SIE vs Series 65
The SIE is FINRA's prerequisite for broker-dealer representative exams - required for Series 6 and Series 7. The Series 65 is NASAA's standalone exam for investment adviser representatives - it does NOT require the SIE, making it a popular choice for career changers wanting to work at RIAs.
Side-by-Side Comparison
| Feature | SIE | Series 65 |
|---|---|---|
| Full Name | Securities Industry Essentials | Uniform Investment Adviser Law |
| Exam Cost | $80 | $187 |
| Passing Score | 70% | 72% |
| Questions | 75 (70 scored) | 130 (120 scored) |
| Time Limit | 1 hr 45 min | 3 hours |
| Study Time | 40-60 hours | 60-80 hours |
| Difficulty | Entry-level | Challenging |
| Prerequisites | None - anyone 18+ can take it | None - no SIE required! |
| Exam Body | FINRA | NASAA |
Key Differences
- 1SIE is required for broker-dealer path; Series 65 is completely standalone
- 2SIE leads to selling securities; Series 65 leads to giving advice for fees
- 3SIE is FINRA; Series 65 is NASAA (state-administered)
- 4SIE costs $80; Series 65 costs $187
- 5SIE has 75 questions in 1 hr 45 min; Series 65 has 130 questions in 3 hours
- 6Series 65 requires no other exams - major advantage for career changers
What Each Exam Allows You To Do
SIE
- Demonstrates foundational securities knowledge
- Required before Series 6, 7, or other FINRA rep exams
- Valid for 4 years
- Step toward broker-dealer representative roles
Series 65
- Work as an Investment Adviser Representative (IAR)
- Provide investment advice for a fee
- Manage client portfolios at an RIA
- Work at fee-only financial planning firms
Who Should Take Each Exam?
Take the SIE if you...
- →Those pursuing broker-dealer careers
- →Career changers exploring securities industry
- →College students getting a head start
- →Those wanting Series 6 or Series 7
Take the Series 65 if you...
- →Fee-only financial advisors
- →Those working at RIAs
- →CFPs needing licensure
- →Career changers (no SIE required!)
Which Should You Take First?
They lead to completely different careers! Take the SIE if you want to work at a broker-dealer selling securities (then Series 6 or 7). Take the Series 65 directly if you want to be a fee-only investment adviser at an RIA - no SIE needed. Many career changers prefer Series 65 because it's completely standalone.
Frequently Asked Questions
QDo I need the SIE for the Series 65?
No! This is the key advantage of the Series 65 - it's a NASAA exam, not a FINRA exam, so the SIE is not required. You can take the Series 65 with no prior exams, making it popular for career changers.
QWhich is better for becoming a financial advisor?
It depends on your business model. Series 65 is for fee-only advisers at RIAs (charging advisory fees). The SIE → Series 7 path is for broker-dealer reps (earning commissions on trades). Many advisors eventually get both for flexibility.
QWhich is harder: SIE or Series 65?
The Series 65 is significantly harder - it's longer (130 vs 75 questions), takes more time (3 hours vs 1 hr 45 min), covers more material (investments, economics, regulations), and requires more study time (60-80 hours vs 40-60 hours).
QCan I skip the SIE and just take Series 65?
Yes, if you want to work at an RIA as a fee-only adviser. The Series 65 is completely standalone. However, if you also want to execute trades or work at a broker-dealer, you'll still need the SIE + Series 7 (or Series 66 which combines 63+65).
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