Series 65 vs. Series 66: Which Investment Adviser Exam Is Right for You?
Both the Series 65 and Series 66 qualify you as an Investment Adviser Representative (IAR) — but they're designed for different career paths. The exam you take depends almost entirely on whether you hold (or plan to hold) a Series 7.
At a Glance
Series 65 | Series 66 | |
|---|---|---|
| Questions | 130 | 100 |
| Time limit | 3h | 2h 30m |
| Passing score | 72% | 75% |
| Prerequisite | None — standalone exam | SIE + Series 7 (co-requisite) |
| Administered by | NASAA | NASAA |
| Difficulty | Hard | Hard |
| Typical study time | 8–10 weeks | 6–8 weeks |
| Who needs it | Investment Adviser Representatives not holding a Series 7 | Registered reps who also want investment adviser authority |
Key Differences
Who can take it
Anyone — no Series 7 required. Standalone exam.
Must hold (or be testing for) the Series 7
Content scope
Pure investment adviser law: economics, investment vehicles, portfolio strategy, IA laws and ethics
Investment adviser law (Series 65 content) + state broker-dealer law (Series 63 content)
What it replaces
Standalone — no other exam needed for IAR status
Replaces both Series 63 and Series 65 for candidates who also hold a Series 7
Questions / time
130 questions, 3 hours
100 questions, 2.5 hours
Passing score
72% (94 of 130)
75% (73 of 100) — tighter threshold despite fewer questions
Who Should Take Which?
Take the Series 65 if you're becoming a fee-only financial planner, starting an RIA firm, or working in a role where you won't also hold a FINRA broker-dealer license. Many CFP® certificants, accountants, and estate attorneys use the 65 to add IA authority to their practice.
Series 65 exam prepTake the Series 66 if you're at a dually-registered firm (broker-dealer + RIA) and will hold a Series 7. It's the single most efficient path to both registered rep and IAR status — and it's a shorter exam than the 65.
Series 66 exam prepBottom Line
No Series 7? Take the 65. Have (or plan to get) a Series 7? Take the 66. The 66 has a tougher passing score but fewer questions — study time is similar to the 65 when you factor in the broker-dealer law it adds.