Series 63 vs. Series 66: Which Exam Do You Need?

If you’re working toward a career in securities, figuring out which exams you need can sometimes feel like a test before the actual test. The Series 63 and Series 66 are both state-level securities exams developed by NASAA, and there’s some overlap between them. But they serve different purposes.

The biggest difference between the Series 63 and Series 66 is the type of registration each exam supports. The Series 63 focuses on registering individuals as agents, and the exam covers state securities laws and regulations. The Series 66 focuses on getting individuals registered as Agents and IARs, and the exam covers state securities laws and regulations. It is designated to be used alongside the Series 7 exam.

So, which one belongs on your licensing path? Here’s what to know.

3 Key Takeaways

• The Series 63 is to become registered as an Agent and will focus on state securities laws. It’s commonly part of the registration path for registered representatives.
• The Series 63, combined with the S7, is for an individual to become registered as an Agent. The S63 will focus on state securities laws. The S63 is most common among individuals on the path to becoming registered representatives of a Broker-Dealer or Dealer firm.
• The S66, combined with the S7, allows an individual to become registered as both an Agent and an Investment Adviser Representative (IAR). Passing the Series 66 and Series 7 exams is the same as taking and passing the Series 7, Series 63, and Series 65 exams. The Series 66 replaces the Series 63 and Series 65 if the individual has a valid Series 7 license.
• The exam you need depends on your role, state, and firm requirements, but if you need to be dual-registered as an Agent and IAR, the Series 66 exam might be appropriate. Before registering, confirm the requirements that apply to your specific role, whether you want to trade securities or give investment advice, or both.
  
  

What Is the Series 63 Exam?

The Series 63, formerly known as the Uniform Securities Agent State Law Examination, is designed to qualify candidates as securities agents under state securities laws.

The exam focuses heavily on the Uniform Securities Act, state securities regulations, and rules related to ethical business practices. NASAA describes it as the state law test for registered representatives.

The Series 63 contains 65 multiple-choice questions, 60 of which are scored. Candidates have 75 minutes to complete the exam and must answer at least 43 of the 60 scored questions correctly to pass.

If the Series 63 is part of your path, structured Series 63 test prep can help you build familiarity with the laws, regulations, terminology, and ethical standards covered on the exam.

What Is the Series 66 Exam?

The Series 66, or Uniform Combined State Law Examination, takes a broader approach. It was designed to qualify candidates as both securities agents and investment adviser representatives.

One of the easiest ways to understand the Series 66 is to think of it as a combined qualification. According to NASAA, passing the Series 66 qualifies an individual as if they had passed both the Series 63 and Series 65.

There is an important catch: the Series 7 is a corequisite for registration based on the Series 66. Candidates can take the Series 7 or Series 66 first, but both must be successfully completed before applying to register with a state based on the Series 66. NASAA also notes that a valid SIE and Series 7 are corequisites for registration using the Series 66.

The Series 66 contains 110 multiple-choice questions, 100 of which are scored. Candidates have 150 minutes to complete the exam and need at least 73 correct answers out of the 100 scored questions to pass.

Candidates preparing for this path can use Series 66 exam prep to work through the broader mix of laws, regulations, investment concepts, and advisory topics the exam covers.

Series 63 vs. Series 66: Key Differences

Although both exams cover state securities regulations, they aren’t interchangeable in every situation. Here’s a quick look at the key differences between Series 63 and Series 66:

Exam requirements and registration rules can vary by jurisdiction, so this comparison should be used as a starting point rather than a substitute for guidance from your firm or state securities regulator.

Do You Need Series 63 or Series 66 After Series 7?

If your role requires securities agent registration but not investment adviser representative qualification, the Series 63 is commonly the relevant state-law exam to consider after the Series 7. If your role requires both securities agent and investment adviser representative registration, the Series 66 may be the applicable path. If your role is focused on acting as a securities agent for a broker-dealer, you may need the Series 63 to meet state registration requirements. NASAA notes that most states require the Series 63, in addition to FINRA requirements such as the SIE and the Series 7, for broker-dealer representatives.

If your role requires you to qualify as both a securities agent and an investment adviser representative, the Series 66 may be the more relevant exam. Because the Series 66 functions as a combined qualification, it can satisfy the examination component covered by both the Series 63 and Series 65 when its other registration requirements are met.

