Which Securities Exam Do I Need? Differences and Pathways

The exam you need depends on two questions: what you’ll sell, and whether you’ll give advice for a fee. The Series 6 covers mutual funds and variable products, and the Series 7 covers nearly everything else. On the state side, the Series 63 licenses agents, the Series 65 licenses advisers and the Series 66 combines both for Series 7 holders.

Start with what you’ll do

Securities licenses are tied to job functions. Two people at the same firm can need completely different exams, because one sells packaged products and the other manages client portfolios for a fee. Once you know what your role involves, the exam path usually becomes clear.

Most candidates need two kinds of licenses: a FINRA license that lets you sell securities, and a state license from NASAA that lets you do it in a particular state, give advice, or both.

Series 63 vs. Series 65 vs. Series 66

These three are state law exams written by NASAA. They overlap, so the right choice depends on what you already hold.

	Series 63	Series 65	Series 66
Official name	Uniform Securities Agent State Law Exam	Uniform Investment Adviser Law Exam	Uniform Combined State Law Exam
What it qualifies you to do	Act as a securities agent in a state	Give investment advice for a fee	Both
Scored questions	60	130	100
Time	75 minutes	180 minutes	150 minutes
Passing score	72% (43 correct)	About 71% (92 correct)	73% (73 correct)
Corequisite	None	None	Series 7
Typical candidate	Brokers with a Series 6 or 7	Fee-based advisors without a Series 7	Series 7 holders who also give fee-based advice

The Series 63 is the agent license most brokers add after their Series 6 or 7. The Series 65 is for advisers who give fee-based advice. And if you hold a Series 7 and plan to do both, the Series 66 replaces the 63 and 65 with a single exam.

Series 6 vs. Series 7

Both are FINRA exams, both require a sponsoring firm and both have the Securities Industry Essentials (SIE) exam as a corequisite. What separates them is the range of products you can sell.

	Series 6	Series 7
License	Investment Company and Variable Contracts Products Representative	General Securities Representative
Products	Mutual funds, variable annuities, variable life insurance, unit investment trusts and 529 plans	Nearly all securities, including stocks, bonds, options and the Series 6 products
Scored questions	50	125
Time	90 minutes	3 hours and 45 minutes
Passing score	70%	72%
Typical roles	Bank and insurance representatives	Financial advisors, brokers, wealth management and trading roles

The Series 6 is shorter and narrower. The Series 7 opens far more roles, and it is required for the Series 66. In practice, your firm usually decides which one you take when it sponsors you.

New to finance? Start with the SIE

The SIE covers the basics of the industry and is the corequisite for both the Series 6 and the Series 7. It has 75 scored questions, a 105-minute time limit and a 70% passing score, and you don’t need a sponsoring firm to take it.

That makes it the natural first step. Candidates who pass the SIE before they’re hired walk in as stronger applicants, with only the top-off exam left once they start. For a closer look at how the two compare, see Is the Series 7 Harder Than the SIE?.

Which exam do you need?

If you’re new to the industry, start with the SIE. From there, the path depends on what you’ll sell. If your role is limited to mutual funds, variable annuities and similar products, take the Series 6. If you’ll handle stocks, bonds, options or a broad range of securities, take the Series 7. Either way, most brokers then add the Series 63.

If you’ll also give investment advice for a fee, the answer depends on your FINRA license. With a Series 7, take the Series 66 in place of the 63 and 65. Without one, take the Series 65.

Still not sure? Ask your firm’s licensing or compliance team. Your role and your state determine exactly which licenses you need.

How to prepare for the Series 63

The Series 63 is the shortest exam on this list, but it doesn’t leave much room for error. You have 75 minutes for 60 scored questions, and you need 43 correct to pass.

Start with the definitions. A large share of the exam turns on who counts as an agent, a broker-dealer, an investment adviser or an investment adviser representative, and what each must register for. Once those are solid, move to exemptions, which questions test in precise wording, and then to ethics and prohibited practices, which make up a large share of the exam.

Practice with scenarios rather than flashcards alone, because the exam asks you to apply a rule to a situation. And take the 63 soon after your Series 6 or 7, while the overlapping content is fresh. We recommend studying for the Series 63 for 30-40 hours.

Choosing the right course for your path

Your path	Courses
New to finance	SIE
Packaged products representative	SIE, Series 6, Series 63
General securities representative	SIE, Series 7, Series 63
Fee-based advisor without a Series 7	Series 65
Full-service advisor	SIE, Series 7, Series 66

Every Knopman Marks course combines faculty instruction, a large practice question bank with full explanations and full-length practice exams that tell you when you’re ready. If you’re taking more than one exam, our bundles cover the full path.

Find your exam

FAQ

What is the Series 63 exam? The Series 63 is NASAA’s Uniform Securities Agent State Law Exam. It qualifies you to act as a securities agent in a state and covers state securities law, registration and ethics.

Do I need both the Series 63 and Series 65? Only if you act as a securities agent and also give investment advice for a fee. If you hold a Series 7, you can take the Series 66 instead of both.

Is the Series 6 easier than the Series 7? The Series 6 is shorter and covers fewer products, so most candidates find it more manageable. The Series 7 qualifies you for a much wider range of roles.

Can I take the Series 7 without a job? No. The Series 7 requires sponsorship by a FINRA member firm. You can take the SIE on your own.

Which exam should I take first? Start with the SIE, then take the Series 6 or 7, followed by the state exam your role requires.