Series 63 vs Series 65: The Key Differences
The Series 63 and Series 65 are both state-level securities exams, but they serve different purposes and lead to different career paths. Understanding these differences is crucial for choosing the right exam for your goals.
Quick Comparison Table
| Feature | Series 63 | Series 65 |
|---|---|---|
| Full Name | Uniform Securities Agent State Law | Uniform Investment Adviser Law |
| Purpose | State registration for securities sales | Investment adviser representative registration |
| Prerequisites | Series 7, 6, or 22 | None (can take standalone) |
| Number of Questions | 60 (50 scored) | 130 (120 scored) |
| Time Limit | 75 minutes | 180 minutes |
| Passing Score | 72% (43 out of 60) | 72% (94 out of 130) |
| Cost | $147 | $187 |
| Focus | State securities laws | Advisory services + state law |
What is the Series 63 Exam?
The Series 63, officially called the Uniform Securities Agent State Law Examination, tests knowledge of state securities regulations. It's required for most securities professionals who want to sell securities within a state.
Series 63 Key Topics
- State securities registration requirements
- Exempt securities and transactions
- Fraudulent and unethical practices
- Broker-dealer and agent regulations
- Securities Administrator powers
Who Needs the Series 63?
The Series 63 is typically required if you:
- Work for a broker-dealer
- Sell securities products to clients
- Already passed Series 7 or Series 6
- Need state registration for sales activities
What is the Series 65 Exam?
The Series 65, officially called the Uniform Investment Adviser Law Examination, qualifies individuals to provide investment advice for compensation. It covers investment advisory regulations and practices.
Series 65 Key Topics
- Economic factors and business information
- Investment vehicle characteristics
- Client investment recommendations
- Laws, regulations, and ethics
- Fiduciary responsibility
Who Needs the Series 65?
The Series 65 is typically required if you:
- Want to become an investment adviser representative (IAR)
- Plan to provide investment advice for a fee
- Work for a registered investment adviser (RIA)
- Want to bypass Series 7 for advisory roles
Difficulty Comparison
Series 63 Difficulty
The Series 63 is considered moderately difficult with a pass rate around 72-75%. Most candidates study for 15-25 hours.
Challenges:
- Memorizing specific regulations
- Understanding exemptions
- State-specific nuances
Series 65 Difficulty
The Series 65 is more challenging with a pass rate around 68-72%. Most candidates need 40-60 hours of study.
Challenges:
- Broader content coverage
- More questions (130 vs 60)
- Investment theory knowledge required
- Fiduciary concepts
Career Paths
With Series 63
The Series 63 combined with Series 7 allows you to:
- Work as a registered representative
- Sell stocks, bonds, and mutual funds
- Earn commission-based income
- Work at broker-dealers like Schwab, Fidelity, or Morgan Stanley
With Series 65
The Series 65 allows you to:
- Work as an investment adviser representative
- Provide fee-based financial advice
- Work at RIA firms
- Potentially earn fee-based income
- Act as a fiduciary for clients
Can You Take Both?
Yes! Many professionals hold both licenses. The Series 66 is a combined exam that covers content from both Series 63 and Series 65, but requires passing the Series 7 first.
License Combinations
| Combination | Result |
|---|---|
| Series 7 + Series 63 | Registered Rep (sales) |
| Series 65 alone | Investment Adviser Rep (advice) |
| Series 7 + Series 65 | Both sales and advice |
| Series 7 + Series 66 | Both (equivalent to 63 + 65) |
Which Should You Choose?
Choose Series 63 if:
- You already have or plan to take Series 7
- Your goal is securities sales
- You want commission-based income
- Your firm requires it for state registration
Choose Series 65 if:
- You want to provide investment advice
- You prefer fee-based compensation
- You want to work for an RIA
- You don't want to take Series 7 first
2026 Exam Updates
As of 2026, both exams follow similar formats to previous years:
- Both are administered by FINRA
- Computer-based testing at Prometric centers
- Results provided immediately upon completion
- Registration through FINRA's Web CRD system
Study Tips for Success
- Use updated 2026 materials - regulations change annually
- Take practice exams - simulate test conditions
- Understand, don't just memorize - especially for Series 65
- Focus on exemptions - heavily tested on both exams
- Review ethics scenarios - common question format