NASAA and the Series 63, 65, and 66 Exams
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
🧾 NASAA and the Series 63, 65, and 66 Exams
📘 How NASAA Shapes the Exams for Securities and Investment Professionals
If you’re preparing for the Series 63, Series 65, or Series 66 exams, you’ll see frequent references to NASAA — the North American Securities Administrators Association. Understanding NASAA’s role is key to understanding what these exams really test and why they are structured the way they are.
Here’s a clear overview of how NASAA connects to your exam journey:
🎯 1. What is NASAA?
- NASAA stands for the North American Securities Administrators Association.
- Founded in 1919, it’s the oldest international organization devoted to investor protection.
- Members include securities regulators from:
- All 50 U.S. states
- Canadian provinces and territories
- Mexico
- NASAA’s mission is to protect investors from fraud and abuse in the securities markets.
🎯 2. NASAA’s Role in Licensing Exams
NASAA develops and maintains the content outlines for the following exams:
- Series 63: Uniform Securities Agent State Law Exam
- Series 65: Uniform Investment Adviser Law Exam
- Series 66: Uniform Combined State Law Exam
💬 Important:
While FINRA administers these exams through its testing system (along with Prometric centers), NASAA designs the content and specifies the subject matter.
🎯 3. Focus Areas Across the Exams
| Exam | Primary Focus |
|---|---|
| Series 63 | State securities law and registration (salespeople focus) |
| Series 65 | Investment advisory laws, portfolio management, ethics |
| Series 66 | Combination of Series 63 and 65 for dual role professionals |
🎯 4. Overview of Each Exam
🔹 Series 63 – State Law Basics
- Designed for broker-dealer agents who sell securities at the state level.
- Covers Uniform Securities Act, registration requirements, prohibited practices, and fraud prevention.
🔹 Series 65 – Investment Adviser Focus
- Required for individuals who want to act as investment adviser representatives.
- Covers investment vehicles, portfolio management, fiduciary duty, economic concepts, and ethics.
🔹 Series 66 – Combined License
- Intended for those who have passed the Series 7 and need to be licensed as both securities agents and investment adviser representatives.
- Merges the critical parts of Series 63 and Series 65 into one streamlined exam.
🎯 5. Why NASAA Exams Emphasize State Law
- Federal securities laws (like the Securities Act of 1933) handle national markets.
- NASAA exams focus heavily on state-level protections, since investment advisers and agents often operate in multiple states.
- Topics include:
- State registration requirements for agents, broker-dealers, IAs, and IARs
- Exemptions and exclusions from registration
- Anti-fraud provisions
- Ethical business practices and client protection standards
🎯 6. Key Test Insights Driven by NASAA
| NASAA Influence | How It Affects Your Exam |
|---|---|
| Strong focus on protecting retail investors | Expect questions framed around client best interests |
| Emphasis on ethical behavior | Ethics and fiduciary standards are critical sections |
| Focus on registration nuances | Know when to register and when exemptions apply |
| Heavy anti-fraud content | Understand what counts as fraud, misrepresentation, or omission |
🚀 Conclusion: Why NASAA Matters for Your Success
Knowing that NASAA designs the Series 63, 65, and 66 exams means you must focus on state law, ethics, fiduciary standards, and fraud prevention.
These exams aren’t just about memorizing products — they are about protecting clients, doing the right thing, and navigating the regulatory landscape correctly.
🎓 Need full study guides, flashcards, and timed practice exams aligned with NASAA standards?
Access expert prep tools at
👉 https://finra-exam-mastery.com
Study smart. Understand NASAA’s mission. Pass your exam confidently!