Series 63 = Sell securities (agent). Series 65 = Give investment advice (IAR). Series 66 = Both (but requires Series 7). If you only want to advise clients, take the Series 65. If you want to sell securities AND advise, take Series 7 + Series 66. If you just want to sell (no advice), take Series 7 + Series 63.
What Each Exam Is For
These three “blue sky” exams are administered by FINRA but created by NASAA (North American Securities Administrators Association). Each serves a distinct purpose in the securities industry:
Series 63: Uniform Securities Agent State Law Exam
Qualifies you to sell securities (stocks, bonds, mutual funds) as an agent of a broker-dealer in most states. This is the state-level registration for transaction-based business.
Series 65: Uniform Investment Adviser Law Exam
Qualifies you to give investment advice for a fee as an Investment Adviser Representative (IAR). This is the path for fee-only advisors and RIA firm owners.
Series 66: Uniform Combined State Law Exam
Combines Series 63 + 65 content. Qualifies you as both a securities agent AND an IAR. Requires the Series 7 as a corequisite.
Selling vs. Advising: The Series 63 lets you execute trades and sell products. The Series 65 lets you recommend investments and charge fees for advice. Different activities require different registrations. Many financial professionals need both capabilities.
Side-by-Side Comparison
| Factor | Series 63 | Series 65 | Series 66 |
|---|---|---|---|
| Full Name | Uniform Securities Agent State Law Exam | Uniform Investment Adviser Law Exam | Uniform Combined State Law Exam |
| Primary Purpose | Sell securities | Give investment advice | Both sell AND advise |
| Prerequisites | None | None | Series 7 (corequisite) |
| Exam Fee | $147 | $187 | $177 |
| Total Questions | 65 (60 scored + 5 pretest) | 140 (130 scored + 10 pretest) | 110 (100 scored + 10 pretest) |
| Time Limit | 75 minutes | 180 minutes (3 hrs) | 150 minutes (2.5 hrs) |
| Passing Score | 72% (43/60) | 71% (92/130) | 73% (73/100) |
| Qualifies You As | Securities Agent | Investment Adviser Rep (IAR) | Both Agent AND IAR |
| Sponsor Required? | No | No | No (but Series 7 requires sponsor) |
Visual Decision Guide
Use this flowchart to determine which exam(s) you need:
What do you want to do?
Start by identifying your primary career goal. Do you want to:
- A) Sell securities products (stocks, bonds, mutual funds)
- B) Give investment advice for a fee
- C) Do both (sell AND advise)
Check your Series 7 status
The Series 7 is required to sell most securities products. Do you have it, or does your employer require it?
- Have Series 7 or plan to get it → Consider Series 66
- No Series 7 and don’t need it → Consider Series 65 alone
- Need to sell but not advise → Get Series 7 + Series 63
Choose your path
Based on your answers:
- Advise only, no Series 7 → Series 65
- Sell only → Series 7 + Series 63
- Both, with Series 7 → Series 7 + Series 66
- Both, no Series 7 → Series 63 + Series 65 (rare path)
Fee-only advisors: Series 65 alone. Wirehouse/broker-dealer employees: Series 7 + Series 66. Insurance agents adding securities: Series 7 + Series 63 (Series 66 if also advising).
If you’ve chosen the Series 65 path (the most common choice for RIAs and fee-only advisors), plan accordingly: most candidates need 4-8 weeks to prepare depending on background. This timeline is important if you’re stacking the Series 65 with other exams. Plan your sequence to minimize delays in your licensing timeline.
Exam Content Breakdown
Each exam tests different material. Understanding what is covered helps you prepare effectively.
Series 63: State Securities Laws (Only)
The Series 63 focuses exclusively on state regulations:
| Topic | Questions | Percentage |
|---|---|---|
| Regulation of Securities and Issuers | ~10 | 17% |
| Regulation of Persons | ~16 | 27% |
| Remedies and Administrative Provisions | ~14 | 23% |
| Communication with Customers and Prospects | ~13 | 22% |
| Ethical Practices and Fiduciary Obligations | ~7 | 11% |
The Series 63 assumes you know investment products from the Series 7. It only tests state law compliance.
