Series 65 vs Series 7: Which Exam Covers More?
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
🧾 Series 65 vs Series 7: Which Exam Covers More?
📘 Comparing the Breadth, Focus, and Purpose of Two Key FINRA/NASAA Exams
If you’re preparing for a career in financial services, you’ve probably asked:
“Should I take the Series 65 or the Series 7?”
Or: “Which exam covers more content?”
Let’s break down the Series 65 and Series 7 exams by content scope, purpose, and difficulty so you can clearly see which one is broader—and which one is right for your goals.
🎯 1. Purpose of Each Exam
| Exam | Purpose |
|---|---|
| Series 65 | Required to act as an Investment Adviser Representative (IAR). You must pass this to provide investment advice for a fee. |
| Series 7 | Required to act as a General Securities Representative. You must pass this to buy/sell securities (stocks, options, mutual funds, bonds) on behalf of clients. |
📘 2. What Each Exam Covers
🔹 Series 65 Content Areas (NASAA)
- Economic factors and business information
- Investment vehicle characteristics
- Client investment recommendations and strategies
- Laws, regulations, and guidelines (state and federal)
- Ethics and fiduciary responsibilities
- Portfolio management theory (like CAPM, modern portfolio theory)
- Retirement planning, estate planning, tax strategies
📌 Covers a broad range of financial planning concepts and theories.
🔹 Series 7 Content Areas (FINRA)
- Equity and debt securities (stocks, bonds, municipal bonds)
- Options trading and strategies
- Mutual funds and packaged products
- Customer accounts and recordkeeping
- Securities markets and trading procedures
- Margin and short selling
- Regulatory rules and compliance (FINRA, SEC)
- Suitability and communication with the public
📌 Very detailed on investment products and trade execution mechanics.
📊 3. Comparison Chart – Coverage and Structure
| Feature | Series 65 | Series 7 |
|---|---|---|
| Administered by | NASAA | FINRA |
| Questions | 130 (scored) | 125 (scored) |
| Time Limit | 180 minutes | 225 minutes |
| Passing Score | 72% (94/130) | 72% (90/125) |
| Sponsorship Required | ❌ No sponsor needed | ✅ Must be sponsored by a FINRA-member firm |
| Focus | Investment advice, planning, laws | Securities sales, trading, compliance |
| Covers Investment Theory? | ✅ Yes – deep theory | ❌ Not in-depth |
| Covers Trading Mechanics? | ❌ Light coverage | ✅ Yes – in depth |
| Licensing Outcome | Register as an IAR | Register as a General Securities Rep |
🧠 4. Which Exam Covers More?
- Series 65 covers more in terms of breadth across multiple disciplines:
➤ Financial planning, portfolio theory, tax law, retirement planning, and fiduciary responsibilities.
➤ Designed for those giving holistic investment advice. - Series 7 goes deeper in the mechanics of financial products and transactions:
➤ Detailed knowledge of securities, order execution, trading procedures, and margin rules.
➤ Designed for professionals actively executing trades and managing brokerage accounts.
📌 Summary:
- Series 65 = broader in scope, more about advice and planning.
- Series 7 = deeper in product knowledge, more about execution and compliance.
💡 Which Should You Take First?
- If you want to give advice and build client portfolios → Series 65
- If you want to sell securities and work for a broker-dealer → Series 7
- If you want to do both → Many professionals take Series 7 + Series 66 (the 66 combines 63 + 65).
🎓 Ready to prepare for your exam?
Get expert-led study plans, flashcards, and practice tests at
👉 https://finra-exam-mastery.com
Choose the right path and pass with confidence.