Should You Take Series 66 or Series 63 + 65?
- April 1, 2025
- Posted by: 'FINRA Exam Mastery'
- Category: Finance
🧾 Should You Take Series 66 or Series 63 + 65?
🎓 Understanding the Differences and Deciding Which Path to Take
When it comes to licensing exams for investment advisers and those who wish to provide investment advice to clients, the Series 63, Series 65, and Series 66 are the primary options. But which one should you take? In this guide, we’ll compare Series 66 with the combination of Series 63 + 65 to help you decide the best path for your career in the securities or investment advisory industry.
🎯 1. What Is the Series 63?
The Series 63, or Uniform Securities Agent State Law Exam, is designed for individuals who want to become licensed securities agents in a particular state. It focuses on the state laws governing securities transactions and sales practices.
Key Features of the Series 63:
- Covers: State-level securities regulations, ethical practices, and the Uniform Securities Act.
- Required for: Professionals who want to sell securities in most states.
- Scope: Primarily state-specific laws and regulations.
🎯 2. What Is the Series 65?
The Series 65, or Uniform Investment Adviser Law Exam, is for individuals who want to become Registered Investment Adviser Representatives (IARs). It focuses on investment strategies, client management, and advisory duties for individuals providing investment advice for a fee.
Key Features of the Series 65:
- Covers: Investment products (stocks, bonds, mutual funds, etc.), portfolio management, and fiduciary responsibilities.
- Required for: Those who wish to provide investment advice for a fee.
- Scope: Federal-level regulations and responsibilities as an investment adviser.
🎯 3. What Is the Series 66?
The Series 66, or Uniform Combined State Law Exam, is a hybrid exam that combines elements of both the Series 63 and Series 65 exams. It is designed for individuals who want to be both securities agents and investment adviser representatives. Passing the Series 66 exam allows you to work as both a securities agent and an investment adviser without needing to take both the Series 63 and Series 65 separately.
Key Features of the Series 66:
- Covers: Both state securities regulations (Series 63) and investment adviser laws (Series 65).
- Required for: Individuals who want to act as both a securities agent and an investment adviser representative.
- Scope: Combines the state law knowledge from Series 63 and the advisory knowledge from Series 65.
🎯 4. Key Differences: Series 66 vs Series 63 + 65
| Aspect | Series 66 | Series 63 + Series 65 |
|---|---|---|
| Purpose | Combines the content of Series 63 and Series 65, allowing you to act as both a securities agent and an investment adviser. | Separate exams for state registration (63) and investment adviser registration (65). |
| Scope | Federal and state securities regulations combined with investment advisory knowledge. | Series 63 focuses on state law and sales regulations; Series 65 focuses on investment advice. |
| Required for | Those wishing to act as both securities agents and investment advisers. | Series 63 is required for sales roles; Series 65 is required for investment advisory roles. |
| Duration | The Series 66 exam is shorter because it combines both Series 63 and Series 65. | You will need to take two separate exams, which may take longer to complete. |
| Exam Content | Covers both state law and investment advisory laws in one exam. | Series 63 focuses on state law, while Series 65 focuses on investment adviser knowledge. |
| Licensing Simplicity | Simplified: One exam to cover both areas. | Requires two separate exams. |
| Time Commitment | Less study time since it’s one exam that combines both areas. | More study time, as each exam focuses on a different set of knowledge areas. |
| Cost | Costs around $175 for the Series 66 exam. | Series 63 costs $135 and Series 65 costs $175, so the combined cost is higher. |
🎯 5. Which Option Should You Choose?
Your decision between taking Series 66 or Series 63 + 65 depends on your career goals:
Choose Series 66 if:
- You want to sell securities and provide investment advice to clients.
- You prefer to take one exam that covers both state law and investment advisory laws.
- You want to streamline your licensing process and save time by combining two exams into one.
Choose Series 63 + Series 65 if:
- You want to specialize in either securities sales or investment advisory services.
- You prefer to take separate exams that focus on specific roles in the industry.
- You plan to target a more specialized advisory role (such as becoming a Registered Investment Adviser).
🚀 Conclusion: Which Path Is Right for You?
- Series 66 is the most efficient choice for individuals who want to both sell securities and provide investment advice. It combines the requirements of the Series 63 and Series 65 exams into one.
- Series 63 and Series 65 are best if you want to separate your roles and focus on either securities sales or investment advisory.
Both options are valid paths to working in the financial services industry. The Series 66 offers a streamlined approach, while the Series 63 and Series 65 options provide more targeted expertise.
🎓 Ready to get started?
Prepare for the Series 66 or Series 63 + 65 exams with expert-led study guides, practice exams, and exam strategies at
👉 https://finra-exam-mastery.com
Pass your licensing exams with confidence and take the next step in your financial services career!