Series 66 Exam Pass Rate Compared to Series 63 and 65
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
🧾 Series 66 Exam Pass Rate Compared to Series 63 and 65
📊 Which Exam Is Harder – and Why?
If you’re pursuing a career in the financial services industry, understanding the difficulty level and pass rates of FINRA and NASAA licensing exams is essential. The Series 63, Series 65, and Series 66 are common exams for professionals in securities sales and investment advisory services.
Here’s how these exams compare in terms of pass rate, content, and challenge.
🎯 1. Series 66 – Uniform Combined State Law Exam
🔹 Estimated Pass Rate: 65–70%
There is no official FINRA-released pass rate, but industry sources and prep providers estimate that around 2 out of 3 candidates pass on the first attempt.
🔹 What Makes It Challenging:
- Combines Series 63 (state law) and Series 65 (investment advisory law) into one exam.
- Covers both securities agent rules and investment adviser fiduciary responsibilities.
- Requires prior completion of Series 7 (not standalone).
🔹 Structure:
- 100 scored questions (plus 10 unscored)
- 150 minutes
- 73% passing score (73 correct out of 100)
🎯 2. Series 65 – Uniform Investment Adviser Law Exam
🔹 Estimated Pass Rate: 65–70%
Similar to the Series 66, though slightly longer, and it’s taken more often by those not required to take the Series 7.
🔹 What Makes It Challenging:
- Focuses deeply on investment recommendations, portfolio management, fiduciary duty, and economic theory.
- Requires a strong understanding of suitability, ethics, and client objectives.
🔹 Structure:
- 130 scored questions
- 180 minutes
- 72% passing score (94 correct answers)
🎯 3. Series 63 – Uniform Securities Agent State Law Exam
🔹 Estimated Pass Rate: 80–85%
The Series 63 is considered the easiest of the three exams in terms of pass rate.
🔹 What Makes It Easier:
- Much shorter than the other exams.
- Focused exclusively on state-level securities laws, registration, and anti-fraud provisions.
- Less emphasis on portfolio theory or financial concepts.
🔹 Structure:
- 60 scored questions
- 75 minutes
- 70% passing score (43 correct answers)
📊 Comparison Chart
| Exam | Approx. Pass Rate | Total Questions | Duration | Passing Score | Focus Area |
|---|---|---|---|---|---|
| Series 63 | 80–85% | 60 | 75 mins | 70% (43 correct) | State law, registration, anti-fraud rules |
| Series 65 | 65–70% | 130 | 180 mins | 72% (94 correct) | Investment advisory, fiduciary duty, portfolio mgmt |
| Series 66 | 65–70% | 100 | 150 mins | 73% (73 correct) | Combined content of Series 63 + 65 |
🚀 Conclusion: Which Exam Is Harder?
- Easiest: Series 63 – shortest, most focused, and highest pass rate.
- Moderate: Series 65 – longer, more technical, focused on investment advice.
- Most Complex: Series 66 – combines two exams into one, requires Series 7, and covers both sales and advisory laws.
🎓 Want to improve your pass odds?
Access expert prep courses, practice tests, and flashcards at
👉 https://finra-exam-mastery.com
Focus smart, prep hard, and pass confidently!