Series 66 vs Series 7: Do You Need Both?
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
📘 Series 66 vs Series 7: Do You Need Both?
If you’re aiming to become a licensed financial professional, you’ve likely encountered both the Series 7 and Series 66 exams. While they serve different purposes, many professionals end up needing both to fully serve their clients. Here’s how they compare—and when you’ll need each.
💼 What Is the Series 7?
The Series 7, also known as the General Securities Representative Exam, is administered by FINRA and qualifies individuals to:
- ✅ Sell stocks, bonds, options, mutual funds, and variable contracts
- ✅ Operate as a registered representative of a broker-dealer
- ✅ Engage in buying and selling a wide range of securities
It is considered the foundational license for anyone entering the securities industry.
📚 What Is the Series 66?
The Series 66, administered by NASAA, is the Uniform Combined State Law Exam. It is designed for those who have passed the Series 7 and want to register as investment adviser representatives. It allows you to:
- ✅ Provide financial advice and manage client portfolios
- ✅ Register as both a securities agent and an investment adviser rep
- ✅ Combine the content of the Series 63 and Series 65 into one exam
Unlike the Series 7, the Series 66 does not require sponsorship by a firm.
🔗 Why Do You Need Both?
The Series 7 alone allows you to sell securities, but not to provide investment advice. The Series 66 alone does not authorize you to do anything unless it’s combined with the Series 7. When held together, they enable you to:
- ✅ Sell a full range of securities
- ✅ Offer investment advice
- ✅ Register at both federal and state levels
This combination is essential for professionals who want to act as both broker and adviser—especially those offering comprehensive financial planning services.
🧩 Summary of Key Differences
| License | Main Function | Requires Sponsorship | Works Alone? |
|---|---|---|---|
| 📘 Series 7 | Sell securities | ✅ Yes | ❌ No |
| 📗 Series 66 | Give investment advice (with Series 7) | ❌ No | ❌ No |
Together, the Series 7 and Series 66 provide the dual licensing needed to serve clients as both a registered representative and an investment adviser representative.
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