Series 66 vs Series 63 + Series 65
Which should you take first?
If you are registering as both a securities agent and an investment adviser representative, the Series 66 takes the place of taking the Series 63 and the Series 65 separately. It requires a valid SIE and Series 7 at registration, which the Series 63 and Series 65 do not. If you need only one capacity, the Series 63 or the Series 65 alone has no prerequisite.
Series 66
Uniform Combined State Law Examination (Series 66)
Series 63
Uniform Securities Agent State Law Examination (Series 63)
Series 65
Uniform Investment Adviser Law Examination (Series 65)
Side by side
| Fact | Series 66 | Series 63 + Series 65 |
|---|---|---|
| Questions | 100 scored questions + 10 unscored pretest questions = 110 total | 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) |
| Duration | 150 minutes | Series 63: 75 minutes Series 65: 180 minutes |
| Passing score | 73% (must correctly answer at least 73 of the 100 scored questions) | Series 63: 72% (43 of 60 scored questions) Series 65: 92 of 130 scored questions correct (approximately 71%) |
| Prerequisites and sponsorship | No prerequisite is required to sit for the Series 66 itself. The SIE and the FINRA Series 7 are co-requisites for registering with a state using the Series 66. | 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 | Financial professionals seeking dual state registration as both a broker-dealer agent and an investment adviser representative, typically paired with the Series 7. | 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. |
Last verified 2026-10-28
How they differ
NASAA states that passing the Series 66 is equivalent to having passed both the Series 63 and the Series 65. The Series 66 is one exam; the other route is two separate exams.
- Equivalence: per NASAA, passing the Series 66 is equivalent to having passed both the Series 63 and the Series 65. FINRA's CRD system grants a Series 63 credit for agent registration and a Series 65 credit for investment adviser representative registration.
- Validity: per NASAA, the Series 66 does not keep its validity as a single exam; each credit keeps its own.
- Coverage: NASAA notes topics covered by the SIE and Series 7 are generally left off the Series 66.
- Length: one exam of 100 scored questions in 150 minutes, versus 60 scored questions in 75 minutes plus 130 scored questions in 180 minutes.
- Designations: a qualifying professional designation waives only the Series 65, not the Series 66.
FINRA's Series 66 page names the Series 7 as the co-requisite in its text and lists "SIE + S7TO" in its at-a-glance table; NASAA states a valid SIE and Series 7 are both needed at registration. Confirm with FINRA.
What each exam covers
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 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 66 exam detailsSeries 63 exam detailsSeries 65 exam details
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