Series 7 vs Series 65: Broker vs Adviser

The Series 7 makes you a broker: you sell securities for a broker-dealer and are usually paid by commission. The Series 65 makes you an investment adviser representative: you give advice for a fee and owe clients a fiduciary duty. The 7 requires a sponsor; the 65 does not.

Updated 2026-09-23 · 4 sources · By the SeriesPrepKit team

Series 7 vs Series 65: the facts

Verified on FINRA exam pages and NASAA materials on 2026-09-23.
Series 7Series 65
Official nameGeneral Securities Representative ExamUniform Investment Adviser Law Exam
OwnerFINRANASAA exam administered by FINRA
Scored questions125 (+5 unscored)130 (+10 unscored)
Time3 hr 45 min3 hr
To pass72 (scaled)92 of 130 correct (about 71%)
Exam fee$395$187
Sponsor requiredYesNo
PrerequisiteFirm sponsorship; SIE is a co-requisite for registrationNone
Online testingTest center; online only with an approved accommodationTest center; NASAA allows online testing only by accommodation
Our prep (12 months)$119$99

What each one lets you do

Brokers are regulated under Reg BI and FINRA rules; advisers under the Investment Advisers Act and state law with a fiduciary standard. Many advisors hold both (usually as SIE + 7 + 66).

Which should you take?

If...Take
You want to work at an RIA, fee-onlySeries 65.
You want to work at a broker-dealerSIE + Series 7 (+ 63).
BothSIE + 7 + 66.

Cost of each path (exam fees)

FINRA/NASAA exam fees verified 2026-09-23; prep costs extra.
PathNoteFees
Series 65 only$187
SIE + 7 + 63$642
SIE + 7 + 66$672

Get the full Series 65 bank

Outline-weighted original questions with explanations, section drills and timed full-length exams. $99 one-time, 12 months, free access extension until you pass.

Get Series 65 access - $99

Frequently asked questions

Which is harder, the Series 7 or 65?

The Series 7 runs longer (3 hr 45 min vs 3 hr) and is heavier on product math such as options and margin. The 65 has slightly more scored questions (130 vs 125) and more economics, law and ethics.

Can I take the Series 65 without a sponsor?

Yes. NASAA lets unsponsored candidates enroll through FINRA’s TESS system.

Sources

  1. FINRA - Series 7 General Securities Representative Exam (accessed 2026-09-23)
  2. FINRA - Series 65 Uniform Investment Adviser Law Exam (accessed 2026-09-23)
  3. NASAA - Exam FAQs (accessed 2026-09-23)
  4. SEC - Regulation Best Interest (accessed 2026-09-23)