Series 63 vs Series 66: Key Differences

🧾 Series 63 vs Series 66: Key Differences
📘 Choosing the Right Exam for Your State Licensing Needs

If you’re entering the securities or investment advisory field, you’ve likely come across the Series 63 and Series 66 exams. Both are NASAA-administered exams that help you meet state registration requirements, but they serve different roles depending on your intended career path and which licenses you already hold. Here’s a clear breakdown to help you understand the key differences—and choose the right path.

🎯 1. Purpose of Each Exam

🧠 2. Who Needs Which Exam?

• Series 63 is for those who plan to become securities agents and only need to sell securities at the state level.
  👉 Most Series 7 holders need the Series 63 to do business in states.
• Series 66 is for those who want to become investment adviser representatives (IARs) and securities agents.
  👉 Designed to combine Series 63 + Series 65 into one exam (but you still need Series 7 separately).

🧩 3. Exam Comparison Overview

📚 4. Topics Covered

Series 63 Focus:

• Uniform Securities Act (USA)
• State registration for agents and broker-dealers
• Unethical and fraudulent practices
• Civil and criminal penalties
• Exempt securities and transactions

Series 66 Focus:

• Everything from Series 63 plus:
  • Investment adviser rules and fiduciary duty
  • Economic indicators and financial analysis
  • Portfolio management and investment strategies
  • Ethics in advisory roles

📈 5. Difficulty & Depth

• Series 63 is shorter and narrower, typically easier to pass for those already familiar with securities sales.
• Series 66 is longer and more in-depth, requiring understanding of both securities sales AND investment advisory regulations.

🧭 6. Which Should You Take?

✔ Choose Series 63 if:

• You only need to register as a securities agent (e.g., Series 7 + Series 63 combo).
• You do not provide fee-based investment advice.

✔ Choose Series 66 if:

• You want to act as both a securities agent and investment adviser representative (IAR).
• You already have or are pursuing the Series 7 and want one license that covers both roles.

🚀 Conclusion: Choose Based on Career Path

• Go with Series 63 if you’re primarily in sales, working with a broker-dealer.
• Opt for Series 66 if you want to combine sales with advisory responsibilities and pursue a career as a dual-licensed professional.

🎓 Need more help deciding or preparing?
Get expert study guides, flashcards, and practice tests tailored for Series 63 and 66 at
👉 https://finra-exam-mastery.com

Pass with confidence. Choose the path that fits your future.