Series 65 vs Series 66: Which Exam Should You Take?
The definitive guide to choosing between the Series 65 and Series 66. We'll help you understand the differences, prerequisites, and which exam fits your career path.
Last updated: January 2026 | By licensed Series 65 holders
Quick Answer: Which Exam Do You Need?
- You don't have a Series 7 license
- You're a career changer entering finance
- You want to work at a fee-only RIA
- You don't plan to sell securities products
- You already have a Series 7 license
- You work at a broker-dealer with advisory services
- You need to be both an agent and IAR
- Your employer requires the Series 66
The fundamental difference: The Series 65 is a standalone exam with no prerequisites. The Series 66 requires you to pass the Series 7 first. If you don't have a Series 7 and don't plan to get one, the Series 65 is your only option.
Series 65 vs Series 66: Side-by-Side Comparison
Series 65
Investment Adviser Law ExamSeries 66
Combined State Law ExamDetailed Comparison
| Factor | Series 65 | Series 66 |
|---|---|---|
| Prerequisite | None | Series 7 Required |
| Total Questions | 140 (130 scored) | 110 (100 scored) |
| Time Limit | 180 minutes | 150 minutes |
| Passing Score | 71% (92/130) | 73% (73/100) |
| Exam Fee | $187 | $177 |
| First-Time Pass Rate | ~68% | ~72% |
| Study Time | 80-120 hours | 50-80 hours |
| Qualifies You As | Investment Adviser Rep (IAR) | IAR + State Agent |
| Administered By | NASAA | NASAA |
| Best For | Career changers, RIA-only | Broker-dealer employees |
What is the Series 65?
The Series 65 (officially the Uniform Investment Adviser Law Examination) is a securities license exam administered by NASAA (North American Securities Administrators Association). Passing the Series 65 qualifies you to work as an Investment Adviser Representative (IAR).
The key advantage of the Series 65 is that it has no prerequisites. Anyone can register and take the exam without needing another license first. This makes it the go-to choice for career changers entering the financial advisory industry.
Series 65 at a Glance
- Purpose: Qualify as an Investment Adviser Representative
- Prerequisite: None (self-registration allowed)
- Content: Investment adviser regulations, economics, investment vehicles, ethics
- Format: 130 scored questions, 180 minutes, 71% to pass
With a Series 65, you can provide investment advice for compensation at a Registered Investment Adviser (RIA) firm. You can recommend securities, create financial plans, and manage client portfolios. However, you cannot sell securities products or earn commissions without additional licenses (like the Series 7).
What is the Series 66?
The Series 66 (officially the Uniform Combined State Law Examination) is a securities license exam that combines investment adviser content with state securities agent law. It's designed for professionals who need both IAR and state agent registration.
The critical distinction: the Series 66 requires you to pass the Series 7 first. You cannot take the Series 66 without holding a valid Series 7 license. This makes the Series 66 a "add-on" exam for existing broker-dealer representatives, not a standalone option.
Series 66 at a Glance
- Purpose: Qualify as both IAR and state securities agent
- Prerequisite: Must pass Series 7 first
- Content: Investment adviser law + state securities regulations
- Format: 100 scored questions, 150 minutes, 73% to pass
The Series 66 is essentially a combination of the Series 63 (state agent law) and Series 65 (investment adviser) content, condensed into a single exam. If you already have a Series 7, taking the Series 66 is more efficient than taking the Series 63 and Series 65 separately.
Key Differences Explained
1. The Prerequisite Issue
This is the most important difference. The Series 65 has no prerequisites. You can register yourself through FINRA without employer sponsorship or prior licenses.
The Series 66 requires a valid Series 7 license. The Series 7 itself requires employer sponsorship (a FINRA member firm must file your Form U4). This means you can't just decide to take the Series 66 on your own.
Practical implication: If you're a career changer without a finance job lined up, the Series 65 is your only realistic option. You can pass it first, then use that credential to get hired at an RIA.
2. What Each Exam Qualifies You For
Series 65 Qualifies You As:
- Investment Adviser Representative (IAR)
You can provide investment advice for a fee, but you cannot sell securities products or earn commissions.
Series 66 Qualifies You As:
- Investment Adviser Representative (IAR)
- State Securities Agent
Combined with Series 7, you can both advise clients and sell securities products.
