NASAA Series 65 and Series 66 flashcards
4 decks · 308 cards · built into Willys · free samples below
Written against: NASAA Series 65 and 66 content outlines; Uniform Securities Act, NASAA model rules and the Investment Advisers Act of 1940 as of 2026. Updated 2026-10-10.
What's in it
Every deck follows the course outline, with tags you can study or suspend topic by topic. Open a deck to study its free sample right here.
Learn · 3 decks · 238 cards
Concepts, mechanisms and the questions a course or exam asks about them.
Practice · 1 deck · 70 questions
Multiple-choice practice questions, one best answer each, with the reasoning.
Study guide
Topics covered
The decks follow the order of the course outline. Numbers are cards per topic.
- Economic Factors 13
- Financial Reporting 11
- Quantitative Methods 15
- Investment Risks 11
- Equity & Fixed Income 16
- Pooled & Alternative Investments 17
- Derivatives & Insurance Products 15
- Client Profile & Accounts 19
- Capital Market Theory 10
- Portfolio Management 17
- Taxation 15
- Retirement & Education Plans 17
- Trading & Performance 15
- Securities Act Definitions 20
- Registration & Exemptions 27
- Administrator Powers & Penalties 21
- Federal Adviser Regulation 27
- Ethics & Prohibited Practices 22
A study plan
- 11 new cards a day covers everything in a month, leaving the last weeks for review.
- 6 new cards a day covers everything in two months, leaving the last weeks for review.
- 5 new cards a day covers everything in three months, leaving the last weeks for review.
Willys schedules reviews for you (FSRS spaced repetition), so the daily number above is only for new cards; reviews of what you have learned come back on their own. Study a topic's cards right after you meet it in class, suspend topics you have not reached yet, and use the app's quiz mode in the final two weeks.
How to get these decks
- Install Willys on your iPhone, iPad or Mac — App Store. 14-day free trial, then $14.99 a year.
- In Willys, tap Exam Library at the top of your Decks (or Browse Exam Library… under the + button), find the exam on its shelf or by search, tick it and tap Add.
- Study. The exam comes in as its own collapsible folder, every card scheduled by FSRS spaced repetition. Nothing you already have is changed.
Every deck is built into Willys
All 4 NASAA Series 65 and Series 66 decks (308 cards), with FSRS spaced repetition, quizzes and mock tests, on iPhone, iPad and Mac. 14-day free trial, then $14.99 a year.
In Willys, tap Exam Library at the top of your Decks (or Browse Exam Library… under the + button), find the exam on its shelf or by search, tick it and tap Add.
About these cards
Review status: Second-reader reviewed, with corrections applied.
Checked against:
- Topic outline follows the NASAA Series 65 content outline effective June 12, 2023 (outline only; no outline text reproduced).
- Checked against SEC Investor.gov investor bulletins, TreasuryDirect product descriptions, FINRA Rule 2341 and Regulatory Notice 09-31, and IRS Publications 550 and 575; public domain U.S. government sources where federal.
- Original wording; no textbook, prep-course or question-bank text copied. Figures indexed yearly are excluded.
- The Series 65 and Series 66 exams are developed by NASAA and administered by FINRA; neither is affiliated with, or endorses, this product.
- Checked against IRS Publications 550, 551, 559, 560, 575, 590-A, 590-B and 970, ERISA (29 U.S.C. 1001 et seq.) and DOL regulation 29 CFR 2550.404c-1; public domain U.S. government sources.
- Original wording; no textbook, prep-course or question-bank text copied. Figures indexed yearly, such as exclusion and exemption amounts and contribution limits, are excluded.
- Topic outline follows the NASAA Series 65 and Series 66 content outlines effective June 12, 2023 (outline only; no outline text reproduced).
- Checked against the Uniform Securities Act (1956, as amended), NASAA model rules (including Rule 102(a)(4)-1 as amended May 4, 2026 and the brochure rule), the Investment Advisers Act of 1940 and SEC rules (17 CFR Part 275); public domain U.S. government sources where federal.
- Original wording; no textbook, prep-course or question-bank text copied. Figures indexed yearly are excluded; state fees and penalties vary.
- Checked against the Uniform Securities Act (1956, as amended), NASAA model rules, the Investment Advisers Act of 1940 and SEC rules (17 CFR Part 275), and IRS Publications 550 and 559; public domain U.S. government sources where federal.
- Also checked against the Uniform Securities Act (2002) with official comments and NASAA's amended text of the 1956 Act, the Securities Act of 1933 and the Securities Exchange Act of 1934 with 17 CFR Parts 230 and 240 and SEC interpretive releases, the Internal Revenue Code and IRS Publications 575 and 970, ERISA, FINRA rules, state enactments of the Uniform Prudent Investor Act and the Uniform Transfers to Minors Act, and NASAA's Series 65 and 66 exam overviews (US government sources public domain; reference only, no text copied).
- Original questions and wording; no textbook, prep-course or question-bank text copied. Figures indexed yearly are excluded. All worked math computed by the author with hypothetical numbers.
These are independent study notes written for Willys. They are not official exam material, may contain mistakes, and are no substitute for your course, your teacher or the exam owner's own publications. Found an error? Tell us — corrections ship as a new version of the deck.
Not financial, tax or legal advice. These cards prepare you for an exam; rules and figures change, so check current standards before relying on any of it.
The Series 65 and Series 66 exams are developed by NASAA and administered by FINRA; neither is affiliated with, or endorses, this product.
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