Which Exams Are Required by State? Series 63 vs 66
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
📍 Which Exams Are Required by State? Series 63 vs. 66 Explained
If you’re planning to become a licensed securities professional in the U.S., understanding the difference between the Series 63 and Series 66 is essential—especially since state-level registration requirements vary. Both exams are administered by NASAA (North American Securities Administrators Association) and are required in addition to FINRA exams like the Series 6 or Series 7.
Here’s a breakdown to help you understand which exam you need, and when:
🧾 Series 63 – Uniform Securities Agent State Law Exam
Who Needs It?
- Anyone who wants to sell securities within a state (e.g., stocks, bonds, mutual funds)
- Typically required for Series 6 or Series 7 holders who work with broker-dealers
Required By:
🌎 Most U.S. states (except CO, FL, LA, MD, and DC do not always require it)
Covers:
- State securities laws (Blue Sky Laws)
- Fraudulent practices
- Registration of persons and securities
- Ethical business practices
Key Point:
You need Series 63 + Series 6 or 7 to legally conduct securities business in most states.
📚 Series 66 – Uniform Combined State Law Exam
Who Needs It?
- Professionals who want to work as investment adviser representatives (IARs)
- Combines content of Series 63 and Series 65 into one exam
Required By:
🌎 Many states for individuals holding the Series 7 who want to act as both a broker-dealer agent and investment adviser
Covers:
- State law and securities regulation (like Series 63)
- Investment adviser regulations (like Series 65)
- Economics, portfolio management, and ethics
Key Point:
You must also pass the Series 7 to activate your Series 66 registration. It’s a combo license—not standalone.
⚖️ Series 63 vs. Series 66: Quick Comparison
| Feature | Series 63 | Series 66 |
|---|---|---|
| Purpose | State registration for agents | State registration for agents + IARs |
| Includes Adviser Content? | ❌ No | ✅ Yes |
| Requires Series 7? | ❌ Not necessarily | ✅ Yes |
| Combines With | Series 6 or Series 7 | Series 7 only |
| For Investment Advisers? | ❌ No | ✅ Yes |
🧭 Which One Should You Take?
- If you’re working only with a broker-dealer (selling securities):
→ Take Series 63 + Series 6 or 7. - If you want to give investment advice and sell securities:
→ Take Series 66 + Series 7.
📘 Not sure which path fits your career goals?
Visit finra-exam-mastery.com to explore our full exam prep courses and get expert guidance. Whether it’s Series 63, 66, or 7—we’ll help you pass the first time.
🎯 The right exam. The right prep. The right career move.