Series 63 vs Series 65
The Series 63 is for broker-dealer agents who sell securities, while the Series 65 is for investment advisers who give advice for a fee. The Series 65 is standalone (no SIE needed), making it popular for career changers.
Side-by-Side Comparison
| Feature | Series 63 | Series 65 |
|---|---|---|
| Full Name | Uniform Securities Agent State Law | Uniform Investment Adviser Law |
| Exam Cost | $147 | $187 |
| Passing Score | 72% | 72% |
| Questions | 60 (55 scored) | 130 (120 scored) |
| Time Limit | 1 hr 15 min | 3 hours |
| Study Time | 20-30 hours | 60-80 hours |
| Difficulty | Moderate | Challenging |
| Prerequisites | Usually paired with Series 6 or 7 | None - no SIE required |
| Exam Body | NASAA | NASAA |
Key Differences
- 1Series 63 is for selling securities; Series 65 is for giving advice
- 2Series 63 requires SIE + another exam; Series 65 is standalone
- 3Series 63 is shorter (60 questions); Series 65 is longer (130 questions)
- 4Series 63 focuses on state law; Series 65 covers investments + regulations
- 5Series 65 opens the door to fee-only advisory work
What Each Exam Allows You To Do
Series 63
- Register as a securities agent in your state
- Sell securities within your state
- Combined with Series 6 or 7 for full registration
Series 65
- Work as an Investment Adviser Representative (IAR)
- Provide investment advice for a fee
- Manage client portfolios
- Work at an RIA (Registered Investment Adviser)
Who Should Take Each Exam?
Take the Series 63 if you...
- →Series 6 or 7 holders needing state registration
- →Broker-dealer representatives
- →Those selling securities products
Take the Series 65 if you...
- →Fee-only financial advisors
- →Those working at RIAs
- →CFP candidates needing licensure
- →Career changers (no SIE required)
Which Should You Take First?
It depends on your career path. If you're working at a broker-dealer and need to sell securities, take the Series 63 with your Series 6 or 7. If you want to be a fee-only investment adviser (like at an RIA), take the Series 65 directly - no other exams required.
Frequently Asked Questions
QDo I need the SIE for the Series 65?
No! The Series 65 is a NASAA exam, not a FINRA exam. You can take it without the SIE, making it a popular choice for career changers who want to become investment advisers without going through the broker-dealer route.
QWhat about the Series 66?
The Series 66 combines the Series 63 and Series 65 content into one exam. If you've already passed the Series 7, you can take the Series 66 instead of taking both the 63 and 65 separately. It's more efficient if you need both agent and adviser registration.
QWhich is harder, Series 63 or Series 65?
The Series 65 is harder. It has 130 questions (vs 60), takes 3 hours (vs 1 hr 15 min), and covers investments, economics, portfolio management, and regulations. The Series 63 focuses mainly on state securities laws.
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