3. Content Coverage
Both exams cover investment adviser content (regulations, ethics, client recommendations). The difference is in scope and assumptions:
Series 65 Content:
- • Economic factors (15%)
- • Investment vehicles (25%)
- • Client recommendations (30%)
- • Laws and regulations (30%)
Assumes no prior securities knowledge
Series 66 Content:
- • Economic factors (5%)
- • Investment vehicles (20%)
- • Client recommendations (30%)
- • Laws and regulations (45%)
Assumes Series 7 knowledge as foundation
Notice the Series 66 has more emphasis on laws/regulations (45% vs 30%) and less on economics (5% vs 15%). This is because the Series 7 already covers investment products extensively.
Which Exam is Harder?
This is one of the most common questions, and the answer isn't straightforward.
By the Numbers
The Series 66 has a higher pass rate (72% vs 68%), but that doesn't mean it's easier. Here's why:
- Selection bias: Series 66 candidates already passed the Series 7, proving they can pass a securities exam. Series 65 candidates are often first-time test-takers with no prior exam experience.
- Foundation knowledge: Series 66 candidates have a baseline understanding of securities from their Series 7 studies. Much of the investment vehicle content overlaps.
- Higher passing threshold: The Series 66 requires 73% to pass vs 71% for the Series 65. Fewer questions means each wrong answer hurts more.
Our Take
The content difficulty is comparable. If you're new to finance, the Series 65 will feel harder because everything is new. If you recently passed the Series 7, the Series 66 will feel easier because you already know the investment products. The exams are designed for different audiences, not different difficulty levels.
Decision Framework: Which Exam Should You Take?
Here's the detailed breakdown for each decision point:
Do you currently have a Series 7 license?
It's shorter, builds on your existing knowledge, and qualifies you as both IAR and agent.
You may need the Series 65, but let's confirm.
Do you plan to get a Series 7 in the near future?
This is more efficient if you know you'll need the Series 7 anyway. The 66 is shorter than the 65.
The Series 65 is likely your path.
What type of firm do you want to work for?
You don't need to sell products. The Series 65 is all you need to provide investment advice.
Get hired, let them sponsor your Series 7, then take the Series 66.
The Bottom Line
If you don't have a Series 7 and want to start working in financial advisory now, take the Series 65. It's the fastest path to becoming a licensed Investment Adviser Representative with no prerequisites and no employer sponsorship required.
Career Path Analysis
Different career paths require different licenses. Here's what you need for the most common advisory roles:
Fee-Only RIA Advisor
Independent or firm-based financial planner
Fee-only advisors charge clients directly (hourly, flat fee, or AUM percentage) and don't sell commission-based products. The Series 65 is the only license required. Many CFP professionals, career changers, and independent advisors take this path.
Examples: Vanguard Personal Advisor Services, NAPFA advisors, independent RIAs
Broker-Dealer with Advisory Services
Wirehouse, regional BD, or hybrid firm
Traditional broker-dealers that also offer advisory services require both the Series 7 (to sell products) and Series 66 (to provide advice). This is the path if you want flexibility to earn both fees and commissions.
Examples: Merrill Lynch, Morgan Stanley, Edward Jones, LPL Financial
Dual-Registered Advisor
Both RIA and BD affiliated
Some advisors are registered with both an RIA and a broker-dealer. This allows them to charge advisory fees for some clients and earn commissions for others. Requires the same licenses as a BD advisor.
Examples: Raymond James, Commonwealth, independent advisors with BD affiliation
Career Changer / New to Finance
Transitioning from another industry
If you're changing careers and don't have a job offer yet, start with the Series 65. It requires no sponsorship, proves your commitment to employers, and opens doors at RIA firms. You can add the Series 7 and 66 later if needed.
Common backgrounds: CPAs, attorneys, engineers, teachers, military veterans
Total Cost Comparison
Beyond the exam fee, consider the total investment including prep materials:
| Cost Component | Series 65 Only | Series 7 + 66 |
|---|---|---|
| Exam Fee(s) | $187 | $300 (S7) + $177 (S66) = $477 |
| Prep Course (mid-range) | $199-$300 | $300-$500 (each exam) |
| Study Time | 80-120 hours | 150-250 hours (both exams) |
| Timeline | 6-10 weeks | 3-6 months |
| Total Investment | $386-$487 | $1,077-$1,477 |
Note: If you're going the Series 7 + 66 route, your employer typically pays for the exams and prep materials. The Series 65 is often self-funded by career changers, which is why the lower cost matters more.
Professional Exemptions
Certain professional designations may exempt you from the Series 65 (and in some cases, the Series 66). Exemptions vary by state, so always verify with your state securities regulator.
Common Exemptions from Series 65:
*Exemption may not be available in all states. Check with your state securities regulator.
