Series 65 vs Series 66
Which should you take first?
Neither exam has to be passed first. The Series 65 has no prerequisite and no sponsoring firm, so anyone can sit for it. The Series 66 also has no prerequisite to sit, but registering with it requires a valid SIE and Series 7.
Side by side
| Fact | Series 65 | Series 66 |
|---|---|---|
| Questions | 140 total (130 scored + 10 unscored/pretest) | 100 scored questions + 10 unscored pretest questions = 110 total |
| Duration | 180 minutes | 150 minutes |
| Passing score | 92 of 130 scored questions correct (approximately 71%) | 73% (must correctly answer at least 73 of the 100 scored questions) |
| Prerequisites and sponsorship | None. No sponsoring firm, no prior exams (e.g., SIE, Series 7), and no degree or experience requirement. Candidates can register independently. | 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. |
| Who it's for | Individuals seeking registration as investment adviser representatives (IARs) under state law. | Financial professionals seeking dual state registration as both a broker-dealer agent and an investment adviser representative, typically paired with the Series 7. |
Source: Series 65, NASAA exam details
Source: Series 66, NASAA exam details
How they differ
The Series 65 meets the exam requirement for investment adviser representative registration in most states. The Series 66 meets the exam requirement for registration as both a securities agent and an investment adviser representative, and the SIE and the Series 7 are co-requisites for registering with the Series 66.
- Capacity
The Series 65 covers investment adviser representative registration; the Series 66 covers registration as both a securities agent and an investment adviser representative.
- Co-requisites
The Series 65 has none. Registering with the Series 66 requires a valid SIE and Series 7.
- Length
The Series 65 has 130 scored questions in 180 minutes; the Series 66 has 100 scored questions in 150 minutes.
- Designations
Per NASAA, a qualifying professional designation waives only the Series 65 requirement, 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.
Sources
Sources checked
Series 65
Uniform Investment Adviser Law Examination (Series 65)
Series 66
Uniform Combined State Law Examination (Series 66)
What each exam covers
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
- Economic Factors and Business Information8%
- Investment Vehicle Characteristics17%
- Client/Customer Investment Recommendations and Strategies30%
- Laws, Regulations, and Guidelines Including Prohibition on Unethical Business Practice45%
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