Who Needs the Series 66 License?

The Series 66 license, formally known as the Uniform Combined State Law Examination, is designed for individuals who want to act as both securities agents and investment adviser representatives. It is required in many states for professionals who provide investment advice and also sell securities.

What Is the Series 66?

The Series 66 combines the functions of:

• Series 63 – state law exam for securities agents
• Series 65 – exam for investment adviser representatives

However, the Series 66 must be combined with the Series 7 license. The Series 7 covers the products and trading knowledge, while the Series 66 focuses on ethics, regulations, and client relationships. Together, they meet the requirements for most state registrations.

Who Needs It?

You need the Series 66 if:

• You want to become an investment adviser representative (IAR)
• You plan to work at a Registered Investment Adviser (RIA) or a dual-registered broker-dealer
• You offer both advisory services and securities transactions
• You operate in a state that requires both advisory and broker registration
• You want to transition from a commission-based broker to a fee-based adviser

Common Roles That Require the Series 66

• Financial Advisor
• Wealth Manager
• Investment Consultant
• Portfolio Manager
• Hybrid Adviser (offering both advisory and brokerage services)

Important Notes

• The Series 66 cannot be used without the Series 7 license
• It is administered by FINRA but developed by NASAA
• It is not required for insurance-only professionals or those selling fixed annuities
• It is often seen as a path to greater career flexibility and growth

Prepare for Success

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✔ Clear explanations of rules and regulations
✔ Practice questions that match the real exam
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