Your exact requirements depend on your role, firm, and jurisdiction. When in doubt, check with your employer and the applicable state securities regulator before registering for an exam.

Do You Need Firm Sponsorship for Series 63 or Series 66?

No. Candidates do not need a firm sponsor simply to take the Series 63 or Series 66. If you are not currently registered through a firm using FINRA’s Web CRD system, NASAA allows you to open your own exam enrollment window through FINRA.

Passing the exam, however, is not the same as becoming registered. State registration can involve additional requirements, and candidates using the Series 66 for registration must still satisfy its applicable corequisites.

Is Series 66 Harder Than Series 63?

The Series 66 generally covers a broader range of material than the Series 63, but that doesn’t mean every candidate will find it harder.

The Series 63 is more narrowly focused on state securities regulation. That narrower scope can be helpful, but candidates still need to understand detailed rules, definitions, registration requirements, exemptions, and prohibited practices.

The Series 66 adds investment adviser representative concepts and other investment-related material to the regulatory content. It also has more questions and twice the testing time of the Series 63.

That broader scope is an important distinction, but exam length alone does not determine difficulty. The Series 63 requires concentrated knowledge of state securities law, while the Series 66 requires candidates to move across regulatory, advisory, and investment concepts.

Your experience matters, too. Someone already comfortable with investment products and advisory concepts may have a different experience with the Series 66 than someone encountering the material for the first time.

Instead of focusing too much on which exam is “harder,” focus on understanding the content outline for the exam you actually need and building your study plan around your weaker areas.

How To Choose the Right Exam Path

The right choice between the Series 63 vs. Series 66 comes down to what you need to do in your role. Start with the registration your role requires rather than choosing an exam based on length or perceived difficulty.

You’re pursuing a registered representative role.

If your role involves acting as a securities agent for a broker-dealer, the Series 63 may be part of your state registration requirements along with applicable FINRA exams.

You need both securities agent and investment adviser representative qualifications.

The Series 66 may make sense when your registration path requires both functions, and you will also meet the Series 7 corequisite.

Your firm has given you a specific exam path.

Follow your firm’s guidance. Employers may have requirements based on your position, responsibilities, and the jurisdictions where you’ll conduct business.

You’re not sure what your state requires.

Don’t guess based on what another candidate took. Securities registration requirements can vary by state and role. Check with the applicable state securities regulator or your firm to confirm what applies to you.

Once you know which exam you need, you can build a study plan around that specific exam instead of spending time preparing for material that may not apply to your licensing path.

Series 63 vs. Series 66 FAQs

Is Series 66 the same as Series 63?

No. The Series 63 focuses on qualifying candidates as securities agents under state securities laws, while the Series 66 qualifies candidates as both securities agents and investment adviser representatives.

Do I need both Series 63 and Series 66?

Generally, you would not need to pass both for the same qualification purpose. NASAA states that passing the Series 66 qualifies an individual as if they had passed both the Series 63 and Series 65. However, registration requirements depend on your role and jurisdiction, and the Series 7 is a corequisite for registration based on the Series 66.

Can Series 66 replace Series 63?

For certain registration paths, yes. NASAA considers passing the Series 66 to be equivalent to passing both the Series 63 and the Series 65. However, the Series 66 has additional corequisite requirements, including a valid Series 7 for registration purposes.

Which is harder, Series 63 or Series 66?

There isn’t one answer that applies to every candidate. The Series 66 covers a broader range of material and has more questions, while the Series 63 is more narrowly focused on state securities laws and regulations. Your background, study habits, and familiarity with the material can all affect which exam feels more challenging.

Can you take the Series 66 before the Series 7?

Yes. NASAA allows candidates to take the Series 66 and Series 7 in either order. However, both must be successfully completed before a candidate can use the Series 66 to seek applicable state registration.

Prepare for the Exam That Matches Your Role

Choosing between the Series 63 and Series 66 starts with understanding where each exam fits into your licensing path. The Series 63 focuses on state securities agent requirements, while the Series 66 combines securities agent and investment adviser representative concepts for candidates who also meet its Series 7 corequisite.

Once you’ve confirmed the requirements for your role, the next step is preparing with a plan built around the exam you’ll actually take. ExamFX offers structured Series 63 test prep and Series 66 exam prep to help you understand key concepts, identify areas that need more review, and prepare for exam day with confidence.