Series 65: Comprehensive Advisory Knowledge
The Series 65 covers the broadest range of topics:
| Section | Topics | Questions |
|---|---|---|
| Economic Factors | GDP, inflation, monetary policy, business cycles | 20 (15%) |
| Investment Vehicles | Stocks, bonds, mutual funds, ETFs, options, annuities | 33 (25%) |
| Client Recommendations | Suitability, asset allocation, retirement planning | 39 (30%) |
| Laws & Regulations | USA, registration, ethics, fiduciary duty | 39 (30%) |
The Series 65 is self-contained. It teaches everything from investment fundamentals to regulations.
Series 66: Regulations Heavy (Assumes Series 7 Knowledge)
The Series 66 focuses almost entirely on regulatory content:
| Section | Topics | Questions |
|---|---|---|
| Regulation of Investment Advisers | Registration, exemptions, record keeping | 32 (32%) |
| Regulation of Broker-Dealers | Registration, prohibited practices | 27 (27%) |
| Federal & State Acts | Securities Act of 1933, 1934, Investment Advisers Act | 32 (32%) |
| Client Recommendations | Suitability, investment policy statements | 9 (9%) |
The Series 66 assumes you learned investment products from the Series 7. It focuses almost entirely on rules, registration, and compliance. Many candidates find this dense regulatory content harder to retain than the mixed topics on the Series 65.
Master the Series 65 Content
CertFuel breaks down all 36 NASAA subtopics with adaptive flashcards. Our spaced repetition algorithm ensures you retain the material across all four exam sections.
Access Free BetaTotal Cost Comparison
The exam fee is only part of the investment. Here is the complete cost picture:
Series 65 Path (IAR Only)
- Series 65 exam: $187
- Study materials: $200-$500
- State registration: $30-$150/state
- Total: $417-$837
No sponsor required. Lowest cost path to giving investment advice.
Series 7 + 66 Path (Agent + IAR)
- SIE exam: $80
- Series 7 exam: $300
- Series 66 exam: $177
- Study materials: $500-$1,200
- State registration: $30-$150/state
- Total: $1,087-$1,907
Requires sponsor for Series 7. Maximum career flexibility.
Series 7 + 63 Path (Agent Only)
- SIE exam: $80
- Series 7 exam: $300
- Series 63 exam: $147
- Study materials: $400-$900
- State registration: $30-$150/state
- Total: $957-$1,577
For selling securities without advisory services.
Series 63 + 65 Path (Agent + IAR, no Series 7)
- Series 63 exam: $147
- Series 65 exam: $187
- Study materials: $350-$800
- State registration: $30-$150/state
- Total: $714-$1,287
Uncommon path. Consider if you need agent registration but not the Series 7.
Career Implications
Series 63 Opens These Doors
With the Series 63 (plus Series 7), you can:
- Work as a registered representative at a broker-dealer
- Execute securities transactions for clients
- Sell stocks, bonds, mutual funds, and variable products
- Work at wirehouses (Merrill Lynch, Morgan Stanley, etc.)
Limitation: You cannot charge advisory fees or provide ongoing investment advice (beyond product recommendations).
Series 65 Opens These Doors
With the Series 65, you can:
- Work as an Investment Adviser Representative (IAR)
- Charge fees for investment advice (AUM, flat fee, hourly)
- Start your own RIA (Registered Investment Adviser) firm
- Provide fiduciary advice to clients
- Create financial plans with investment recommendations
Limitation: You cannot execute trades directly. You would use a custodian (Schwab, Fidelity) to place trades for clients.
