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Series66 test Format | Series66 Course Contents | Series66 Course Outline | Series66 test Syllabus | Series66 test Objectives

Exam Code: Series66

Exam Name: Uniform Combined State Law

Total questions: 110 multiple-choice questions

Scored vs unscored (pretest): 100 scored questions + 10 unscored (pretest) questions (the pretest ones do not count toward the score)

Time allotted: 150 minutes (2 hours 30 minutes)

Passing score / mark: You must correctly answer 73 out of the 100 scored questions (i.e. 73%)

Exam format / type: Multiple-choice questions; closed-book exam



I. Economic Factors and Business Information 8%

- Analytical Methods

- time value of money concepts

- internal rate of return (IRR)

- net present value (NPV)

- future value (FV)

- descriptive statistics (e.g.- mean; median; mode; range; standard deviation; Alpha- Beta- and Sharpe ratios; correlation)

- financial ratio interpretation and calculation (e.g.- current ratio; quick ratio; debt-to-equity ratio)

- valuation factors- interpretation and calculation

- price-to-earnings

- price-to-book



II. Investment Vehicle Characteristics 17%



- Types and Characteristics of Cash and Cash Equivalents

- insured deposits

- demand deposits.

- certificates of deposit

- money market instruments

- commercial paper

- Treasury bills

- Valuation Factors of Fixed Income Securities

- fixed income valuation factors

- duration

- maturity

- yield-to-call

- yield-to-maturity

- coupon

- conversion valuation

- bond ratings

- credit spread

- discounted cash flow

- Types of Equity Securities

- common stock (domestic- foreign- American Depositary Receipt (ADR))

- preferred- convertible preferred stock- floating rate preferred

- Valuation Factors of Equity Securities

- technical analysis

- fundamental analysis

- dividend discount

- discounted cash flow

- Characteristics of Equity Securities

- shareholder rights

- voting rights

- antidilution (preemptive right)

- liquidation preferences

- restricted stock and resale restrictions

- dividends

- employee stock options

- incentive

- nonqualified

- Equity Public Offering

- initial public offering (IPO)

- secondary offering

- special purpose acquisition companies (SPAC)/blind pools/blank check

- Types of Pooled Investments

- mutual funds

- open-end

- closed-end

- private funds

- hedge funds

- private equity

- venture capital

- unit investment trusts (UITs)

- exchange traded funds (ETFs)

- real estate investment trusts (REITs) (liquid vs non-liquid)

- Characteristics of Pooled Investments

- share classes

- liquidity

- tax implications

- fee structures and other costs

- pricing

- net asset value

- discount/premium (e.g.- ETFs- closed-end funds)

- benefits and risks

- relative comparisons

- benchmarks

- manager tenure

- change in investment policy

- style

- Futures and options

- futures definitions

- options definitions

- Characteristics- Risks- and Application of Alternative Investments

- leveraged funds

- inverse funds

- structured products

- exchange traded notes

- Insurance-Based Products

- annuities (definitions)

- fixed

- variable

- indexed

- life insurance (definitions)

- whole

- term

- universal

- variable

- Other Assets

- commodities and precious metals

- Digital assets (definition) (distinction- characteristics- and risks- securities- currencies- and assets)



III. Client/Customer Investment Recommendations and Strategies 30%



- Type of Client/Customer

- individual- natural person(s)- sole proprietorship

- business entities

- general partnership

- limited partnership

- limited liability company (LLC)

- C and S-corporation

- trusts and estates

- foundations and charities

- Client/Customer Profile

- financial goals and objectives

- current and future financial situation

- cash flow

- balance sheet

- existing investments

- tax situation

- social security and pensions

- risk tolerance

- nonfinancial investment considerations (e.g.- values including environmental- social- governance- and religious criteria; experience; life events; life stage; behavioral finance)

- client data gathering (e.g.- client identification; questionnaires; interviews)

- time horizon.

- Capital Market Theory

- investment theories- models- and hypotheses

- Capital Asset Pricing Model (CAPM)

- Modern Portfolio Theory

- Efficient Market Hypothesis

- Portfolio Management Strategies- Styles and Techniques

- strategies

- strategic asset allocation

- tactical asset allocation

- styles

- active

- passive

- growth

- value

- income

- capital appreciation

- techniques

- diversification

- sector rotation

- dollar-cost averaging

- purchasing or selling options

- leveraging

- volatility management

- inverse strategies

- igh frequency trading

- Tax Considerations

- income tax fundamentals: individual

- capital gains

- qualified dividends

- tax basis

- marginal bracket

- alternative minimum tax

- pension and retirement plan distributions

- government benefit implications (definition) (e.g.- income related monthly adjustment amounts (IRMAA))

