Series 7 vs Series 65
The Series 7 is for broker-dealer representatives who execute securities trades and earn commissions. The Series 65 is for investment advisers who provide advice for fees at RIAs. Series 7 requires firm sponsorship and the SIE; Series 65 is standalone with no prerequisites.
Side-by-Side Comparison
| Feature | Series 7 | Series 65 |
|---|---|---|
| Full Name | General Securities Representative | Uniform Investment Adviser Law |
| Exam Cost | $245 | $187 |
| Passing Score | 72% | 72% |
| Questions | 125 (115 scored) | 130 (120 scored) |
| Time Limit | 3 hrs 45 min | 3 hours |
| Study Time | 80-120 hours | 60-80 hours |
| Difficulty | Challenging | Challenging |
| Prerequisites | SIE exam + firm sponsorship required | None - no SIE required |
| Exam Body | FINRA | NASAA |
Key Differences
- 1Series 7: selling/trading securities; Series 65: giving advice for fees
- 2Series 7: requires SIE + firm sponsorship; Series 65: no prerequisites
- 3Series 7: work at broker-dealers; Series 65: work at RIAs
- 4Series 7: commission-based compensation; Series 65: fee-based compensation
- 5Series 7: FINRA exam; Series 65: NASAA exam (state-level)
- 6Series 7: suitability standard; Series 65: fiduciary standard (at RIAs)
- 7Many advisors have BOTH for flexibility
What Each Exam Allows You To Do
Series 7
- Sell all types of securities (stocks, bonds, options)
- Execute trades for clients
- Work as a stockbroker at broker-dealers
- Recommend investment strategies
- Earn commissions on trades
Series 65
- Provide investment advice for a fee
- Work as an Investment Adviser Representative (IAR)
- Manage client portfolios
- Work at RIAs (Registered Investment Advisers)
- Charge advisory fees (AUM-based or flat fee)
Who Should Take Each Exam?
Take the Series 7 if you...
- →Aspiring stockbrokers
- →Commission-based financial advisors
- →Those at broker-dealer firms
- →Those wanting to execute securities trades
Take the Series 65 if you...
- →Fee-only financial advisors
- →CFPs working at RIAs
- →Career changers (no SIE required)
- →Those preferring advice over sales
Which Should You Take First?
It depends on your career model. Take the Series 7 if you want to work at a broker-dealer executing trades and earning commissions. Take the Series 65 if you want to be a fee-only adviser at an RIA. If you want both capabilities, many get Series 7 first (requires sponsorship), then add Series 65 or take Series 66.
Frequently Asked Questions
QCan I give advice with just the Series 7?
The Series 7 allows you to recommend investments for suitability, but for fee-based advisory services at an RIA, you need the Series 65 (or Series 66 if you have the Series 7). Many broker-dealers are also RIAs, requiring both registrations.
QIs the Series 65 easier without needing the SIE?
The Series 65 is standalone (no SIE required), making it popular for career changers. However, the exam itself covers substantial content on investments, economics, and regulations. It's not 'easier' - just has fewer prerequisites.
QWhich is better for a CFP?
It depends on your practice model. Fee-only CFPs typically need just the Series 65. CFPs at broker-dealers or wirehouses need the Series 7 plus Series 65 or Series 66. The Series 65 is the minimum for independent RIA work.
QWhat about the Series 66?
The Series 66 combines Series 63 (state agent law) and Series 65 (adviser law) into one exam. If you have the Series 7, the Series 66 is more efficient than taking 63 and 65 separately. It gives you both agent and adviser registration.
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