How to Combine Series 7 and Series 66 Licensing

🧩 How to Combine Series 7 and Series 66 Licensing

The Path to Becoming a Fully Registered Investment Adviser Representative

To legally offer both securities transactions and investment advice in most U.S. states, many professionals hold both the Series 7 and Series 66 licenses. Together, these two credentials fulfill state and federal requirements to operate as a registered representative and investment adviser representative.

Here’s exactly how to combine them—and what each license allows you to do.

🎯 What Each License Covers

📘 Series 7 – General Securities Representative

• Allows the sale of stocks, bonds, mutual funds, options, municipal securities, and more
• Focuses on product knowledge, suitability, and trading regulations
• Administered by FINRA

📗 Series 66 – Uniform Combined State Law Exam

• Covers state securities regulations, fiduciary duty, ethics, and investment adviser laws
• Acts as a combination of Series 63 + Series 65
• Administered by FINRA for NASAA
• Must be taken in conjunction with Series 7 (cannot be used alone)

🧾 Licensing Requirements for Full Registration

To become a dual-registered representative and investment adviser representative, most states require:

✅ Series 7 license
✅ Series 66 license
✅ Firm sponsorship for registration with a broker-dealer and/or investment adviser
✅ Filing of Form U4 through FINRA’s CRD system
✅ State-specific registration and notice filings

📋 Step-by-Step: How to Combine the Licenses

1. Pass the SIE Exam (if not already completed)
2. Register and pass the Series 7 Exam
3. Register and pass the Series 66 Exam
   • You may take the Series 66 before or after Series 7, but both must be passed to activate the Series 66
4. File Form U4 through your employer
   • This connects your licenses with your firm and states
5. Meet state-level registration and notice-filing requirements
   • Your firm may assist with this process

⚠️ Key Notes

• You cannot use Series 66 independently—it is valid only when combined with Series 7
• If you already hold Series 65, you do not need Series 66 to register as an investment adviser representative
• States such as CO, FL, LA, and MD may have different requirements—always confirm with your firm’s compliance department

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