The Series 66 blueprint from NASAA dedicates 25% of its questions to state laws and regulations. Many candidates wrongly assume this section is a simple copy of the Series 63 exam. But the Series 66 tests these rules within the complex context of investment advisory activities, a distinction that creates traps for even experienced representatives. Your choice isn't about which exam is "easier." It's about which one correctly aligns with your registration needs and saves you from months of redundant studying or taking the wrong test entirely.
Quick answer
Choose the Series 66 if you have passed (or will pass) the Series 7 and need to be registered as both a securities agent and an Investment Adviser Representative (IAR). Take the Series 63 only if you exclusively need the state securities agent registration.
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Key facts
- Series 66 Official Name: Uniform Combined State Law Examination
- Series 63 Official Name: Uniform Securities Agent State Law Examination
- Series 66 Function: Qualifies a Series 7 holder as both a Securities Agent and an Investment Adviser Representative (IAR).
- Series 63 Function: Qualifies an individual only as a Securities Agent within a state.
- Series 66 Structure: 100 scored questions in 150 minutes.
- Series 63 Structure: 60 scored questions in 75 minutes.
- Governing Body: North American Securities Administrators Association (NASAA) for both.
Frequently asked questions
Is the Series 66 harder than the Series 63?
Yes, the Series 66 is significantly harder. It covers a much wider range of topics, including investment analysis and economics, is a longer exam (150 vs. 75 minutes), and has a higher passing score requirement (75% vs. 72%).
Can I take the Series 66 without the Series 7?
You can physically sit for the Series 66 exam without having passed the Series 7. However, your passing score only becomes valid for registration as an Investment Adviser Representative once you also pass the Series 7 Top-Off exam.
What is the difference between Series 66 and Series 63?
The Series 63 qualifies you only as a securities agent in a state. The Series 66, when combined with a Series 7, qualifies you as both a securities agent and an Investment Adviser Representative (IAR).
Should I take the Series 66 or the Series 63 and 65?
If you have your Series 7, take the Series 66. It is more efficient than taking two separate exams. If you do not have your Series 7 and need to be an IAR, you must take the Series 65. You would then take the Series 63 only if your job also requires registration as a securities agent.
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Official resources and references
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