Series 63 vs. Series 66: Which State Law Exam Do You Need?
Both the Series 63 and Series 66 cover NASAA state securities law, but they serve very different purposes. Understanding which one you need before you register can save you months of wasted study time.
At a Glance
Series 63 | Series 66 | |
|---|---|---|
| Questions | 60 | 100 |
| Time limit | 1h 15m | 2h 30m |
| Passing score | 72% | 75% |
| Prerequisite | None (usually paired with SIE + top-off) | SIE + Series 7 (co-requisite) |
| Administered by | NASAA | NASAA |
| Difficulty | Moderate | Hard |
| Typical study time | 2–3 weeks | 6–8 weeks |
| Who needs it | Agents needing state registration alongside a FINRA license | Registered reps who also want investment adviser authority |
Key Differences
What it replaces
Covers state law only — you still need a separate investment adviser exam (Series 65) if you want IA authority
Combines Series 63 + Series 65 content — one exam replaces both for reps who hold a Series 7
Prerequisites
No formal prerequisite — typically taken alongside SIE and a top-off (Series 6 or 7)
Requires passing the Series 7 (co-requisite, not a prerequisite — can be taken concurrently)
Passing score
72% (43 of 60 scored questions)
75% (73 of 100 scored questions) — the hardest passing threshold of the NASAA exams
Investment adviser authority
No — grants only state agent/broker-dealer registration
Yes — grants both broker-dealer agent and Investment Adviser Representative status
Best paired with
SIE + Series 6 (or Series 7 if IA authority comes from a separate Series 65)
SIE + Series 7
Who Should Take Which?
Take the Series 63 if you're getting a Series 6 license (mutual funds/annuities rep), or if you already hold a Series 65 and just need state registration. It's also the right choice if you're not planning to provide investment advice for a fee.
Series 63 exam prepTake the Series 66 if you're pursuing the Series 7 and want to be both a broker-dealer representative and an Investment Adviser Representative. It's the efficient path for advisers at dually-registered firms.
Series 66 exam prepBottom Line
The decision comes down to your license path: Series 6 → take the 63. Series 7 and want IA authority → take the 66. If you're unsure, check with your firm's compliance department before registering — they'll know which combination your state requires for your role.