Series 63 vs Series 66: Which One Should You Take?
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
🔍 Series 63 vs Series 66: Which One Should You Take?
If you’re planning to enter the financial services industry and work with clients across multiple states, understanding the difference between Series 63 and Series 66 is essential. Both licenses deal with state securities laws, but they apply to different roles and career paths. The right choice depends on your professional goals and existing licenses.
📘 What Is the Series 63?
The Series 63, officially known as the Uniform Securities Agent State Law Examination, is required for individuals who want to sell securities (such as stocks, mutual funds, or bonds) and register as a securities agent in most U.S. states. It focuses on state-level regulations, business practices, and ethical standards.
✅ Key Facts:
- Required for most broker-dealer representatives
- Must be combined with Series 6 or Series 7
- Administered by NASAA and accepted by all U.S. states
- Exam = 60 questions | Time = 75 minutes | Passing Score = 72%
- Covers Uniform Securities Act, antifraud rules, and ethical practices
📗 What Is the Series 66?
The Series 66, or Uniform Combined State Law Exam, is a more comprehensive license that combines the Series 63 and Series 65 into one exam. It’s specifically designed for individuals who already passed the Series 7 and want to act as both a securities agent and an investment adviser representative (IAR).
✅ Key Facts:
- Combines content from Series 63 + Series 65
- Must be paired with Series 7 to be valid
- Allows both commission-based and fee-based services
- Exam = 100 questions | Time = 150 minutes | Passing Score = 73%
- Ideal for full-service financial advisors and dual-registered professionals
📊 Side-by-Side Comparison
| Feature | Series 63 | Series 66 |
|---|---|---|
| Purpose | State registration for securities agents | Dual registration for securities and advisory services |
| Combines with | Series 6 or 7 | Series 7 only |
| Includes Advisory Content | ❌ No | ✅ Yes |
| Allows Fee-Based Advice | ❌ No | ✅ Yes |
| Number of Questions | 60 | 100 |
| Time Limit | 75 minutes | 150 minutes |
| Passing Score | 72% | 73% |
| Administered By | NASAA | NASAA |
🎯 Which One Should You Take?
Choose Series 63 if:
- You plan to sell securities as a broker-dealer rep
- You’re taking Series 6 or Series 7 but not giving advisory services
- You only need state-level registration for sales, not investment advice
Choose Series 66 if:
- You have or are planning to take the Series 7
- You want to work as both a broker-dealer rep and an investment adviser rep
- You prefer taking one exam instead of two (63 + 65)
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