Series 63 vs Series 66
The Series 63 is for securities agents who sell products, while the Series 66 combines agent AND adviser registration in one exam. The Series 66 requires the Series 7, but replaces the need for both Series 63 and Series 65.
Side-by-Side Comparison
| Feature | Series 63 | Series 66 |
|---|---|---|
| Full Name | Uniform Securities Agent State Law | Uniform Combined State Law |
| Exam Cost | $147 | $177 |
| Passing Score | 72% | 73% |
| Questions | 60 (55 scored) | 100 (85 scored) |
| Time Limit | 1 hr 15 min | 2 hr 30 min |
| Study Time | 20-30 hours | 50-70 hours |
| Difficulty | Moderate | Challenging |
| Prerequisites | Usually paired with Series 6 or 7 | Series 7 required |
| Exam Body | NASAA | NASAA |
Key Differences
- 1Series 63 is agent-only; Series 66 covers agent AND adviser
- 2Series 63 has 60 questions; Series 66 has 100 questions
- 3Series 66 requires Series 7; Series 63 pairs with 6 or 7
- 4Series 66 replaces BOTH Series 63 and 65
- 5Series 66 allows fee-based advisory; Series 63 does not
- 6Series 66 has higher passing score (73% vs 72%)
What Each Exam Allows You To Do
Series 63
- Register as a securities agent in your state
- Sell securities within state borders
- Combined with Series 6 or 7 for full registration
- Fulfill state law requirement for agents
Series 66
- Register as both agent AND investment adviser rep
- Sell securities (like Series 63)
- Provide investment advice for fees (like Series 65)
- Work at dual-registered firms (BD + RIA)
Who Should Take Each Exam?
Take the Series 63 if you...
- →Series 6 holders needing state registration
- →Series 7 holders needing state registration
- →Broker-dealer representatives
- →Those NOT providing investment advice for fees
Take the Series 66 if you...
- →Series 7 holders who also want adviser registration
- →Full-service financial advisors
- →Wirehouse and hybrid advisors
- →Those at dual-registered broker-dealer/RIA firms
Which Should You Take First?
If you have the Series 7 and want to provide investment advice for fees, take the Series 66 - it's more efficient than taking 63 + 65 separately. If you only have the Series 6, you MUST take the Series 63 (Series 66 requires Series 7). If you're certain you'll never give advice for fees, the Series 63 alone is sufficient.
Frequently Asked Questions
QCan I take the Series 66 with a Series 6?
No. The Series 66 requires the Series 7 as a prerequisite. If you only have the Series 6, you must take the Series 63 for state agent registration. You cannot combine Series 6 with Series 66.
QIs Series 66 the same as taking 63 + 65?
Effectively yes - the Series 66 covers both state agent law (Series 63 content) and investment adviser law (Series 65 content). It's a combined exam that grants both registrations with one test.
QWhich is harder, Series 63 or Series 66?
The Series 66 is significantly harder. It has more questions (100 vs 60), takes longer (2.5 hrs vs 1.25 hrs), covers more material (agent + adviser law), and has a higher passing score (73% vs 72%).
QWhat if I already passed the Series 63?
If you already have Series 63 and want adviser registration, you would take the Series 65. There's no need to retake the 63 portion. The Series 66 is only more efficient if you haven't taken either exam yet.
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