Series 63 vs 65 vs 66: Which Do You Need?

Which one you need depends on the job. If you'll sell securities as a broker-dealer's agent, most states require the Series 63 on top of your FINRA exams, or the Series 66 with its corequisites. If you'll give investment advice for a fee as an investment adviser representative, you'll generally need the Series 65. If you'll do both, you can take the 63 and the 65, or the Series 66, which NASAA counts as both once you also hold a valid SIE and Series 7. Confirm with your state and your firm before you pay for an exam.

If a firm told you to get one of these, ask compliance which registrations it's filing for you, because that settles it. If you're on your own and want advisory work, take the 65. The 66 won't get you registered without a Series 7, and you can't take the Series 7 without a sponsoring firm. What each exam tests is in the Series 63, Series 65 and Series 66 posts.

The facts that decide it

The counts, times and passing scores come from NASAA's outlines for the Series 63, Series 65 and Series 66. The fees and corequisites come from FINRA's pages for the 63, 65 and 66. The "None" for the 63 doesn't mean it's enough by itself. To work as an agent you also need the FINRA exams your job calls for, and NASAA's FAQ says most states want the 63 on top of those.

If you're getting the Series 7 anyway and you'll do both jobs, I'd take the 66. It's one sitting of 100 scored questions for $177, against two sittings and 190 scored questions for $147 plus $187.

NASAA's model rule lists five designations that waive the Series 65, as long as they're current and in good standing when you file: CFP®, ChFC, CFA, PFS and CIMA. States adopt the rule themselves and NASAA says most accept these, so check with yours. You claim the waiver in Section 8 of Form U4, the registration application. You may still see the CIC on older lists, but NASAA replaced it with the CIMA in 2024 and removed the MSFS degree at the same time. NASAA's FAQ still shows the MSFS, so if that's what you hold, ask your state. A CPA license on its own doesn't count (only the AICPA's PFS does), and no designation waives the 66.

What people get wrong

The 66 looks like a shorter, cheaper 65, so it's easy to pick it for that reason. It only replaces the 63 and 65 if you also hold a valid SIE and Series 7. FINRA says it has no prerequisite and NASAA lets you take it and the 7 in either order, so nothing stops you taking it alone, but you can't register on it. FINRA also says Series 7 candidates must be associated with and sponsored by a FINRA member firm or other applicable self-regulatory organization (SRO) member firm. Under the model rule, the 66 and the 7 both have to be within two years of your adviser application, so a 66 you pass while job hunting can run out before a firm sponsors your 7. NASAA and FINRA both name the Series 7 specifically, so if you're on a Series 6, plan on the 63 and 65.

People also run together sponsorship, passing and registration, and they're separate steps. You don't need a sponsor to take any of the three. If you're not with a firm, you open an enrollment window on FINRA's site and pay the fee, and if you're with a FINRA member firm, the firm has to enroll you through Form U4. A pass doesn't let you do business. NASAA calls it "a prerequisite to a license, not a license in and of itself," and your state can also want an application (usually filed through a firm), a background check, bonding and fees. Most states give you two years from passing to get registered before the exam expires.

If you picked wrong or the job changes

Every extra exam means another fee and more study. If you pass the 65 and the job later includes selling, you'll need the 63 in most states, plus FINRA exams like the Series 7 that a firm has to sponsor.

If you hold the 7 and 63 and the job later includes advice, check with your state first, because NASAA says some states let registered brokerage reps act as adviser reps without another exam. If yours doesn't, either the 65 or the 66 works. The 66 has 30 fewer scored questions because it leaves out what the SIE and Series 7 already cover.

If a firm will only register you as an agent, I'd take the 63 unless you expect to add advisory work within two years. NASAA says a passed 66 always shows as expired in CRD, the registration system, two years after the test date. The credit you earn by registering is what lasts. You get an S63 credit when you register as an agent and an S65 credit when you register as an adviser representative. So an agent-only rep has no S65 credit, and the model rule wants a 65 or 66 passed within two years of your adviser application unless you've been registered as an adviser representative in the past two years. As I read that, you'd take another exam unless your state waives it.

NASAA's retake and remote testing rules change on January 4, 2027. Those changes apply to all three exams, so they won't change which one you need. All three outlines also say the questions will be updated in early 2027 for NASAA's May 2026 adviser advertising rule amendments, with the date still to come.

For practice, FreeFellow (which I run) has more than 850 Series 63, more than 900 Series 65 and more than 850 Series 66 questions, each with a step-by-step solution. The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free.

FreeFellow is not affiliated with, sponsored by, or endorsed by FINRA or NASAA. The Series 63, 65 and 66 exams are written by NASAA and administered through FINRA.