Do You Need Series 7 If You Have Series 66?

The Series 66 exam, officially known as the Uniform Combined State Law Examination, is an essential qualification for those looking to become investment adviser representatives (IARs) or securities agents. But, do you still need to take the Series 7 exam if you have already passed the Series 66?

The answer depends on the type of roles you want to perform in the securities industry and what your state regulations require.

1. Series 66 and Series 7: What’s the Difference?

• Series 7: The General Securities Representative Exam is required for individuals who want to sell a broad range of securities products, such as stocks, bonds, options, mutual funds, and more. Passing the Series 7 qualifies individuals to buy and sell securities on behalf of customers.
• Series 66: The Uniform Combined State Law Examination is a combination of the Series 63 and Series 65 exams. It is designed for individuals who want to work as investment advisers and securities agents. The Series 66 is focused on investment advice and regulations, rather than the direct sale of securities.

2. When Do You Need Both Series 7 and Series 66?

If you plan to work as both an investment adviser representative (IAR) and a securities agent (i.e., buying and selling securities), you will need to take both exams.

• Series 7: Required if you want to sell securities.
• Series 66: Required if you want to provide investment advice and manage client portfolios.

Many professionals in dual roles, such as financial planners or wealth managers, hold both licenses to provide a full range of services to clients.

3. When Do You Only Need Series 66?

If you only intend to provide investment advice and act as an investment adviser representative, Series 66 alone is sufficient. The Series 66 allows you to:

• Offer investment advice on securities.
• Work as an investment adviser representative (IAR).
• Manage client portfolios and suggest investments.

However, if you do not plan to sell securities (stocks, bonds, etc.) but only wish to advise on them, Series 66 is all you need.

4. Can You Skip Series 7 If You Have Series 66?

If you pass the Series 66 exam and do not wish to sell securities but only offer investment advice, you do not need the Series 7 exam. Series 66 provides sufficient qualification for acting as an investment adviser representative (IAR).

However, if you want to buy and sell securities for clients or yourself, you would need the Series 7 to perform those duties.

Final Thoughts

• Series 7 is required for those who want to sell securities, while Series 66 is required for investment advisers and securities agents offering advice.
• If you want to both advise and sell securities, you will need both Series 7 and Series 66.
• If you only plan to advise clients and not sell securities, Series 66 alone will suffice.

Understanding your career goals and what services you plan to offer is key to determining which combination of FINRA exams you need to take.

Focus Keyphrase: Do You Need Series 7 If You Have Series 66
Meta Description: Find out if you need the Series 7 exam if you have already passed Series 66. Understand the difference between Series 7 and Series 66 and when you need both.