Series 66 vs. 63 & 65: What's the Difference?
Understand the key differences between taking the Series 66 exam versus taking the Series 63 and Series 65 exams separately. This guide will help you choose the most efficient path to becoming a dually-registered professional.
Series 66 vs. 63 & 65: Side-by-Side
Series 66 (Combined Exam)
Total Questions: 100
Total Time: 150 minutes
Single Exam Session: One test, one appointment
Prerequisite: Series 7 required
Best For: Efficiency and convenience for those with Series 7
Series 63 + Series 65 (Separate Exams)
Total Questions: 190 (60 + 130)
Total Time: 255 minutes (75 + 180)
Two Exam Sessions: Two separate tests and appointments
Prerequisite: None for either exam
Best For: Candidates without Series 7 sponsorship, or those only needing one of the two licenses
Series 66 Cost
Exam Fee: $165
Prep Course: $275 – $450
Total Investment: ~$440 – $615
One fee, one course, one exam. The most cost-effective path for those with a Series 7 license.
Series 63 + 65 Cost
Exam Fees: $147 (63) + $187 (65) = $334
Prep Courses: ~$120 (63) + ~$300 (65) = ~$420
Total Investment: ~$754
Two fees, two courses, two exams. Higher cost and time commitment, but offers more flexibility if you don’t have Series 7.
Who Takes the Series 66?
Job Title: Dually-Registered Financial Advisor
Professionals at large broker-dealers who need to be registered as both a securities agent and an investment adviser representative.
Key Requirement: Must already have a Series 7 license.
Common Employers: Wirehouses, full-service brokerages, bank brokerage departments.
Who Takes 63 & 65 Separately?
Job Title: Varies
Series 63 only: Securities agents at firms that don’t offer advisory services.
Series 65 only: Fee-only investment advisers at independent RIA firms who do not sell securities.
Key Requirement: No Series 7 prerequisite for either exam.
Common Employers: Boutiques, independent RIAs, insurance companies.
Which Path is Right for You?
Recommended Path: Take the Series 66
Why: The Series 66 is specifically designed for you. It combines the state law portion of the 63 and the advisory portion of the 65, but it omits the product information that you already proved you know by passing the Series 7. This makes it a shorter, more efficient exam.
Do NOT take the Series 63 and 65 separately if you have the Series 7.
Recommended Path: Take the Series 65
Why: You are not eligible to take the Series 66 without a Series 7 co-requisite. If you plan to work as a fee-only investment adviser representative at an RIA and will not be selling securities for a commission, the Series 65 is the correct license for you. It can be taken as a standalone exam without any other prerequisites.
If you later join a broker-dealer and get your Series 7, you would then only need to take the Series 63 to be dually registered.
Choose Your Path and Prepare to Pass
Now that you know the difference, select the right exam for your career and get started with a top-rated prep course.