Pass Rate Comparison: Series 63 vs Series 66
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
🧾 Pass Rate Comparison: Series 63 vs Series 66
📘 Which Exam Is Easier – and Why It Matters for Your Career
Both the Series 63 and Series 66 exams are state law exams administered by NASAA (North American Securities Administrators Association) and required for many financial professionals. But they differ in length, content, difficulty, and career impact. Here’s a full comparison of pass rates and exam details to help you decide what to expect — and where to focus your preparation.
📊 Estimated Pass Rates
| Exam | Estimated Pass Rate | Difficulty Level |
|---|---|---|
| Series 63 | 80% – 85% | Easier |
| Series 66 | 65% – 70% | More challenging |
Note: Official pass rates aren’t released by FINRA or NASAA, but industry sources, prep companies, and test-taker reports consistently reflect these estimates.
🎯 Series 63 Overview
- Focus:
- State registration of securities, broker-dealers, and agents
- Anti-fraud provisions
- Ethical practices
- Length:
- 60 scored questions
- 75 minutes to complete
- Passing Score:
- 70% (minimum 43 correct answers)
✅ Why the Higher Pass Rate?
- Very focused content (state law only)
- Shorter exam
- Simpler questions — heavy on definitions and regulatory basics
- No financial calculations or investment portfolio questions
🎯 Series 66 Overview
- Focus:
- Combines Series 63 content + Series 65 investment advisory law and fiduciary duty material
- Ethics, investment recommendations, portfolio management basics, and state securities regulation
- Length:
- 100 scored questions (plus 10 unscored)
- 150 minutes to complete
- Passing Score:
- 73% (minimum 73 correct answers)
✅ Why the Lower Pass Rate?
- More material to master (state law + advisory law + investment topics)
- Heavier scenario-based questions (application > memorization)
- Requires Series 7 as a prerequisite, meaning candidates must manage knowledge from multiple licensing tracks
- Longer test with greater endurance needed
📚 Key Differences at a Glance
| Feature | Series 63 | Series 66 |
|---|---|---|
| Purpose | State registration for agents | Combined securities agent + IAR licensing |
| Prerequisite Required | No | Must have passed Series 7 |
| Primary Content Focus | State securities law | State securities law + investment adviser law |
| Complexity | Mostly memorization | Memorization + application scenarios |
| Audience | Stockbrokers, agents | Dual-licensed advisors and agents |
| Approx. Time Commitment to Prepare | 2–3 weeks | 5–6 weeks |
🚀 Which Exam Should You Take?
- Take Series 63 if you’re primarily becoming a broker or agent who only sells securities and does not give investment advice.
- Take Series 66 if you want the ability to both sell securities and provide advisory services (especially if you’re completing your Series 7).
🎓 Conclusion: What the Pass Rates Really Tell You
- Series 63 is easier, shorter, and more focused — most students pass if they dedicate 2–3 weeks of organized study.
- Series 66 is tougher, broader, and demands higher-level thinking — but passing it gives you more career flexibility in dual-licensed roles.
Whichever you choose, focused study and smart test-taking strategies make the difference — not just the content volume.
🎓 Want targeted study plans, flashcards, and practice exams to boost your pass odds?
👉 https://finra-exam-mastery.com
Prepare smarter. Pass faster. Start your journey with confidence!