Important Caveats
- • Exemptions only waive the exam, not registration. You still must register as an IAR with your state.
- • Most exemptions require the designation to be in good standing (active, not lapsed).
- • Some states require additional documentation or affidavits.
- • The CFA exemption is the most universally accepted across states.
Common Mistakes to Avoid
Mistake #1: "I'll just take both exams to be safe"
You don't need both Series 65 and Series 66. If you have a Series 7, take the 66. If you don't, take the 65. Taking both is a waste of time and money.
Mistake #2: "Series 63 + Series 65 = Series 66"
This is a common misconception. These are different exams with different content. However, passing Series 7 + 66 gives you equivalent qualifications to Series 7 + 63 + 65 in terms of what you can do.
Mistake #3: Waiting for employer sponsorship when you don't need it
Career changers often wait to find a job before studying. The Series 65 requires no sponsorship. Pass it first, and you'll be a more attractive candidate to RIA firms.
Mistake #4: Assuming the Series 66 is easier because it's shorter
The Series 66 has fewer questions (100 vs 130) but a higher passing score requirement (73% vs 71%). Each wrong answer hurts more. The content is also heavily weighted toward regulations (45%), which many find challenging.
Mistake #5: Not checking state-specific requirements
Some states have unique requirements or exemptions. Always verify with your state securities regulator before assuming one exam or exemption applies to you.
Frequently Asked Questions
Can I take the Series 66 without the Series 7?
No. The Series 66 requires you to pass the Series 7 exam first. If you don't have a Series 7 and don't plan to get one, take the Series 65 instead. The Series 65 has no prerequisites.
Is the Series 66 easier than the Series 65?
Not necessarily. The Series 66 has fewer questions (100 vs 130) but requires a higher passing score (73% vs 71%). The Series 66 pass rate is higher (~72% vs ~68%), but that's largely because candidates already passed the Series 7, making them more experienced test-takers. Content difficulty is comparable.
Do I need both Series 65 and Series 66?
No, you take one or the other based on your career path. If you have or plan to get a Series 7, take the Series 66. If you're going the RIA-only route without selling securities products, take the Series 65. Taking both would be redundant.
Does Series 63 + Series 65 equal Series 66?
No, this is a common misconception. The Series 63, 65, and 66 are separate exams with different content. The Series 66 combines investment adviser content with state securities agent law, but it's not mathematically equivalent to taking the 63 and 65 separately. However, if you pass Series 7 + Series 66, you're qualified for the same roles as someone with Series 7 + Series 63 + Series 65.
Which exam should I take if I'm changing careers into finance?
If you're a career changer without a Series 7, take the Series 65. It has no prerequisites and qualifies you to work as an Investment Adviser Representative at an RIA firm. Many career changers start at fee-only RIAs where the Series 65 is all you need.
How long should I study for Series 65 vs Series 66?
Plan for 80-120 hours for the Series 65 (6-10 weeks at 12-15 hours/week). The Series 66 typically requires 50-80 hours (4-6 weeks) because you already have foundational knowledge from passing the Series 7. Both estimates assume no prior finance background for the 65, and recent Series 7 completion for the 66.
Can I switch from Series 65 to Series 66 later?
Yes, but you'd need to pass the Series 7 first, then take the Series 66. Your Series 65 would remain valid. Some advisors do this when they join a broker-dealer and need to sell securities products. However, you cannot 'upgrade' a Series 65 to a 66 without taking the full Series 66 exam.
Are there exemptions from the Series 65 or 66?
Yes. Holders of certain professional designations may be exempt from the Series 65 (and sometimes 66) in many states. Common exemptions include: CFA (Chartered Financial Analyst), CFP (Certified Financial Planner), ChFC (Chartered Financial Consultant), PFS (Personal Financial Specialist), and CIC (Chartered Investment Counselor). Exemptions vary by state, so check with your state securities regulator.
What if my employer requires the Series 66 but I don't have a Series 7?
You'll need to pass the Series 7 first. Many employers will sponsor you for both exams. The typical path is: SIE exam (if required) → Series 7 → Series 66. This process takes 3-6 months total. If your employer only needs you for advisory work (not selling securities), ask if the Series 65 would suffice.
Which exam has better career prospects?
Neither exam is inherently 'better' for career prospects. The Series 65 is ideal for fee-only RIA careers, while Series 7 + 66 opens doors at broker-dealers and dual-registered firms. The RIA industry is growing faster, but broker-dealers still employ more advisors. Choose based on your career goals, not perceived prestige.
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