Series 65 vs Series 66
The Series 65 is a standalone exam for investment adviser representatives. The Series 66 combines the Series 63 (state agent law) and Series 65 (adviser law) into one exam - but requires the Series 7 as a prerequisite.
Side-by-Side Comparison
| Feature | Series 65 | Series 66 |
|---|---|---|
| Full Name | Uniform Investment Adviser Law | Uniform Combined State Law |
| Exam Cost | $187 | $177 |
| Passing Score | 72% | 73% |
| Questions | 130 (120 scored) | 100 (85 scored) |
| Time Limit | 3 hours | 2 hr 30 min |
| Study Time | 60-80 hours | 50-70 hours |
| Difficulty | Challenging | Challenging |
| Prerequisites | None - standalone exam | Series 7 required |
| Exam Body | NASAA | NASAA |
Key Differences
- 1Series 65 is standalone; Series 66 requires the Series 7 first
- 2Series 65 has 130 questions; Series 66 has 100 questions
- 3Series 66 includes state agent law (Series 63 content)
- 4Series 66 allows both adviser AND agent registration
- 5Series 65 is for advisory-only; Series 66 is for dual registration
What Each Exam Allows You To Do
Series 65
- Work as an Investment Adviser Representative (IAR)
- Provide investment advice for a fee
- Manage client portfolios at an RIA
- No securities selling authority
Series 66
- Everything Series 65 allows, PLUS:
- Register as a securities agent (like Series 63)
- Work as both broker and adviser
- Dual registration in one exam
Who Should Take Each Exam?
Take the Series 65 if you...
- →Fee-only financial advisors
- →Those working at RIAs exclusively
- →CFP candidates needing licensure
- →Career changers (no SIE required)
Take the Series 66 if you...
- →Series 7 holders who also want adviser registration
- →Full-service financial advisors
- →Those at dual-registered firms (BD + RIA)
- →Wirehouse and hybrid advisors
Which Should You Take First?
If you don't have the Series 7 and only want to be an investment adviser (no securities sales), take the Series 65. If you already have or plan to get the Series 7, take the Series 66 - it's more efficient than taking the Series 63 and Series 65 separately.
Frequently Asked Questions
QCan I take the Series 66 without the Series 7?
No. The Series 66 requires you to have passed the Series 7 first. If you don't have the Series 7, you must take the Series 65 (standalone) plus the Series 63 separately.
QIs the Series 66 easier than taking Series 63 + Series 65?
The Series 66 is more efficient (one exam instead of two) and has fewer total questions (100 vs 190 combined). However, the passing score is slightly higher (73% vs 72%) and you must study for both topics at once.
QWhich is better for a career at a wirehouse?
For wirehouse advisors (Morgan Stanley, Merrill Lynch, etc.), you'll need the Series 7 anyway, so the Series 66 is the standard path. It gives you both agent and adviser registration in one exam.
QWhat if I only want to work at a fee-only RIA?
If you're certain you'll never sell securities (only give advice), the Series 65 is sufficient and doesn't require the Series 7. Many CFPs at fee-only RIAs only have the Series 65.
Ready to Start Studying?
Get 100% free exam prep for both exams - no credit card required.