If you want to be able to both trade securities in America, 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, which is administered by the FINRA on behalf of the North American Securities Administrators Association (NASAA).Instead of taking both the Uniform Securities Agent test and the Investment Adviser test, you can kill two birds with one stone by taking the Series 66 exam. 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.

As you can see, the investment adviser portion of the Series 66 will make up the bulk of it, and will be much more difficult. You can take the exam at any Prometric testing center in America, usually any day of the week except Sunday.You can contact your nearest center for scheduling. You're allowed two and a half hours to finish the test, during which you'll be asked 100 multiple choice questions. The minimum passing score for the Series 66 exam is 75%.It's a difficult and challenging test, but if you're planning on both trading securities and advising private clients on investments, the Series 66 exam is an excellent way to save both time and money in getting your career established.

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