Series 63 vs Series 65

The Series 63 is the state registration exam for broker-dealer agents. The Series 65 is the state registration qualification for investment adviser representatives.

Series 63

Uniform Securities Agent State Law Examination (Series 63)

Practice Series 63

Series 65

Uniform Investment Adviser Law Examination (Series 65)

Practice Series 65

Level: Series 63
State registration law exam for broker-dealer agents; no other exam is a prerequisite, and it is typically taken alongside a products exam (e.g., Series 6 or Series 7) to complete state licensing.
Series 65
Investment adviser representative (IAR) state registration qualification
Format: Series 63
65 multiple-choice questions (60 scored, 5 unscored/pretest), 75 minutes, closed-book, computer-based at Prometric test centers
Series 65
130 scored multiple-choice questions plus 10 unscored (pretest) questions, 180 minutes, closed-book
Passing score: Series 63
72% (43 of 60 scored questions)
Series 65
92 of 130 scored questions correct (approximately 71%)
Number of questions: Series 63
65 total questions (60 scored toward the final result, 5 unscored pretest questions interspersed and not identifiable to the candidate)
Series 65
140 total (130 scored + 10 unscored/pretest)
Prerequisites: Series 63
None. No corequisite FINRA exam is required; candidates are scheduled either by a sponsoring FINRA member firm via Form U4/WebCRD, or independently through FINRA's Test Enrollment Services if not associated with a member firm.
Series 65
None. No sponsoring firm, no prior exams (e.g., SIE, Series 7), and no degree or experience requirement — candidates can register independently.
Who it's for: Series 63
Individuals seeking state registration as a broker-dealer agent (securities salesperson); commonly pursued together with the Series 6 or Series 7 as part of full state licensing.
Series 65
Individuals seeking registration as investment adviser representatives (IARs) under state law, including independent RIAs and dually-registered advisor/broker professionals. Commonly taken by financial planners and advisors who are not otherwise exempt via other designations (e.g., CFP, CFA in some states).

What each exam covers

Series 63

Regulations of Investment Advisers, Including State-Registered and Federal Covered Advisers5%
Regulations of Investment Adviser Representatives5%
Regulations of Broker-Dealers12%
Regulations of Agents of Broker-Dealers13%
Regulations of Securities and Issuers9%
Remedies and Administrative Provisions11%
Communication with Customers and Prospects20%
Ethical Practices and Obligations25%

Series 65

Economic Factors and Business Information15%
Investment Vehicle Characteristics25%
Client Investment Recommendations and Strategies30%
Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practices30%

Series 63 exam details Series 65 exam details

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