Series 65 vs Series 66: Which Should You Take?
Understand the key differences between these investment adviser exams to choose the right path for your career. Both lead to registration as an investment adviser representative, but have different requirements and applications.
Quick Overview: Series 65 vs Series 66
Series 65
Uniform Investment Adviser Law Examination
• Questions: 130 multiple choice
• Time: 180 minutes (3 hours)
• Pass Score: 72% (94 correct answers)
• Fee: $180 (NASAA)
• Prerequisites: None
• Focus: Investment adviser law only
Series 66
Uniform Combined State Law Examination
• Questions: 100 multiple choice
• Time: 150 minutes (2.5 hours)
• Pass Score: 73% (73 correct answers)
• Fee: $165 (FINRA)
• Prerequisites: Series 7 required
• Focus: State law + investment adviser law
Detailed Comparison: Series 65 vs Series 66
Series 65 Format
Questions: 130 multiple choice
Time Limit: 180 minutes (3 hours)
Passing Score: 72% (94 correct)
Question Timing: 1.4 minutes per question
Exam Fee: $180 (paid to NASAA)
Retake Policy: 30-day waiting period after failure
Score Validity: 2 years if employment ends
Series 66 Format
Questions: 100 multiple choice
Time Limit: 150 minutes (2.5 hours)
Passing Score: 73% (73 correct)
Question Timing: 1.5 minutes per question
Exam Fee: $165 (paid to FINRA)
Retake Policy: 30-day waiting period after failure
Score Validity: 2 years if employment ends
Series 65 Content
Federal Securities Acts & Regulations (25%)
Securities Act of 1933, Securities Exchange Act of 1934, Investment Advisers Act of 1940, Investment Company Act of 1940
Investment Adviser Regulation (30%)
Registration, recordkeeping, custody, brochure rules, advertising, performance reporting
State Securities Acts & Regulations (25%)
NASAA model rules, state registration, notice filings, examination authority
Ethics & Fiduciary Responsibility (20%)
Fiduciary duty, conflicts of interest, professional conduct, client relationships
Series 66 Content
Economics & Analysis (5%)
Basic economics, financial reporting, quantitative methods
Investment Vehicle Characteristics (20%)
Types of investments, risks, returns, investment features
Investment Recommendations (30%)
Client analysis, asset allocation, portfolio construction, retirement planning
Laws & Regulations (45%)
Investment Advisers Act, state regulations, ethical practices, fiduciary obligations
Series 65 Prerequisites
No Prerequisites Required
• Can be taken as your first securities exam
• No prior exam requirements
• No education requirements
• Must be at least 18 years old
• Must be sponsored by a registered investment adviser (RIA)
• Background check required
Best For: People entering the investment advisory field directly, those working only in advisory capacity
Series 66 Prerequisites
Series 7 Required
• Must pass Series 7 first
• Series 7 + Series 66 = dual registration
• Must be at least 18 years old
• Must be sponsored by FINRA member firm
• Background check required
Best For: Registered representatives who want to provide investment advice, dual registrants (broker-dealer + investment adviser), larger firms offering both services
Series 65 Career Paths
Investment Adviser Representative
• Fee-only financial planning
• Asset management
• Portfolio management
• Financial consulting
• Retirement planning
Typical Work Settings:
• Independent RIA firms
• Fee-only advisory practices
• Wealth management firms
• Family offices
• Institutional advisory roles
Series 66 Career Paths
Dual Registered Representative
• Securities sales + investment advice
• Commission + fee compensation
• Full-service financial planning
• Insurance product sales
• Comprehensive financial services
Typical Work Settings:
• Wirehouses (Morgan Stanley, Merrill Lynch)
• Full-service brokerages
• Hybrid RIA/broker-dealer firms
• Independent broker-dealers
• Bank brokerage departments
Which Exam Should You Choose?
Choose Series 65 If:
• You want to focus exclusively on investment advice
• You prefer fee-only compensation models
• You’re entering the financial services industry
• You don’t want to sell securities or insurance
• You’re interested in independent RIA work
• You want to start with one exam
• You prefer pure fiduciary relationships
• You’re pursuing financial planning credentials (CFP, etc.)
Choose Series 66 If:
• You already have your Series 7
• You want dual registration capabilities
• Your firm offers both brokerage and advisory services
• You want commission + fee compensation options
• You’re at a wirehouse or full-service firm
• You want to sell securities AND provide advice
• You prefer comprehensive financial services
• Your employer requires both registrations
The Bottom Line
Both exams lead to the same end result: registration as an investment adviser representative. The choice depends on your career path, current licenses, and firm requirements.
Most Common Path: If you’re new to financial services and want to focus on investment advice, start with Series 65. If you’re already a registered representative with Series 7, add Series 66 for dual registration.
Success Tip: Regardless of which exam you choose, quality preparation is essential. Both exams require understanding complex regulatory frameworks and have similar pass rates around 70%.
Ready to Start Your Investment Adviser Journey?
Now that you understand the differences, choose your exam and find the best prep course to ensure first-time success.