Series 65 vs Series 66: the facts
| Series 65 | Series 66 | |
|---|---|---|
| Official name | Uniform Investment Adviser Law Exam | Uniform Combined State Law Exam |
| Owner | NASAA exam administered by FINRA | NASAA exam administered by FINRA |
| Scored questions | 130 (+10 unscored) | 100 (+10 unscored) |
| Time | 3 hr | 2 hr 30 min |
| To pass | 92 of 130 correct (about 71%) | 73 of 100 correct (73%) |
| Exam fee | $187 | $177 |
| Sponsor required | No | No |
| Prerequisite | None | None to sit; Series 7 (and SIE) must be valid when you register |
| Online testing | Test center; NASAA allows online testing only by accommodation | Test center; NASAA allows online testing only by accommodation |
| Our prep (12 months) | $99 | $99 |
What each one lets you do
The Series 65 qualifies you as an investment adviser representative (IAR). The Series 66 qualifies you as if you passed both the Series 63 (state agent) and the Series 65 (IAR), but NASAA requires a valid SIE and Series 7 when you register with it. Content is similar; the 66 drops most economics and product detail (assumed from the Series 7) and puts 45% of its weight on law and ethics, vs 30% on the 65.
Which should you take?
| If... | Take |
|---|---|
| You will never sell commission products | Series 65 only. No SIE or Series 7 needed. |
| You have or will get the Series 7 and want to charge fees too | Series 66 (instead of 63 + 65): one exam, one fee ($177 vs $334 for 63 + 65). |
| You have the Series 7 and 63 already | Add the Series 65; the 66 would repeat the 63 content. |
| You might leave the broker-dealer for an RIA later | The 65 stands alone; a 66-based IAR registration depends on the Series 7 staying valid. |
Cost of each path (exam fees)
| Path | Note | Fees |
|---|---|---|
| Fee-only adviser | Series 65 | $187 |
| Dual registration | SIE + Series 7 + Series 66 | $672 |
| Dual, the long way | SIE + 7 + 63 + 65 | $829 |
Not sure?
Advisor Path bundle: SIE + Series 7 + Series 66 for $179
All three banks for one price (vs $297 bought separately). One-time payment, 12 months, free access extension until you pass.
Frequently asked questions
Is the Series 66 easier than the 65?
It is shorter (100 vs 130 scored questions) and lighter on economics and products, but heavier on law (45%). Candidates with a fresh Series 7 often find it easier; others do not.
Can I take the Series 66 without the Series 7?
You can sit for it, but you cannot register on it without a valid SIE and Series 7.
Do I need the Series 63 if I pass the 66?
No. The 66 covers the 63 content.
Sources
- FINRA - Series 65 Uniform Investment Adviser Law Exam (accessed 2026-09-23)
- FINRA - Series 66 Uniform Combined State Law Exam (accessed 2026-09-23)
- NASAA - Series 65 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)
- NASAA - Series 66 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)
- NASAA - Exam FAQs (accessed 2026-09-23)