Series 66 vs Series 63 and 65: Key Differences
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
🧾 Series 66 vs. Series 63 and 65: Key Differences
🎓 Understanding the Distinct Licensing Exams in the Securities Industry
The Series 66, Series 63, and Series 65 exams are designed to qualify professionals for specific roles in the securities and investment advisory industries. While they share some similarities, each exam has its own focus and is intended for different career paths. Here’s a comparison of the key differences between the Series 66, Series 63, and Series 65 exams to help you determine which one is the best fit for your career goals.
🎯 1. What Is the Series 66 Exam?
The Series 66 exam, known as the Uniform Combined State Law Exam, combines the Series 63 (state securities law) and the Series 65 (investment adviser law) exams into one comprehensive test. It is required for individuals who want to become Investment Advisor Representatives (IARs) and engage in both securities sales and investment advisory services in states that require licensing.
Key Features of the Series 66 Exam:
- Purpose: To qualify individuals to act as both a securities agent and an investment advisor representative.
- Target Audience: Individuals who want to provide investment advice and sell securities in a state where they are licensed.
- Scope: The Series 66 is designed for those who want to perform the dual role of a broker-dealer representative and an investment adviser representative.
- Exam Format: 100 multiple-choice questions.
- Time Limit: 150 minutes.
- Passing Score: 73% (73 correct answers).
Career Roles:
- Investment Adviser Representative (IAR)
- Financial Advisor
- Wealth Manager
- Securities Representative (for securities sales)
🎯 2. What Is the Series 63 Exam?
The Series 63 exam, also known as the Uniform Securities Agent State Law Exam, is a state-specific exam designed for individuals who want to sell securities in a particular state. It qualifies professionals to sell securities and is often required for broker-dealers and sales agents.
Key Features of the Series 63 Exam:
- Purpose: To qualify individuals to sell securities within a state, ensuring knowledge of state securities laws and regulations.
- Target Audience: Individuals who want to work as securities sales agents or stockbrokers.
- Scope: The Series 63 focuses on state-specific securities laws and regulations, including topics such as anti-fraud provisions, registration requirements, and the roles of various market participants.
- Exam Format: 60 multiple-choice questions.
- Time Limit: 75 minutes.
- Passing Score: 70% (43 correct answers).
Career Roles:
- Securities Sales Representatives (Broker-Dealer)
- Stockbrokers
- Financial Advisors (in roles where securities sales are involved)
🎯 3. What Is the Series 65 Exam?
The Series 65 exam, officially called the Uniform Investment Adviser Law Exam, is designed for individuals who want to become Investment Advisor Representatives (IARs). The Series 65 exam focuses on investment advisory practices and qualifies individuals to provide investment advice for a fee.
Key Features of the Series 65 Exam:
- Purpose: To qualify individuals to act as investment advisers, providing personalized advice and managing client portfolios for a fee.
- Target Audience: Individuals who want to provide investment advice and manage client portfolios.
- Scope: The Series 65 focuses on investment advisory services, including financial planning, asset management, and regulations related to fiduciary responsibility.
- Exam Format: 130 multiple-choice questions.
- Time Limit: 180 minutes.
- Passing Score: 72% (94 correct answers).
Career Roles:
- Investment Advisor Representative (IAR)
- Financial Planner
- Wealth Manager
- Portfolio Manager
🎯 4. Key Differences Between Series 66, Series 63, and Series 65
| Aspect | Series 66 | Series 63 | Series 65 |
|---|---|---|---|
| Purpose | Qualifies individuals to act as both a securities agent and investment adviser representative | Qualifies individuals to sell securities in a state | Qualifies individuals to offer investment advice for a fee |
| Target Audience | Investment Adviser Representatives (IARs) who also sell securities | Securities sales agents (broker-dealers) | Investment advisers (those providing investment advice) |
| Scope | Combination of Series 63 and Series 65 exams | Focus on state securities laws and regulations | Focus on investment advisory services, fiduciary duties |
| Primary Focus | Selling securities and providing investment advice | Selling securities in a state | Providing investment advice and managing portfolios |
| Exam Format | 100 multiple-choice questions | 60 multiple-choice questions | 130 multiple-choice questions |
| Passing Score | 73% (73 correct answers) | 70% (43 correct answers) | 72% (94 correct answers) |
| Time Limit | 150 minutes | 75 minutes | 180 minutes |
| Required for | Investment advisors and those who sell securities | Securities sales roles in a state | Investment adviser representatives (IARs) |
| Licensing | State registration for both securities sales and advisory services | State registration for securities sales | State registration for investment advisory services |
🚀 Conclusion: Which Exam Should You Take?
The right exam for you depends on your career goals:
- Series 66: If you want to act as both a securities agent and an investment adviser representative and handle both sales and advisory duties, the Series 66 is the best choice. It’s an all-in-one exam that combines the Series 63 and Series 65.
- Series 63: If you are focused primarily on selling securities (stocks, bonds, mutual funds), the Series 63 exam is the right option. It’s focused on state laws and sales.
- Series 65: If your goal is to provide investment advice and manage client portfolios on a fee-based model, the Series 65 is the best option for becoming an investment adviser representative.
By understanding your career goals and the types of services you want to provide, you can make the right decision between the Series 66, Series 63, and Series 65.
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