If you’re an Australian financial professional—or an ambitious investor—considering expansion into the US market, the term Series 66 might have popped up on your radar. While it’s not a requirement for local practice, understanding the Series 66 can unlock a world of opportunity if you want to operate or partner with US-registered firms. In 2025, cross-border finance is hotter than ever, making this qualification worth a closer look.
What is the Series 66?
The Series 66—officially the Uniform Combined State Law Examination—is a US qualification administered by FINRA (Financial Industry Regulatory Authority) for those who want to act as both securities agents and investment adviser representatives. Think of it as a catch-all license: rather than taking the Series 63 (state law) and Series 65 (investment adviser law) separately, candidates can cover both regulatory areas in one go.
- Who needs it? Anyone seeking to provide advice and execute securities transactions for US clients in most states.
- Prerequisite: Must be paired with the Series 7 exam (General Securities Representative Exam).
- Format: 100 scored questions, multiple choice, 150 minutes to complete. The pass mark is 73% as of 2025.
Recent updates by NASAA (North American Securities Administrators Association) in late 2024 have modernised content to reflect cryptocurrency regulation, new fiduciary standards, and ESG (environmental, social, governance) investing trends—hot topics for global investors.
Why Should Australian Advisors Care?
Australian advisers and wealth managers are increasingly fielding requests from clients with US assets, dual citizenship, or global ambitions. Here’s why the Series 66 matters:
- Expanding Client Base: With a Series 66 (plus Series 7) and registration through a US firm, you’re eligible to advise American clients, including expats and dual nationals.
- Compliance Edge: Understanding US state and federal investment laws helps you avoid accidental breaches—especially with the SEC’s cross-border enforcement push in 2025.
- Global Partnerships: Many Australian firms are partnering with US-based RIAs (Registered Investment Advisers). Having Series 66-qualified staff smooths regulatory hurdles and builds trust.
Take the case of GlobalView Advisory, a Sydney-based boutique that partnered with a New York wealth manager in early 2025. By having two team members pass the Series 66, GlobalView expanded its services to US-Australian families and seamlessly navigated state registration requirements.
2025 Updates: What’s New in the Series 66?
The Series 66 exam isn’t static. In 2025, major updates reflect the rapidly evolving regulatory landscape. Key changes include:
- Increased focus on digital assets: Questions now cover SEC and state guidelines for crypto investments and custody solutions.
- ESG and Responsible Investing: There’s greater emphasis on disclosure requirements and greenwashing risks.
- Heightened fiduciary standards: The exam tests your knowledge of the SEC’s Regulation Best Interest, which continues to shape adviser obligations in 2025.
Staying current isn’t just about passing the test—Australian professionals working with US clients need to keep up with annual continuing education (CE) requirements set by both FINRA and state regulators. Some firms are now offering joint US-Australian CPD programs to streamline compliance.
How to Get Series 66 Qualified from Australia
Ready to take the leap? Here’s a practical roadmap for Australians:
- Secure US Sponsorship: You’ll need a US-registered broker-dealer or investment adviser to sponsor your exam application.
- Pass Series 7: This is a prerequisite for the Series 66. Most candidates sit both within a 12-month window.
- Prepare for the Exam: Leading US test providers now offer remote proctoring for overseas candidates, making it easier than ever for Australians to sit the exam from home.
- Register with State Regulators: Once you’ve passed, work with your sponsor firm to register as an investment adviser representative in relevant US states.
While the process isn’t trivial, the career upside is significant. With over 8 million Australians holding direct or indirect US investments (according to the ASX 2025 Investment Trends Report), the demand for cross-border expertise is only growing.
