Series 63 vs. Series 65: Which State Law Exam Do You Need?
Understand the critical differences between the Series 63 and Series 65 exams. We’ll help you determine which license is required for your role as a securities agent or investment adviser representative.
Series 63 vs. Series 65: Side-by-Side Comparison
Series 63 (Uniform Securities Agent)
Purpose: Qualifies individuals as securities agents within a state.
Focus: State securities law and ethics (Uniform Securities Act).
Required for: Agents of broker-dealers (Stockbrokers).
Questions: 60 scored (+5 unscored)
Time Limit: 75 minutes
Pass Score: 72%
Cost: $147
Series 65 (Uniform Investment Adviser)
Purpose: Qualifies individuals as investment adviser representatives (IARs).
Focus: State law, ethics, and investment advisory topics.
Required for: Representatives of RIAs giving financial advice for a fee.
Questions: 130 scored (+10 unscored)
Time Limit: 180 minutes
Pass Score: 72%
Cost: $187
Series 63 Content
State Law & Regulations (40%)
• Registration of persons and securities
• Exemptions
• Powers of the Administrator
Ethics & Prohibited Practices (50%)
• Fiduciary obligations
• Prohibited conduct
• Client communication
Administrative Provisions (10%)
• Record-keeping
• Enforcement actions
Series 65 Content
Economic Factors & Business Info (15%)
• Monetary and fiscal policy
• Financial reporting
Investment Vehicle Characteristics (25%)
• Stocks, bonds, alternatives
• Insurance products
Client Investment Recommendations (30%)
• Suitability, risk tolerance
• Portfolio management
Laws, Regulations, & Ethics (30%)
• Includes all Series 63 topics
• Plus Investment Advisers Act of 1940
Who Needs the Series 63?
Job Title: Securities Agent / Stockbroker
Individuals who take and execute securities orders on behalf of clients for a broker-dealer.
Typical Licenses Held:
• SIE
• Series 7 (or other qualifying exam)
• Series 63
Key Function: Facilitating transactions in stocks, bonds, mutual funds, etc. for a commission.
Example: A client calls their stockbroker at a large brokerage firm to buy 100 shares of Apple stock. The broker (agent) needs the Series 63 to legally execute this trade in the client’s state.
Who Needs the Series 65?
Job Title: Investment Adviser Representative (IAR)
Individuals who provide investment advice for a fee, typically working for a Registered Investment Adviser (RIA).
Typical Licenses Held:
• Series 65 (standalone)
OR
• Series 7 + Series 66
Key Function: Creating financial plans, managing portfolios, and charging fees for advisory services.
Example: A client pays a financial planner at an RIA a quarterly fee to manage their retirement portfolio. The planner needs the Series 65 to provide this advice.
Which Exam is Right for You?
Required Exam: Series 63
Your Role: You are an agent of the broker-dealer, executing transactions for clients. Your firm earns commissions on these trades.
Your Licensing Path:
1. SIE
2. Series 7
3. Series 63
Key Takeaway: If your job involves taking orders and executing trades for a commission, you are a securities agent and need the Series 63.
Required Exam: Series 65
Your Role: You are an Investment Adviser Representative (IAR), providing financial advice and managing portfolios for a fee.
Your Licensing Path:
1. SIE (recommended, not required)
2. Series 65
Key Takeaway: If your job involves charging fees for advice (e.g., % of AUM, flat fee), you are an IAR and need the Series 65.
Required Exams: Series 7 + Series 66
Your Role: You operate in a hybrid capacity, executing trades for commissions AND charging fees for advice.
Your Licensing Path:
1. SIE
2. Series 7
3. Series 66
What is the Series 66? The Series 66 combines the Series 63 (state law) and Series 65 (advisory topics) into a single exam. If you hold a Series 7, you are eligible to take the Series 66 instead of taking the 63 and 65 separately. This is the most common path for professionals at large “wirehouse” firms.
Key Takeaway: If you do both jobs, take the Series 66 to cover both state law requirements efficiently.
Choose Your Path and Start Studying
Now that you know the difference, select the right exam for your career and get started with a top-rated prep course.
Career Guidance Disclaimer: This comparison is for educational purposes only. Licensing requirements are determined by your employer’s business model and state regulations. Always confirm the required exams with your firm’s compliance department.