Series 66 Opens These Doors
With the Series 66 (plus Series 7), you have the broadest capabilities:
- Everything from both Series 63 AND Series 65
- Work as both agent AND adviser at the same firm
- Dual registration at broker-dealer/RIA hybrid firms
- Maximum flexibility to change roles or firms
Best for Series 65 Alone
- Fee-only financial advisors
- RIA firm owners
- CPAs adding advisory services
- Attorneys doing estate planning
- Career changers wanting quick entry
- Those without Series 7
Best for Series 7 + 66
- Full-service financial advisors
- Wirehouse employees
- Insurance agents adding securities + advice
- Broker-dealer employees
- Those wanting maximum flexibility
- Dual-registered firm employees
Difficulty Comparison
Series 63: Generally the Easiest
- Shortest exam (60 scored questions, 75 minutes)
- Narrowest scope (state law only)
- Most candidates pass on first attempt
- Pass rate estimated at 70-75%
Series 65: Most Comprehensive
- Longest exam (130 scored questions, 3 hours)
- Broadest content (economics, products, advice, regulations)
- Material is varied (many find this engaging)
- Lowest passing threshold (71%)
- Pass rate estimated at 65-70%
Series 66: Densest Content
- Mid-length exam (100 scored questions, 2.5 hours)
- Highest passing threshold (73%)
- 91% regulatory content (many find this dry)
- Assumes Series 7 knowledge
- Pass rate estimated at 65-70%
Some candidates who failed the Series 66 multiple times passed both the Series 65 and Series 63 on their first attempts. If pure memorization of regulations is challenging for you, the Series 65’s varied content may be easier despite being longer.
States That Don’t Require Series 63
Most states require the Series 63 (or 66) for securities agents. However, these jurisdictions do not:
- Colorado
- Florida
- Louisiana
- Maryland
- District of Columbia
- Puerto Rico
If you only plan to work in these areas, you may not need the Series 63. However, most advisors eventually work with clients across state lines and need the broader registration.
Common Exam Combinations
Fee-Only Advisor
Series 65 only ($187)
You give investment advice for a fee but do not sell products. No Series 7 or sponsor needed. This is the simplest and cheapest path to becoming an IAR.
Full-Service Advisor
SIE + Series 7 + Series 66 ($557)
You both sell securities AND give advice. This is the standard path for broker-dealer or wirehouse employees who want full capabilities.
Securities Sales Only
SIE + Series 7 + Series 63 ($527)
You sell securities but do not provide fee-based advice. Common for those focused on transaction-based compensation.
Dual Exams Without Series 7
Series 63 + Series 65 ($334)
Uncommon but valid. You get both agent and IAR registration without the Series 7. Limited practical use since most sales roles require the Series 7.
Retake Policies
All three exams have identical waiting periods:
| Attempt | Waiting Period |
|---|---|
| After 1st failed attempt | 30 days |
| After 2nd failed attempt | 30 days |
| After 3rd failed attempt | 180 days (6 months) |
You must repay the exam fee for each attempt. Budget for potential retakes.
About one in three candidates fail their securities exams on the first attempt. If you’re planning to take multiple exams (like Series 65 + 63 for broker-dealer registration), one failure creates a domino effect: each 30-day retake delay pushes back your entire licensing timeline and delays when you can start earning. Avoid common exam mistakes like underestimating difficulty, poor time management, and over-relying on memorization. The retake policies above apply to whichever exam path you’ve chosen. Make your first attempt count.
Series 63 = Securities agent (sell products). 60 questions, 75 min, 72% passing, $147.
Series 65 = Investment adviser (give advice). 130 questions, 3 hrs, 71% passing, $187. No prerequisites.
Series 66 = Both agent + adviser. 100 questions, 2.5 hrs, 73% passing, $177. Requires Series 7.
Which to choose:
- Advise only → Series 65
- Sell only → Series 7 + Series 63
- Both → Series 7 + Series 66
The Series 65 is the most accessible entry point into investment advising. No sponsor, no prerequisites, lowest total cost.
If you’ve chosen the Series 65 path, your next step is creating a structured study plan. Our week-by-week study schedule provides proven timelines for 4-week, 6-week, and 8-week preparation depending on your background and availability. Choose your timeline and start preparing efficiently.