Series 63 vs Series 65
Which should you take first?
There is no required order. Neither exam is a prerequisite for the other, and neither has a prerequisite of its own. The Series 63 is the state exam for broker-dealer agents and the Series 65 is the state qualification for investment adviser representatives, so the registration you are seeking decides which applies.
Side by side
| Fact | Series 63 | Series 65 |
|---|---|---|
| Questions | 65 total questions (60 scored toward the final result, 5 unscored pretest questions interspersed and not identifiable to the candidate) | 140 total (130 scored + 10 unscored/pretest) |
| Duration | 75 minutes | 180 minutes |
| Passing score | 72% (43 of 60 scored questions) | 92 of 130 scored questions correct (approximately 71%) |
| Prerequisites and sponsorship | 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. | 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 | 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. | Individuals seeking registration as investment adviser representatives (IARs) under state law. |
Source: Series 63, NASAA exam details
Source: Series 65, NASAA exam details
How they differ
The Series 63 is the state registration exam for broker-dealer agents. The Series 65 is the state registration qualification for investment adviser representatives.
- Capacity
The Series 63 is for broker-dealer agent registration; the Series 65 is for investment adviser representative registration.
- Pairing
The Series 63 is commonly taken with a products exam such as the Series 6 or 7; the Series 65 stands alone with no sponsor or prior exams.
- Length
The Series 63 has 60 scored questions in 75 minutes; the Series 65 has 130 scored questions in 180 minutes.
- Combined exam
The Series 66 covers both capacities; see Series 66 vs Series 63 + 65.
Sources
Sources checked
Series 63
Uniform Securities Agent State Law Examination (Series 63)
Series 65
Uniform Investment Adviser Law Examination (Series 65)
What each exam covers
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%
Keep going
- Series 63 exam details
- How to study for the Series 63
- Series 65 exam details
- How to study for the Series 65
- Series 66 vs Series 63 + Series 65
- Series 65 vs Series 66
- Securities representative licenses
- Investment adviser representative licenses
- What to do after you pass the SIE
- Broker-dealer vs. investment adviser
Planning a career as an investment adviser representative?
Advisor Train is brought to you by Parsonex, a wealth-management firm. You can see how training and affiliation work at Parsonex.