Series 63 vs Series 65: the facts
| Series 63 | Series 65 | |
|---|---|---|
| Official name | Uniform Securities Agent State Law Exam | Uniform Investment Adviser Law Exam |
| Owner | NASAA exam administered by FINRA | NASAA exam administered by FINRA |
| Scored questions | 60 (+5 unscored) | 130 (+10 unscored) |
| Time | 75 min | 3 hr |
| To pass | 43 of 60 correct (about 72%) | 92 of 130 correct (about 71%) |
| Exam fee | $147 | $187 |
| Sponsor required | No | No |
| Prerequisite | None | None |
| Online testing | Test center; NASAA allows online testing only by accommodation | Test center; NASAA allows online testing only by accommodation |
| Our prep (12 months) | $59 | $99 |
What each one lets you do
The 63 is law and ethics only. The 65 includes law and ethics (30%) plus economics, investment vehicles and client strategies. If you need both, the Series 66 combines them for Series 7 holders.
Which should you take?
| If... | Take |
|---|---|
| Series 7 broker, commissions only | Series 63. |
| Fee-only adviser | Series 65. |
| Series 7 holder wanting both | Series 66 instead of 63 + 65. |
Cost of each path (exam fees)
| Path | Note | Fees |
|---|---|---|
| Series 63 | $147 | |
| Series 65 | $187 | |
| 63 + 65 | $334 | |
| Series 66 (replaces both, needs Series 7) | $177 |
Not sure?
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Frequently asked questions
Is the Series 63 part of the Series 65?
Much of the state-law content overlaps, but they are separate exams with separate registrations.
Do I need the Series 63 if I have the 65?
Only if you will also act as an agent of a broker-dealer in a state that requires it.
Sources
- FINRA - Series 63 Uniform Securities Agent State Law Exam (accessed 2026-09-23)
- FINRA - Series 65 Uniform Investment Adviser Law Exam (accessed 2026-09-23)
- NASAA - Series 63 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)
- NASAA - Series 65 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)