Series 65 vs Series 66: Which Exam Should You Take?

Quick Decision Tree

The choice between Series 65 and Series 66 comes down to one question: Do you have (or plan to get) the Series 7 license?

Key Differences at a Glance

Prerequisites & Requirements

Series 65: No Prerequisites

The Series 65 is unique among securities exams because it has no prerequisites whatsoever:

• No degree required
• No sponsoring employer required
• No other exams required first
• Anyone can register and take it via FINRA’s TESS system

This makes the Series 65 ideal for career changers, entrepreneurs starting their own RIA, or professionals (like CPAs and attorneys) adding advisory services. Career changers should plan for 80-100+ hours of study time over 6-8 weeks. For a detailed breakdown of how study hours scale by background. And to understand if you fall into a faster or slower study group. See our complete study time guide.

Series 66: Series 7 Corequisite

The Series 66 requires the Series 7 as a corequisite (not a prerequisite). This means:

• You can take the Series 66 before passing the Series 7
• You can take them in any order
• However, you must pass both before you can register with a state
• The Series 7 itself requires the SIE (Securities Industry Essentials) exam

Exam Format Comparison

Series 65 Exam Structure

• Total questions: 140 (130 scored + 10 unscored pretest)
• Time: 180 minutes (3 hours)
• Passing score: 92 out of 130 (approximately 71%)
• Format: Multiple choice, computer-based at Prometric

Series 66 Exam Structure

• Total questions: 110 (100 scored + 10 unscored pretest)
• Time: 150 minutes (2.5 hours)
• Passing score: 73 out of 100 (73%)
• Format: Multiple choice, computer-based at Prometric

Notice the Series 66 has a higher passing threshold (73% vs 71%) despite being shorter. This reflects its focus on regulatory content that NASAA considers critical.

Content Focus: What Each Exam Covers

The most important difference between these exams is what they test:

Series 65 Content Breakdown

The Series 65 covers a broad range of topics including investment products, analysis, and regulations:

Series 66 Content Breakdown

The Series 66 focuses almost entirely on regulations since the Series 7 covers investment products:

Cost Comparison: Total Investment

The exam fee is just one part of the cost. Here is the full picture:

Series 65 Path (IAR Only)

Series 66 Path (Agent + IAR)

The Series 66 path costs roughly 2 to 3 times more than the Series 65 path. However, it also qualifies you for significantly more roles (both selling securities and advising).

Career Path Implications

Series 65 Opens These Doors

• Fee-Only Investment Adviser: Charge clients based on AUM or flat/hourly fees
• Independent RIA Owner: Start your own Registered Investment Adviser firm
• Financial Planner (non-sales): Create financial plans with investment recommendations
• Portfolio Manager: Manage client assets on a discretionary basis

Limitation: With only the Series 65, you cannot execute securities transactions. You would use a custodian (Schwab, Fidelity, etc.) to place trades on behalf of clients.

Understanding the fee-only business model in depth. Including compensation structures, regulatory advantages, and how it differs from commission-based sales. Is crucial for career planning. See our fee-only vs commission guide for a complete comparison.

Series 66 Opens These Doors

• Everything the Series 65 offers, plus:
• Securities Sales: Sell stocks, bonds, mutual funds, and variable products
• Dual Registration: Work as both a broker and adviser at a single firm
• Wirehouse Positions: Work at major broker-dealers (Merrill, Morgan Stanley, etc.)
• Insurance + Securities: Sell variable annuities and variable life insurance

Once you’ve decided on the Series 65, your next step is planning your study schedule. Our study schedule guide provides 4-week, 6-week, and 8-week timelines with day-by-day breakdowns tailored to your available study hours and timeline.

Difficulty Comparison: Which Is Harder?

This is the most debated question among candidates. The answer may surprise you.

Conventional Wisdom: Series 65 Is Easier

Most study providers suggest the Series 65 is easier because:

• It covers market knowledge that many find intuitive
• The regulatory portion is balanced by investment concepts
• The passing score (71%) is lower than Series 66 (73%)

What Test Takers Report

Many candidates who have taken both exams report the opposite experience. One common story: candidates who failed the Series 66 multiple times passed both the Series 65 and Series 63 on their first attempts.

Possible reasons the Series 66 may be harder:

• 90% regulatory content: Less variety makes studying feel monotonous
• Higher stakes: You have already invested time in SIE and Series 7
• Burnout: By exam three, many candidates are fatigued
• Overconfidence: Candidates assume it will be easy since it is shorter

For a complete analysis of what these unofficial pass rates mean, how Series 65 and Series 66 candidates compare, and what factors actually predict success vs failure, see our pass rate guide.

Bottom Line on Difficulty

If you struggle with pure memorization and regulatory minutiae, consider whether the Series 65 + Series 63 combination (if you need agent registration) might be easier for you than the Series 66. The extra exam fee may be worth the reduced stress.

Retake Policy: What If You Fail?

Both exams have identical waiting periods:

You must repay the exam fee for each attempt. Plan for potential retakes in your budget.

Summary: Making Your Decision

Remember: the “right” choice depends entirely on your career goals and current credentials. Both exams lead to legitimate, rewarding careers in financial services.