Series 7 vs Series 66
The Series 7 is FINRA's full securities representative license for executing trades. The Series 66 is NASAA's combined state law exam (Series 63 + 65 content) that requires the Series 7 first. Together, they give you complete flexibility to both trade securities AND give advice for fees.
Side-by-Side Comparison
| Feature | Series 7 | Series 66 |
|---|---|---|
| Full Name | General Securities Representative | Uniform Combined State Law |
| Exam Cost | $245 | $177 |
| Passing Score | 72% | 73% |
| Questions | 125 (115 scored) | 100 (85 scored) |
| Time Limit | 3 hrs 45 min | 2 hr 30 min |
| Study Time | 80-120 hours | 50-70 hours |
| Difficulty | Challenging | Challenging |
| Prerequisites | SIE exam + firm sponsorship required | Series 7 required |
| Exam Body | FINRA | NASAA |
Key Differences
- 1Series 7 is a FINRA license; Series 66 is a NASAA state registration exam
- 2Series 7 enables trading; Series 66 adds state agent + adviser registration
- 3Series 66 REQUIRES Series 7 as a prerequisite
- 4Series 7 costs $245; Series 66 costs $177
- 5Series 7 has 125 questions; Series 66 has 100 questions
- 6Series 66 combines Series 63 + 65 content in one exam
- 7Together they provide dual registration capability
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 securities transactions
Series 66
- Register as both securities agent AND investment adviser rep
- Provide investment advice for fees (like Series 65)
- Sell securities at state level (like Series 63)
- Work at dual-registered firms (BD + RIA)
- Comprehensive state registration in one exam
Who Should Take Each Exam?
Take the Series 7 if you...
- →Aspiring stockbrokers
- →Commission-based financial advisors
- →Those at full-service broker-dealers
- →Those wanting to execute securities trades
Take the Series 66 if you...
- →Series 7 holders wanting adviser registration
- →Full-service financial advisors
- →Wirehouse and hybrid advisors
- →Those at dual-registered broker-dealer/RIA firms
Which Should You Take First?
You MUST take the Series 7 first - the Series 66 requires it as a prerequisite. The common path is SIE → Series 7 → Series 66, all typically within your firm's 120-day training window. This gives you both broker-dealer AND investment adviser registration.
Frequently Asked Questions
QCan I take the Series 66 before the Series 7?
No. The Series 66 requires the Series 7 as a prerequisite. You must have passed the Series 7 before you can register for the Series 66.
QIs Series 66 the same as taking Series 63 + 65 separately?
Effectively yes - the Series 66 combines the content of both exams (state agent law from 63 and investment adviser law from 65). It's more efficient for Series 7 holders because you take one exam instead of two.
QDo I need both Series 7 and Series 66?
If you want to work at a dual-registered firm (broker-dealer + RIA) and both execute trades AND charge advisory fees, yes. The Series 7 alone only allows trading at a broker-dealer. Adding Series 66 enables fee-based advisory services.
QWhat if I already have Series 7 + Series 63?
If you have Series 7 + 63 and want adviser registration, take the Series 65 (not Series 66). The Series 66 is only more efficient if you haven't taken the 63 yet. There's no need to retake 63 content.
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