Series 6 vs 65: Roles and Responsibilities Compared
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
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🧾 Series 6 vs Series 65: Roles and Responsibilities Compared
📘 Understanding the Key Differences for Your Financial Career Path
If you’re exploring a career in financial services, choosing the right exam can shape your professional direction. Both the Series 6 and Series 65 licenses allow you to work with clients—but the types of products you can offer and the legal responsibilities you take on vary greatly.
Here’s a clear comparison of Series 6 and Series 65 so you can decide which fits your career goals.
🎯 Overview
| Exam | Administered By | Role It Qualifies You For |
|---|---|---|
| Series 6 | FINRA | Registered Representative – product-focused |
| Series 65 | NASAA (administered by FINRA) | Investment Adviser Representative (IAR) – advice-focused |
📊 Scope of Products and Services
| Function | Series 6 | Series 65 |
|---|---|---|
| Can sell mutual funds | ✅ Yes | ❌ No (unless also Series 6/7 licensed) |
| Can sell variable annuities | ✅ Yes | ❌ No |
| Can provide investment advice | ❌ No | ✅ Yes (for a fee) |
| Can charge advisory fees | ❌ No | ✅ Yes |
| Can sell stocks/bonds/options | ❌ No | ❌ No (unless also Series 7 licensed) |
🧠 Core Responsibilities
Series 6
- Sell packaged investment products: mutual funds, variable contracts, UITs
- Work under the suitability standard (recommendations must be suitable based on client profile)
- Cannot offer fee-based investment advice
- Often used by professionals working at insurance firms or broker-dealers
Series 65
- Provide investment advice on securities (e.g., portfolio construction, retirement planning)
- Must register as an investment adviser representative (IAR)
- Held to a fiduciary standard (must act in client’s best interest)
- Commonly used by RIAs, financial planners, and wealth managers
🧾 Registration and Licensing
| Requirement | Series 6 | Series 65 |
|---|---|---|
| Sponsorship required | ✅ Yes (by FINRA-member firm) | ❌ No (can self-register) |
| State registration required | ❌ No | ✅ Yes (with each applicable state) |
| Continuing education | ✅ Yes | ✅ Yes |
🕵️♂️ Fiduciary vs Suitability Standard
| Standard | Who It Applies To | What It Means |
|---|---|---|
| Suitability | Series 6 holders | Recommend suitable products; not necessarily the best |
| Fiduciary | Series 65 holders (IARs) | Legally required to act in the client’s best interest |
🧮 Exam Format & Difficulty
| Exam | # of Questions | Time Limit | Passing Score | Difficulty |
|---|---|---|---|---|
| Series 6 | 50 | 90 mins | 70% | Moderate |
| Series 65 | 130 | 180 mins | 72% | Moderate–High (more conceptual depth) |
🚀 Career Path Considerations
| Career Goal | Recommended License(s) |
|---|---|
| Sell mutual funds or variable annuities | Series 6 |
| Give investment advice for a fee | Series 65 |
| Do both | Series 6 + Series 65 or Series 7 + 66 |
| Become a financial planner | Series 65 or CFP |
| Become a wealth manager | Series 65 or Series 7 + 66 |
✅ Which Should You Choose?
- Choose Series 6 if you want to sell financial products through a broker-dealer and don’t plan to charge for advice.
- Choose Series 65 if you want to be a fee-based advisor, offer investment planning, and act as a fiduciary.
- If you want to do both, you may need to combine licenses depending on your firm and state regulations.
🎓 Want to prepare for your Series 6 or Series 65 the right way?
Get access to expert study guides, flashcards, and practice tests at
👉 https://finra-exam-mastery.com
Know your path. Own your prep. Advance your career.