Series 66 vs 63 Exam: What’s the Difference?

Getting ready to start your career in finance? You’re in good hands.

If you’re planning to sell securities or give investment advice, you’ll likely need the Series 63 or Series 66, both created by NASAA and administered by FINRA. They may look similar, but they lead to different roles. The Series 63 qualifies you for sales through a broker-dealer, while the Series 66 adds investment advisory and more flexibility.

Pass rates? The Series 63 is easier for most, while the Series 66 is more in-depth and has a lower pass rate.

This guide breaks down what each exam covers, who needs them, and how to choose the right one.

Key Takeaways

• Two Distinct Licenses: The Series 63 and Series 66 serve different state securities law requirements for securities agents and advisers.
• Series 66 Covers More: It combines Series 63 and Series 65 content into one comprehensive combined state law exam.
• Different Roles: The 63 is for broker-dealer agents; the 66 qualifies you for both investment advice and securities transactions.
• Co-Requisite Exams: You’ll need the Series 7 with the Series 66 license for full registration.
• NASAA Created Both: Each exam tests ethical practices, state laws, and compliance with the Uniform Securities Act.

How Do the Series 66 and 63 Exams Compare? Key Differences

What’s the Series 66 Exam?

The Series 66 exam is the more advanced of the two, and yeah, it’s a bigger commitment. But it opens more doors, especially if you’re looking to advise clients, not just sell to them.

• 100 scored questions + 10 unscored
• 150 minutes
• Passing score: 73

This exam is for professionals who want to both sell securities and offer investment advice, like building financial plans or managing client portfolios.

Heads-up: You still need to pass the Series 7 to be fully licensed. The 66 just covers the state law + investment adviser side of things.

What’s the Series 63 Exam?

The Series 63, officially the Uniform Securities Agent State Law Exam, is your entry-level license for securities sales through a broker-dealer. It focuses on:

• State securities laws
• Ethics and fair business practices
• How to work with client accounts legally and ethically

Here’s what to expect:

• 60 multiple-choice questions
• 75 minutes
• Passing score: 43

Note: You can’t work with clients on the Series 63 alone; you’ll also need the Series 7 to actually register and do business.

If your job is purely sales, like helping clients buy stocks, bonds, or mutual funds, this is usually the exam you’ll take. It’s shorter, more focused, and gets you licensed for transactions (not advice).

Series 63 or 66: Which Is More Difficult?

I’ve heard from a lot of candidates, and I’d agree that the Series 66 is definitely the tougher exam. It goes deeper into topics like fiduciary duty, investment planning, and economic trends, and the passing score is higher. But for those aiming to grow into advisory roles, it offers way more flexibility in the long run.

The Series 63, on the other hand, is shorter and more focused. It sticks to the basics — compliance, ethics, and state securities laws. If your main goal is to get licensed quickly for a sales role, this one’s the easier, more direct route.

Which One Should You Take? Series 66 or 63

Ask yourself:

• Do you plan to work strictly in a sales role, helping clients buy and sell investments without giving advice?
  👉 Take the Series 63. It’s faster, easier, and gets you licensed for that specific role.
• Do you want to offer investment advice, manage assets, or work in a planning or advisory role as well?
  👉 Go with the Series 66. It covers more ground and gives you way more flexibility, especially when paired with the Series 7.

Think long-term? Go with the Series 66.
Need something simple and sales-only? The Series 63 works just fine

My Verdict

Honestly? If you’re in this for the long haul, like building a career in finance, not just testing the waters, go for the Series 66. Yes, it’s longer. Yes, it’s harder. But it sets you up for way more opportunities without having to circle back for more exams later.

The Series 63 is fine if you’re strictly in a sales role or want to get licensed fast. But if there’s even a chance you’ll want to do more than sell, the 66 is worth it.

FAQs