Choosing your Series 63 vs 65 vs 66 comes down to matching the exam to your role. This guide separates the introductory SIE, the FINRA representative exams, and the NASAA state-law and adviser exams, then points you to securities exam prep providers — including current CertLaunch partner pricing — so you can compare before you buy.

Securities exam overview

The Series 63, 65, and 66 are all NASAA state-law exams, but they are not interchangeable. The 63 is for broker-dealer agents, the 65 is a standalone investment adviser exam, and the 66 combines both but requires the Series 7.

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Start with the exam decision

Confirm the exam first, then compare providers. Once you know which exam you need, the securities exam prep comparison shows providers, packages, and current CertLaunch partner pricing in one place so you do not overpay.

Three NASAA exams, three different jobs1

The Series 63, 65, and 66 are NASAA uniform exams that cover state securities law. They sit alongside the FINRA exams (the SIE, Series 6, and Series 7), not in place of them, and NASAA notes that passing one may satisfy only part of a state registration requirement.

The difference is which registration each supports: broker-dealer agent, investment adviser representative, or both. Two of the three need no sponsor, which is why career changers often take them independently.

Series 63: the broker-dealer agent exam2

The Series 63 (Uniform Securities Agent State Law Examination) covers state securities regulation and prohibited practices for broker-dealer agents. It has 60 scored questions (65 total with 5 unscored pretest questions), a 1 hour 15 minute limit, and requires 43 of 60 correct to pass. No sponsor is required to sit.

It is most commonly paired with the Series 7: many broker-dealer agents complete the SIE, the Series 7, and the Series 63.

Series 65: the standalone adviser exam3

The Series 65 (Uniform Investment Adviser Law Examination) qualifies investment adviser representatives. It has 130 scored questions (140 total), a 180-minute limit, and requires 92 of 130 correct to pass. It needs no sponsor and no SIE, which makes it the common path for advisory-only and fee-based roles.

It is also the most demanding of the three NASAA exams because it is the longest and covers the most ground.

Series 66: the combined exam (with Series 7)4

The Series 66 (Uniform Combined State Law Examination) combines the Series 63 and Series 65 material into one exam: 100 scored questions (110 total), 150 minutes, 73 of 100 to pass. The catch is that the Series 7 is a corequisite, so the Series 66 is used together with the Series 7, not instead of it.

For someone already taking the Series 7 who needs both agent and adviser registration, the Series 66 can be more efficient than taking the Series 63 and Series 65 separately.

So which one do you need?1

A quick way to decide: if you are a broker-dealer agent pairing with the Series 7, the Series 63 is the usual add-on. If you are pursuing an advisory-only role without the Series 7, the Series 65 is the standalone path. If you are taking the Series 7 and need both agent and adviser registration, the Series 66 combines them.

Your firm, state, and role make the final call, so confirm before you buy prep. When you know your exam, compare providers on the matching CertLaunch page. Two carry CertLaunch partner pricing: Kaplan Financial Education (20% off) and ExamFX / Training Consultants (30% off with code Cert30).

Once you know your exam, use the securities exam prep comparison to see current package prices, provider formats, and available CertLaunch partner pricing. Compare before you buy instead of paying the first list price you see.

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Securities exam FAQs

What is the difference between the Series 63, 65, and 66?234

The Series 63 is a state-law exam for broker-dealer agents; the Series 65 is a standalone investment adviser exam; the Series 66 combines both but requires the Series 7 as a corequisite.

Should I take the Series 65 or the Series 66?34

Take the Series 65 if you want a standalone adviser exam with no Series 7. Take the Series 66 if you are already doing the Series 7 and want to combine agent and adviser registration. Your firm and role decide.

Do the NASAA exams require a sponsor?14

The Series 63 and Series 65 do not require a sponsor. The Series 66 has no sponsor requirement of its own, but it requires the Series 7 as a corequisite, and the Series 7 requires firm sponsorship.

How many questions are on each NASAA exam?234

Per NASAA: the Series 63 has 60 scored questions (43 to pass), the Series 65 has 130 scored questions (92 to pass), and the Series 66 has 100 scored questions (73 to pass).

Does passing a NASAA exam let me start doing business?1

No. NASAA notes that passing may satisfy only part of a state requirement and does not by itself convey the right to transact business before state license or registration.

Sources and citations

CertLaunch uses official state, application, exam-vendor, statute, and administrative-code sources for regulated licensing facts. Verify details before forms, exams, fingerprints, or renewal.

  1. 1Official sourceNASAA examshttps://www.nasaa.org/exams/ ↗
  2. 2Official sourceNASAA Series 63 content outlinehttps://www.nasaa.org/exams/general-exam-information/series-63-exam-content-outline/ ↗
  3. 3Official sourceNASAA Series 65 content outlinehttps://www.nasaa.org/exams/general-exam-information/series-65-exam-content-outline/ ↗
  4. 4Official sourceNASAA Series 66 content outlinehttps://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/ ↗