ExamSeries 65 · 65 vs 66
Series 65 vs Series 66: which one do you need?
One question decides it: do you have, or are you getting, the Series 7? If yes, take the 66. If no, take the 65. Everything else on this page is detail.
| Series 65 | Series 66 | |
|---|---|---|
| What it licenses | Investment adviser representative (IAR) | IAR and securities agent (combines the 63 and the 65) |
| Prerequisite / corequisite | None | Series 7 required to register (SIE too); no sponsor needed for the 66 itself, but the 7 needs one |
| Scored questions / time | 130 / 180 min (plus 10 pretest) | 100 / 150 min (plus 10 pretest) |
| Passing score | 92 of 130 (70.8%) | 73 of 100 (73%) |
| Content | Balanced: economics 15%, products 25%, recommendations 30%, law 30% | Law-heavy: state and federal regulation dominate; product knowledge is assumed from the 7 |
| Fee (2026) | $187 | $177 |
| Retake waits | 30 days after the first and second fail, 180 days after the third (60 days from January 4, 2027) | |
| Who takes it | RIA hires, career changers, CFP candidates, anyone not going the broker-dealer route | Broker-dealer reps who also give advice; anyone already holding the 7 |
Take the Series 65 if
- You're joining or starting a registered investment adviser and won't sell commissioned products.
- You have no sponsoring broker-dealer. The 65 is the one advisory exam you can take on your own: file Form U10, pay $187, book a Prometric date.
- You already hold the Series 63. The 66 would duplicate it.
- You're a career changer. The 66 route requires the Series 7, which requires a firm to sponsor you first.
Take the Series 66 if
- You have the Series 7 or your firm is putting you through it. One exam instead of two, and it covers both the agent registration and the adviser registration.
- You'll work at a broker-dealer that also does advisory business and wants you dual-registered.
Which is harder?
For a Series 7 holder, the 66 is the easier path: it's shorter and skips everything the 7 already covered. Taken cold, the 65 is the broader exam but has a slightly lower pass line. What the two share is where people fail: the Uniform Securities Act detail in the law sections, and pacing. Both give you roughly 83 to 90 seconds a question. See how hard is the Series 65.
Can you take the 66 without the 7?
You can sit the exam, but you can't register on it. The Series 7 is a corequisite for the 66 registration, so a passed 66 without the 7 licenses you for nothing until the 7 is done. If the 7 isn't in your plan, the 66 is the wrong exam.
After you pass
Either result is valid for two years for registration purposes: you must be registered with a state (as an IAR, via Form U4 through a firm) within two years of passing or the exam has to be retaken. Some states also waive the exam for holders of the CFP, CFA, ChFC, PFS or CIC designations; check your state's rules before enrolling.
Where do you stand today? Ten exam-style questions on the real clock, scored by section, with a pacing report. No account, no card.
Take the free 10-question pulse check →If the 65 is your exam: the free study sheet covers the whole outline as a checklist, and how long to study has a week-by-week plan by starting point.
Common questions
Do I need the Series 7 for the Series 65?
No. The Series 65 has no prerequisites and no sponsor requirement. You enroll yourself through FINRA's Form U10.
Is the Series 66 easier than the Series 65?
For someone who already holds the Series 7, usually yes: it's shorter and assumes the product knowledge the 7 tested. Taken without that background, the 65 is broader but has a lower pass line.
Does the Series 66 replace the Series 63 and 65?
Yes. Passing the 66, together with the Series 7, satisfies both the state agent registration (63) and the state investment adviser representative registration (65).
Can I take the Series 65 and later add the 66?
You can, but you rarely need to. If you later join a broker-dealer and get the 7, the 63 is usually enough alongside your existing 65.
How long are Series 65 and 66 results valid?
Two years to become registered in at least one state after passing; after that the exam must be retaken unless a state grants a waiver.