Series 65 vs. Series 66: Which License Do You Need?

A securities license can expand your career options, whether you plan to launch your own RIA or join an established advisory firm as an investment advisor representative (IAR). Your desired role and its associated responsibilities can influence which license (or licenses) you need. If you’re debating whether to pursue a Series 65 vs. Series 66 credential, it’s helpful to understand what each one enables you to do.

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What Is the Series 65 License?

Series 65, also referred to as the Uniform Investment Advisor Law Examination, qualifies someone to be an IAR and charge a fee for investment advice. The Series 65 exam was created by the North American Securities Administrators Association (NASAA) and is administered by the Financial Industry Regulatory Authority (FINRA).

Who Needs the Series 65?

A Series 65 license is required to work as an IAR, either independently or for an existing RIA firm. Financial planners and consultants who want to offer investment advice for a fee would need the Series 65 to do so.

The Series 65 is not a requirement for broker-dealers representatives who hold another approved designation. For example, if you hold the Certified Financial Planner™ credential, that could exempt you from having to take the Series 65 exam.

Series 65 Requirements

To obtain a Series 65 license, you’ll need to pass a FINRA-administered exam that tests your knowledge of investment advice. There are four core areas of focus:

Economic factors and business information
Investment vehicle characteristics
Client investment recommendations and strategies
Laws, regulations and guidelines on unethical business practices

Each area of focus is further broken down into specific topics, and the NASAA routinely updates exam outlines to reflect changing industry trends. For example, recent additions include questions covering continuing education requirements for IARs, alternative investments and Regulation Best Interest (BI).

The exam consists of 130 questions, plus 10 pretest questions. You’ll have 180 minutes to complete the exam, and at least 92 of the questions must be answered correctly to earn a passing score. There are no prerequisites, and you don’t need a Series 7 license to register. If you’ve already taken the Securities Industry Essentials (SIE) exam and/or Series 7 exam, you may be familiar with how the test-taking process works.

You don’t need to be sponsored by an RIA firm to take the Series 65 exam, either. However, if you are sponsored, your firm may need to submit a Form U4 on your behalf in order for you to enroll. Otherwise, you’ll enroll for the exam through the FINRA website, schedule your exam date, and pay the required fee. As of February 2026, the Series 65 exam fee was $187.

The Series 65 exam is offered onsite; online testing is limited to individuals who need special accommodations. In terms of how to prepare, you might invest in Series 65 exam prep. The number of hours you’ll need to spend studying can depend on your familiarity with the concepts covered on the exam. A typical range may be anywhere from 30 to 75 study hours.

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What Is the Series 66 License?

A Series 66 license qualifies you to act as an investment advisor representative, and it also gives you the authority to buy and sell securities. The Series 66 exam, formally called the Uniform Combined State Law Examination, was also created by the NASAA and is administered by FINRA.

Who Needs the Series 66?

You’ll need a Series 66 license to offer investment advice and execute trades for clients. The Series 66 combines the state law portions of the Series 63 and Series 65 exams, but it must be paired with the Series 7. There are no exemptions for advisors who hold professional designations. For example, if you have a CFP® mark or a Chartered Financial Analyst (CFA) credential, you’ll still need to pass the Series 66 exam if you want to act as a securities agent.

Series 66 Requirements

The Series 66 license requires you to complete an exam that consists of 100 multiple-choice questions and 10 pretest questions. To pass, you must correctly answer at least 73 of the 100 scored questions.

The exam covers the same four areas of study included on the Series 65 exam, along with areas of focus from the Series 63 exam. There’s a significant emphasis on regulation and ethics surrounding the sale of securities. Unlike the Series 65 license, there are corequisites to register for the Series 66. You must complete both the SIE and the Series 7 exams, though it’s up to you to decide in what order to complete them.

You don’t need to be sponsored by a FINRA-member firm to take the Series 66 exam, but if you are, your firm will need to complete Form U4 and submit it on your behalf. If you’re self-enrolling, you can register for the exam through the FINRA website and pay the required fee. As of February 2026, the Series 66 exam fee was $177. Sponsorship is required for the Series 7.

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Series 65 vs. Series 66: Which One Do You Need?

A Series 65 license qualifies you to offer investment advice for a fee. It’s also generally easier to obtain than a Series 66 license since you aren’t required to complete the SIE or obtain a Series 7 license. You could also skip the Series 65 requirement altogether if you hold a qualifying credential.

If you would also like to buy and sell securities on behalf of your clients, you’ll need a Series 66 license. The path to obtaining this license is a bit more complicated, since you’ll need to meet the SIE and Series 7 corequisites, but it can eventually open you up to a broader range of career opportunities.

For example, if you’d like to eventually transition into portfolio management or wealth management, or get a financial advisor job at a bank, a Series 66 license may be a requirement for those types of roles. Private client advisor and relationship manager positions may have similar requirements.

Between the two licenses, a Series 66 may be preferable if you’d like to move beyond just financial planning. If you already have a Series 7 license or are in the process of obtaining one, a Series 66 may feel like the next natural step. Regardless of which license you choose, preparation matters, and there are numerous resources available online to help you study for the Series 65 or the Series 66 exams.

Frequently Asked Questions (FAQ)

Is the Series 65 easier than the Series 66?

The Series 65 is often viewed as more straightforward because it does not require passing the SIE or Series 7 exams. The Series 66, by contrast, must be paired with the Series 7, which adds additional study time and testing requirements.

Does a CFP® certification replace the Series 65 or 66?

Certain professional designations, such as the CFP®, CFA or others recognized by regulators, may qualify you for a waiver of the Series 65 requirement in some states. However, these designations do not replace the Series 66 if you plan to function as both a securities agent and an investment adviser representative.

How long are Series 65 and Series 66 licenses valid?

The licenses remain valid as long as you are properly registered and affiliated with a firm. If you leave the industry and are not registered for a period of time, you may need to retake the exam, depending on how long your registration lapses.

Bottom Line

Deciding whether to earn a Series 65 vs. Series 66 license ultimately depends on what shape you’d like your career plans to take. A Series 65 may be sufficient if you want to offer fee-based investment advice to clients. However, if you’d like to be able to trade securities for clients, you may need to set your sights on the Series 66 license instead.

Tips for Growing Your Advisory Business

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