preview
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Summary

Thirty scored questions: profile the client first, then select theory/portfolio strategy/accounts/tax/ownership/trading/performance tools that fit the actual goal, risk capacity, horizon, liquidity, and legal structure.

Key Points

  • Client type: natural person/sole proprietor, partnerships, LLC/corporations, trusts/estates, foundations/charities. Legal form determines authority and constraints.

Common Mistakes

  • Age=risk profile.

Exam Tips

  • Profile first, product second.
Section 4IV. Laws, Regulations, Guidelines, and Unethical Practices (45%)Preview
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  • 87 more related questions in Pro version

Summary

Forty-five scored questions—the core of Series 66. Classify the person/firm/security/transaction, identify the correct regulator/filing, then apply antifraud, disclosure, fiduciary, custody, compensation, communication, and enforcement rules.

Key Points

  • NASAA's testable state-law spine is the 1956 Uniform Securities Act with NASAA updates/commentary—not the 2002 Uniform Securities Act.

Common Mistakes

  • NASAA=state regulator (it is an association/model-rule body).

Exam Tips

  • Definitions first; exception second.