Series 65 vs Series 66: What’s the Difference?

🔍 Series 65 vs Series 66: What’s the Difference?

If you’re pursuing a career in financial advising or wealth management, understanding the difference between the Series 65 and Series 66 licenses is critical. While both exams are created by NASAA (North American Securities Administrators Association) and qualify individuals to provide investment advice, each one serves a distinct purpose—and your choice will depend on your intended career path and current certifications.

📘 What Is the Series 65?

The Series 65 exam is designed for individuals who wish to become Investment Adviser Representatives (IARs). It qualifies professionals to offer fee-based advisory services, including financial planning and portfolio management, without needing to be affiliated with a broker-dealer. Passing the Series 65 is a common route for those who want to operate independently or work within a Registered Investment Adviser (RIA) firm.

✅ Key Features:

• No need for a sponsoring firm
• Standalone license
• Ideal for financial planners, RIAs, and fee-only advisers
• Covers topics such as portfolio management, economic analysis, ethics, and laws

🧠 Topics Covered:

• Investment vehicles (stocks, bonds, mutual funds, etc.)
• Retirement and insurance planning
• Economics and financial markets
• Fiduciary responsibility and ethics
• State and federal securities regulations

💼 Best For:

• Independent financial advisors
• Professionals launching an RIA
• Career changers seeking an entry point into advisory services

📗 What Is the Series 66?

The Series 66 exam is designed for individuals who have already passed the Series 7 exam. It combines the content of the Series 63 (state securities law) and Series 65 (investment advisory knowledge) into a single exam. This license is intended for professionals who want to offer both securities transactions and investment advice, typically in a dual-registered capacity.

✅ Key Features:

• Must be combined with the Series 7 to be valid
• Includes both broker-dealer and advisory capabilities
• Requires sponsorship from a FINRA-member firm
• Ideal for those working at full-service firms or hybrid advisory models

🧠 Topics Covered:

• Uniform Securities Act and state regulations
• Client recommendations and suitability
• Ethical practices and fiduciary standards
• Investment analysis and portfolio strategies
• Laws governing both agents and advisers

💼 Best For:

• Advisors affiliated with broker-dealer firms
• Professionals seeking to provide both transactional and advisory services
• Series 7 holders who want a single exam to cover both Series 63 and 65 content

📊 Series 65 vs Series 66 – Side-by-Side Comparison

🚀 Which License Should You Choose?

Choose Series 65 if:

• You want to work as an independent investment adviser
• You don’t plan to sell securities through a broker-dealer
• You want to start your own RIA or work with a fee-only firm
• You don’t have (or want) the Series 7 license

Choose Series 66 if:

• You already have or plan to take the Series 7
• You want to offer both investment advice and securities transactions
• You’re joining a full-service financial firm
• You prefer a single exam that combines Series 63 and 65 content

🎯 Ready to Prepare?

Your success starts with the right prep. At finra-exam-mastery.com, we offer comprehensive digital courses designed to help you pass the Series 65 or Series 66 on your first attempt.

✔ Lifetime access
✔ Full coverage of updated NASAA exam outlines
✔ Interactive quizzes and practice exams
✔ Built for career starters and transitioning professionals

👉 Choose your path, enroll today, and take the next step in your financial licensing journey with confidence.