Series 63 vs Series 66: Licensing by State
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
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🧾 Series 63 vs Series 66: Licensing by State
📘 Which Exam Covers What—and When Do You Need Both?
If you’re pursuing a career in securities sales or investment advisory, understanding the difference between the Series 63 and Series 66 is essential—especially because state licensing requirements often determine which exam you’ll need. Here’s a clear, side-by-side guide to help you decide which exam to take based on your registration needs, state laws, and professional goals.
🎯 1. Purpose of Each Exam
| Exam | Full Name | Purpose |
|---|---|---|
| Series 63 | Uniform Securities Agent State Law Exam | Required to sell securities in most U.S. states |
| Series 66 | Uniform Combined State Law Exam | Combines Series 63 + Series 65; allows you to sell securities and give investment advice in most states |
📍 2. Who Takes Which Exam?
| You Are a… | You Need… |
|---|---|
| Registered rep (Series 6 or Series 7) selling securities | Series 63 for state registration |
| Investment advisor with Series 7 | Series 66 to offer advice + sales |
| Investment advisor without Series 7 | Series 65 (not 66 or 63) |
📍 3. Series 63 vs 66: Content Comparison
| Topic | Series 63 | Series 66 |
|---|---|---|
| State securities law | ✅ Yes | ✅ Yes |
| Ethics and fiduciary duties | ✅ Lightly covered | ✅ Covered in-depth |
| Investment adviser rules | ❌ Not included | ✅ Yes |
| Investment vehicle suitability | ❌ Not included | ✅ Yes |
| Securities sales law | ✅ Yes | ✅ Yes |
📍 4. Exam Format and Difficulty
| Exam | Questions | Passing Score | Time Limit |
|---|---|---|---|
| Series 63 | 60 | 70% (43 correct) | 75 minutes |
| Series 66 | 100 (plus 10 unscored) | 73% (73 correct) | 150 minutes |
- Series 63 is shorter and more focused on legal definitions and sales registration.
- Series 66 is longer, more comprehensive, and requires Series 7 to be valid.
📍 5. State Licensing Rules
- Series 63 is required in almost every state for individuals selling securities (even if federally registered).
- Series 66 is accepted in place of Series 63 + 65 in states where you want to act as both a securities agent and an investment advisor representative (IAR).
- Some states, like Colorado, Florida, and Louisiana, may not require Series 63 under specific conditions—but most do.
📍 6. Which One Should You Take?
| If you… | Take This Exam |
|---|---|
| Only sell securities (no advisory services) | Series 63 |
| Already passed Series 7 and want to give advice too | Series 66 |
| Are not taking Series 7 but want to be an adviser | Series 65 only |
🚀 Conclusion: Choose Based on Role + State Law
- Series 63 = Required by most states to sell securities.
- Series 66 = Combines Series 63 and Series 65, ideal if you have Series 7 and want to advise and sell.
- State law matters: Always check your state’s specific rules before deciding.
🎓 Need help preparing for Series 63 or Series 66?
Access targeted courses, practice exams, and flashcards at
👉 https://finra-exam-mastery.com
Understand the difference. Choose the right path. Pass with confidence.