Both exams qualify you to register as an investment adviser representative. Choosing between them is simpler than most comparisons make it, because one fact decides it: whether you hold, or will hold, the Series 7.
Everything else is detail that follows from that.
A NASAA exam qualifying candidates to act as an investment adviser representative. It has no prerequisite, which is what makes it the default route for people who advise for a fee but do not sell securities — financial planners, accountants adding advisory services, and fee-only advisers.
Because it assumes no prior qualification, it covers more ground: economics, investment vehicles, portfolio and client-profile analysis, and then the law and ethics material.
Also a NASAA exam, combining the state-law content of the Series 63 and Series 65 into one. It requires the Series 7 as a co-requisite — you may sit the Series 66 first, but neither qualification is effective until both are passed.
Because the Series 7 already covers products and analysis, the Series 66 concentrates on law, regulation, ethics and fiduciary obligation. It is a shorter exam for that reason.
The Series 65 spends substantial time on investment vehicles and analysis — equity and debt characteristics, pooled vehicles, derivatives, portfolio theory, risk measures, and client profiling. The Series 66 largely omits that, on the assumption you have it, and goes deeper into regulation: the Investment Advisers Act, the Uniform Securities Act, registration and notice filing, prohibited practices, and fiduciary duty.
Candidates often assume the Series 66 is the easier exam because it is shorter. That is only true if the Series 7 knowledge is current. Take the Series 66 a year after passing the Series 7 without revision and the regulatory density becomes a genuine problem.
The Series 7 requires sponsorship by a FINRA member firm. The Series 65 requires none. For anyone not currently employed by a broker-dealer, the Series 66 is therefore not an available choice — regardless of which exam would suit them better in principle.
This is why career changers routinely take the Series 65 first: it is the qualification they can pursue on their own initiative. If you do later join a broker-dealer and take the Series 7, you would hold Series 7 and Series 65, which covers the same ground as Series 7 plus Series 66.
Many states waive the Series 65 examination requirement for holders of certain professional designations — the CFP, CFA, ChFC, PFS and CIC are commonly recognized, though the list and conditions vary by state.
This matters most to people already holding one of those credentials, who may be able to register without sitting the exam at all. Waiver policies are set state by state and change, so [VERIFY: your state's current list of designations accepted in lieu of the Series 65 exam — source: your state securities regulator and NASAA] before assuming eligibility.
If you are working toward the CFP, see our CFP certification training courses.
The Series 63 qualifies a securities agent under state law, and is commonly paired with a Series 6 or Series 7 by representatives who sell but do not advise. If you are advising for a fee, the 63 is not sufficient — you need the 65 or 66. See our Series 63 licensing courses.
Both exams are law-heavy and reward precision over intuition. Definitions do real work: the distinction between an investment adviser and an investment adviser representative, between solicitation and advertising, and between disclosure and consent all appear repeatedly.
Practice questions under timed conditions are the best predictor of readiness on either exam. See our Series 65 and Series 66 preparation pages.
Designation waivers, registration thresholds and notice-filing requirements are set state by state and change periodically. Before committing to either exam, confirm the current position with your state securities regulator — particularly if you hold a professional designation that may waive the Series 65 requirement.
Producers uncertain whether they will join a broker-dealer sometimes take the Series 65 first and add a Series 7 later. That works and leaves you holding a slightly longer qualification than the Series 66 would have required — a modest inefficiency and rarely worth waiting to avoid.
No. They are separate examinations. If your circumstances change you take the other exam rather than converting an existing qualification.
Your employing firm, based on the activities your role involves. Where there is doubt, the compliance department is the right place to resolve it rather than an external summary.
You can sit it, but neither qualification becomes effective until both are passed.
They test different things. The Series 7 is broader on products; the Series 65 is heavier on advisory law and analysis.
No. The SIE is a FINRA requirement paired with FINRA top-off exams — see FINRA top-off exams explained. The Series 65 is a NASAA exam and stands separately.
Start with our Series 65 or Series 66 courses, or browse everything on the securities licensing page.
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