Series 63 vs. Series 65: Different Exams for Different Purposes
The Series 63 and Series 65 are often confused because both are NASAA state law exams. But they serve different purposes — and many advisers need both. Here's exactly how they differ.
At a Glance
Series 63 | Series 65 | |
|---|---|---|
| Questions | 60 | 130 |
| Time limit | 1h 15m | 3h |
| Passing score | 72% | 72% |
| Prerequisite | None (usually paired with SIE + top-off) | None — standalone exam |
| Administered by | NASAA | NASAA |
| Difficulty | Moderate | Hard |
| Typical study time | 2–3 weeks | 8–10 weeks |
| Who needs it | Agents needing state registration alongside a FINRA license | Investment Adviser Representatives not holding a Series 7 |
Key Differences
What it authorizes
State registration as a securities agent / broker-dealer representative
Qualification as an Investment Adviser Representative (IAR) — allows charging fees for investment advice
Content focus
Uniform Securities Act: agent/BD registration, prohibited practices, ethics, and state administrator powers
Investment vehicles, economics, portfolio strategy, IA laws, and ethics
Paired with
SIE + Series 6 or Series 7 (required in most states for broker-dealer reps)
Standalone for fee-only advisers; sometimes paired with Series 63 for dually-registered advisers
Difficulty / study time
2–3 weeks of focused study; straightforward if you know the Uniform Securities Act
8–10 weeks; one of the harder NASAA exams covering economics and portfolio theory
Who Should Take Which?
Take the Series 63 if you're a broker-dealer agent who needs state registration to go along with your FINRA license. Most firms require it in every state you're registered in. It's a fast exam to prepare for — don't over-study it.
Series 63 exam prepTake the Series 65 if you're providing investment advice for compensation and charging AUM or hourly fees. Fee-only planners, RIA founders, and accountants adding investment management to their practice almost always need the 65.
Series 65 exam prepBottom Line
These exams are complementary, not competing. A dually-registered adviser at a firm with a broker-dealer AND an RIA will often hold both. If you only need one: are you a commissioned rep (→ 63) or a fee-charging adviser (→ 65)?