- income tax fundamentals: corporate (C vs S)- trusts- passthrough entities (REIT- MLP- LLC)

- wealth transfer: estate tax and gift tax fundamentals (e.g.- exemptions; unified credit; annual vs lifetime; portability)

- Retirement Plans

- Individual Retirement Accounts (traditional and Roth)

- Solo 401(k) (traditional and Roth)

- qualified retirement plans (e.g.- defined benefit and defined contribution plans; company 401(k); 403(b) plan; 457 plan- SIMPLE IRA; SEP)

- nonqualified retirement plans

- ERISA Issues

- fiduciary issues

- investment qualified default investment alternative (QDIA)- and diversification choices

- Special Types of Accounts

- education-related

- 529s

- Coverdell IRA

- Uniform Transfers to Minors Act (UTMA)/Uniform Gift to Minors Act (UGMA)

- health-savings accounts (HSA)

- Ownership and Estate Planning Techniques

- types of ownership (joint tenants with rights of survivorship (JTWROS); tenants in common (TIC); tenancy by the entirety (TBE)- community property with rights of survivorship (CPWROS))

- joint tenants with rights of survivorship (JTWROS)

- tenants in common (TIC)

- tenancy by the entirety (TBE)

- transfer-on-death (TOD)/pay-on-death (POD)

- beneficiary designation including per stirpes

- trusts and wills (basic concepts)

- qualified domestic relations order (QDROs)

- donor advised funds

- Trading Securities

- terminology (e.g.- bids; offers; market- limit or stop order; short sale; cash accounts; margin accounts; principal or agency trades; payment for order flow)

- role of introducing broker-dealers- clearing broker-dealers/custodians- market makers- and exchanges

- costs of trading securities (e.g.- commissions; markups; spread)

- best execution

- Portfolio Performance Measures

- returns (e.g.- risk-adjusted; time-weighted; dollar-weighted; annualized; total; indexed; holding period; internal rate of return (IRR); expected; inflation-adjusted; after tax)

- risk-adjusted

- time-weighted

- dollar-weighted

- annualized

- total

- holding period

- internal rate of return

- expected

- inflation-adjusted

- after tax

- current yield

- relevant benchmarks



IV. Laws- Regulations- and Guidelines Including Prohibition on Unethical Business Practice 45%



- Regulations of Investment Advisers- Including State-Registered and Federal Covered Advisers

- definitions of Investment Advisers (e.g.- Investment Adviser- Exempt Reporting Adviser)

- notice-filing requirements

- registration/post-registration

- books and records requirements

- registration maintenance requirements (e.g.- update uniform forms- continuing education requirements for IARs)

- Investment Adviser Representative supervision

- Regulation of Investment Adviser Representatives

- definition of an Investment Adviser Representative

- registration/post-registration

- activities requiring registration- exclusions from registration- and registration authority

- registration maintenance requirements (e.g.- update uniform forms- continuing education requirements- disclosure of reportable events)

- Regulation of Broker-Dealers

- definitions of Broker-Dealers

- registration/post-registration requirements

- activities requiring registration and exclusions from registration



- Broker-Dealer Agent supervision

- Regulations of Agents of Broker-Dealers

- definition of an Agent of a Broker-Dealer

- registration/post-registration requirements (e.g.- activities requiring registration and exclusions from registration- update uniform forms)

- Regulations of Securities and Issuers

- definitions of securities and issuers

- state registration/post-registration requirements

- exemptions and exclusions from registration (basic concepts)

- state enforcement and antifraud authority

- Remedies and Administrative Provisions

- authority of state securities Administrator

- administrative actions

- other penalties and liabilities

- Communication with Clients and Prospects

- required disclosures

- product disclosures

- other disclosures to clients

- unlawful representations concerning registrations

- performance guarantees prohibition

- client contracts and customer agreements

- correspondence and advertising

- social media

- email/digital messaging

- website and internet communications

- Ethical Practices and Fiduciary Obligations

- compensation

- fees

- commissions

- performance based fees

- soft dollars

- disclosure of compensation

- client/customer funds and securities

- custody

- discretion

- trading authorization

- recommendation/advice standard of care

- anti-money laundering (AML)

- custody definition and obligations

- conflicts of interest- impermissible activities- fiduciary and other ethics issues

- loans to and from clients/customers

- sharing in profits and losses in a client/customer account

- client/customer confidentiality

- insider trading

- selling away

- market manipulation

- personal securities transactions

- outside securities accounts

- initial holdings and quarterly reports

- political contribution

- excessive trading

- exploitation of vulnerable adults

- other prohibited activities

- cyber security- privacy- and data protection

- business continuity plan

- disaster recovery

- succession planning

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