Series 63 vs Series 65: How to Choose
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
🧾 Series 63 vs Series 65: How to Choose
📘 Understanding the Differences to Pick the Right Exam for Your Career Path
If you’re entering the financial services industry, you’ve likely come across both the Series 63 and the Series 65 exams. While both are administered by NASAA (North American Securities Administrators Association), they serve different purposes and open different professional doors. Here’s a clear breakdown of what each exam does, who needs it, and which one fits your goals.
🎯 1. Overview: What Each Exam Covers
| Exam | Purpose | Focus Areas |
|---|---|---|
| Series 63 | State-level registration for securities agents (brokers) | State securities law, unethical practices, fraud |
| Series 65 | Required for investment adviser representatives (IARs) | Investment strategies, portfolio theory, fiduciary duty, ethics |
📘 2. Who Needs Series 63?
The Series 63 is required if you:
- Plan to become a registered representative (broker).
- Want to sell securities like stocks, bonds, or mutual funds on behalf of a broker-dealer.
- Have passed or are taking the Series 6 or Series 7 and intend to operate in most U.S. states.
🔹 Example Roles:
- Stockbroker
- Sales associate at a broker-dealer
- Trainee in a securities sales program
🔒 Series 63 does NOT qualify you to give investment advice or charge advisory fees.
📘 3. Who Needs Series 65?
The Series 65 is required if you:
- Want to act as an investment adviser representative (IAR).
- Intend to provide fee-based financial advice, build financial plans, or manage portfolios.
- Are not affiliated with a broker-dealer, or you do not hold the Series 7 and Series 66 combo.
🔹 Example Roles:
- Financial planner
- Portfolio manager
- Independent investment adviser
- Wealth advisor at an RIA firm
📊 4. Comparison at a Glance
| Feature | Series 63 | Series 65 |
|---|---|---|
| Primary Role | Securities sales (broker-dealer) | Investment advice (RIA/IAR) |
| Sponsorship Required? | No (but typically taken with 6/7) | No |
| Length | 60 questions (75 mins) | 130 questions (180 mins) |
| Passing Score | 72% (43/60) | 72% (94/130) |
| Covers Investment Advice? | ❌ | ✅ |
| Fiduciary Standard Covered? | ❌ | ✅ |
| State Law Coverage | ✅ | ✅ |
| Series 7 Required? | Often paired | Not required |
📌 5. When to Take Series 63
Take the Series 63 if you:
- Are entering securities sales.
- Are being sponsored by a broker-dealer.
- Are pairing it with the Series 6 or 7 to sell mutual funds, stocks, or bonds.
✅ It is a short exam, focused on regulation, ethics, and fraud prevention at the state level.
📌 6. When to Take Series 65
Take the Series 65 if you:
- Plan to charge for advice as an independent advisor.
- Work at or plan to join a Registered Investment Adviser (RIA) firm.
- Want to manage client portfolios, retirement plans, or provide holistic financial planning.
✅ It qualifies you to be paid for advice — no other securities license required.
🤔 Still Not Sure Which One to Take?
Ask yourself:
🔹 Do I want to sell mutual funds, stocks, or annuities through a brokerage? → Series 63 (+ Series 6 or 7)
🔹 Do I want to create financial plans and get paid for advice? → Series 65
🔹 Do I want to do both? → Series 7 + Series 66 (Series 66 = Series 63 + 65 combined)
🚀 Conclusion: Series 63 vs 65 – Your Career Determines the Choice
- Series 63 is for securities sales reps – it’s fast, regulatory, and state-law focused.
- Series 65 is for advisors and planners – it’s longer, deeper, and prepares you to advise and manage money for a fee.
Choose based on what you’ll be doing, who you’ll be working for, and whether you’re in sales or advisory.
🎓 Need help preparing for the Series 63 or 65?
Explore expert-built study plans, practice exams, and career-matching guidance at
👉 https://finra-exam-mastery.com
Pass the exam. Launch your finance career.