Series 63 vs 66 vs 65: Complete Licensing Guide
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
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🧾 Series 63 vs 66 vs 65: Complete Licensing Guide
📘 Understanding the Key Differences Between These NASAA Exams and Which One You Need
If you’re pursuing a career in securities sales, investment advisory, or both, you’ll likely encounter one or more of these exams: the Series 63, Series 65, and Series 66. While they may sound similar, each has distinct purposes, prerequisites, and career implications. Here’s a clear side-by-side breakdown to help you decide which exam fits your goals.
📊 Quick Comparison Table
| Exam | Purpose | Requires Series 7? | Who Needs It? |
|---|---|---|---|
| Series 63 | Allows you to sell securities in a specific state | Yes | Broker-dealer representatives |
| Series 65 | Allows you to act as an investment adviser representative | No | RIAs, fee-based financial planners |
| Series 66 | Combines Series 63 + 65 for dual registration | Yes | Advisors who want to both sell securities and advise |
🎯 1. Series 63 – State Law Focused
📌 Also Known As: Uniform Securities Agent State Law Exam
🎓 Best For: Stockbrokers and BD reps
- Scope: Covers state securities laws, registration, and anti-fraud provisions.
- Exam Length: 60 questions | 75 minutes
- Passing Score: 72% (43 correct)
- Prerequisite: Usually taken alongside Series 6 or Series 7
✅ You Need Series 63 If:
- You’re selling mutual funds, stocks, or bonds as a broker-dealer rep
- You’re not offering investment advice, just executing trades
🎯 2. Series 65 – Investment Adviser License
📌 Also Known As: Uniform Investment Adviser Law Exam
🎓 Best For: Independent advisers, portfolio managers, and financial planners
- Scope: Emphasizes investment strategies, portfolio management, fiduciary duty, laws and ethics
- Exam Length: 130 questions | 180 minutes
- Passing Score: 72% (94 correct)
- Prerequisite: None – standalone license
✅ You Need Series 65 If:
- You plan to become a Registered Investment Adviser (RIA)
- You want to offer fee-based financial planning or portfolio management
- You’re not planning to sell securities directly
🎯 3. Series 66 – Combined Pathway
📌 Also Known As: Uniform Combined State Law Exam
🎓 Best For: Dual-role professionals: advisers and sales reps
- Scope: Merges Series 63 and 65 into one exam
- Exam Length: 100 scored + 10 unscored | 150 minutes
- Passing Score: 73% (73 correct)
- Prerequisite: Must also pass Series 7
✅ You Need Series 66 If:
- You want to be both a securities agent and an investment adviser rep
- You’re already taking or have passed the Series 7
- You’re aiming to be a full-service financial advisor
🔁 Which Exams Can Replace Each Other?
- Series 66 can replace both Series 63 and 65 only if paired with Series 7.
- Series 65 can be taken on its own and does not require Series 7.
🧠 Key Differences at a Glance
| Category | Series 63 | Series 65 | Series 66 |
|---|---|---|---|
| Focus | State law for BDs | Adviser law & portfolio theory | Dual registration: state & adviser laws |
| Required for | Selling securities | Giving investment advice | Doing both (advice + sales) |
| Requires Series 7 | ✅ Yes | ❌ No | ✅ Yes |
| Licenses Gained | BD rep (state-level) | Investment adviser rep (RIA) | BD + adviser rep (if Series 7 passed) |
🚀 Which One Should You Take?
- Take Series 63 if you’re only acting as a broker or selling securities.
- Take Series 65 if you want to be an investment adviser and charge fees for advice.
- Take Series 66 if you’re combining securities sales and advisory services, and already have or are taking the Series 7.
🎓 Want help choosing the right study track?
Access full exam guides, course bundles, and practice simulations for all 3 exams at:
👉 https://finra-exam-mastery.com
Choose wisely. Study strategically. Pass confidently.