Series 65 vs Series 66: Which Exam Is Right for You?
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
🧾 Series 65 vs Series 66: Which Exam Is Right for You?
📘 Choosing the Best Path for Your Investment Advisory Career
If you’re planning a career in financial advising or investment management, you’re likely deciding between the Series 65 and the Series 66. While both are designed to qualify individuals to provide investment advice, there are important differences in who should take them, what they cover, and what credentials you need before registering.
Here’s a side-by-side breakdown to help you make the right choice.
🎯 Quick Summary
| Feature | Series 65 | Series 66 |
|---|---|---|
| Primary Use | For those becoming investment adviser representatives (IARs) without a Series 7 license | For those with a Series 7 who want to act as both IARs and securities agents |
| Prerequisite License | ❌ None | ✅ Must have passed the Series 7 |
| Sponsor Requirement | ❌ No sponsor needed | ❌ No sponsor needed (but Series 7 does require one) |
| Exam Focus | Investment advice, portfolio management, ethics, laws | Combines Series 63 (state law) and Series 65 (advisory law) |
| Exam Length | 130 questions / 180 minutes | 100 questions / 150 minutes |
| Passing Score | 72% (94 correct) | 73% (73 correct) |
| Issued By | NASAA | NASAA |
| Common Candidates | Independent RIAs, financial planners | Broker-dealer reps with Series 7 expanding into advisory |
🧠 1. Who Should Take the Series 65?
You should take the Series 65 if:
- You want to become a Registered Investment Adviser (RIA) or an Investment Adviser Representative (IAR).
- You do not hold a Series 7 license.
- You’re working in a fee-only advisory firm, independent planning, or fiduciary role.
✅ Perfect for:
- Independent financial advisors
- CFP® professionals launching their own advisory firm
- RIAs with no broker-dealer affiliation
🧠 2. Who Should Take the Series 66?
You should take the Series 66 if:
- You already have (or are planning to get) the Series 7 license.
- You want to sell securities and act as an investment adviser.
- You work for a broker-dealer but want to expand into fee-based advisory services.
✅ Perfect for:
- Broker-dealer representatives looking to add advisory capabilities
- Dual-registered advisors (commission + fee-based)
- Those who want one exam to meet both state registration requirements
🧠 3. Content Comparison
| Topic Area | Series 65 | Series 66 |
|---|---|---|
| Economics & Investment Vehicles | ✔️ More in-depth coverage | ✔️ Less depth (assumes Series 7 coverage) |
| State & Federal Law | ✔️ Covered | ✔️ Covered (similar to Series 63 content) |
| Portfolio Management | ✔️ Emphasis on theories and models | ✔️ Covers basics; assumes prior Series 7 |
| Ethics & Fiduciary Duty | ✔️ Extensive | ✔️ Covered |
❗ Important: You Can’t Take Series 66 Alone
The Series 66 exam only completes your registration when combined with the Series 7.
If you haven’t passed Series 7 (which requires a sponsoring firm), you must take the Series 65 instead.
🚀 So, Which Exam Is Right for You?
| If You Are… | Take |
|---|---|
| A career-changer or CFP without Series 7 | Series 65 |
| An independent adviser or solo planner | Series 65 |
| A broker-dealer rep with a Series 7 license | Series 66 |
| Working at a firm that offers both commission and advisory accounts | Series 66 |
🎓 Final Word: Choose Based on Your Career Path
- Want to advise clients for a fee without selling securities? 👉 Series 65
- Want to sell securities and give advice under one umbrella (with Series 7)? 👉 Series 66
🎯 Need prep tools for Series 65 or Series 66?
Find practice exams, flashcards, and expert-led lessons at:
👉 https://finra-exam-mastery.com
Master the exam. Get licensed. Launch your advisory career.