Series 65 vs Series 66

The Series 65 qualifies investment adviser representatives. The Series 66 qualifies both a securities agent and an investment adviser representative, and the Series 7 is a co-requisite for the agent side.

Series 65

Uniform Investment Adviser Law Examination (Series 65)

Practice Series 65

Series 66

Uniform Combined State Law Examination (Series 66)

Practice Series 66

Level: Series 65
Investment adviser representative (IAR) state registration qualification
Series 66
Dual registration exam — qualifies candidates as both a securities agent (broker-dealer representative) and an investment adviser representative (IAR)
Format: Series 65
130 scored multiple-choice questions plus 10 unscored (pretest) questions, 180 minutes, closed-book
Series 66
100 scored multiple-choice questions plus 10 unscored pretest questions (110 total), 150 minutes, closed-book, computer-based
Passing score: Series 65
92 of 130 scored questions correct (approximately 71%)
Series 66
73% (must correctly answer at least 73 of the 100 scored questions)
Number of questions: Series 65
140 total (130 scored + 10 unscored/pretest)
Series 66
100 scored questions + 10 unscored pretest questions = 110 total
Prerequisites: Series 65
None. No sponsoring firm, no prior exams (e.g., SIE, Series 7), and no degree or experience requirement — candidates can register independently.
Series 66
No prerequisite required to sit for the Series 66 itself. FINRA Series 7 is a co-requisite exam that must also be passed before a candidate can register with a state as a securities agent in addition to an investment adviser representative.
Who it's for: 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).
Series 66
Financial professionals seeking dual state registration as both a broker-dealer agent and an investment adviser representative, typically paired with the Series 7.

What each exam covers

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 66

Economic Factors and Business Information8%
Investment Vehicle Characteristics17%
Client/Customer Investment Recommendations and Strategies30%
Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practice45%

Series 65 exam details Series 66 exam details

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