Exam comparison
Series 63 vs Series 65
One qualifies you to sell securities in a state; the other qualifies you to give advice for a fee. Here's how to tell which you need.
| Series 63 | Series 65 | |
|---|---|---|
| What it qualifies you for | Acting as an agent (registered rep) in a state | Acting as an investment adviser representative (IAR) |
| Governing law | Uniform Securities Act (state 'blue-sky' law) | Investment Advisers Act principles + Uniform Securities Act |
| Scope | State law, ethics, prohibited practices | Economics, investment vehicles, recommendations & strategies, laws & ethics |
| Scored questions | 60 (plus pretest) | 130 (plus pretest) |
| Time limit | 75 minutes | 180 minutes |
| Sponsor required? | No sponsor to sit; tied to firm registration | No — open to anyone |
| Administered by | NASAA (via FINRA) | NASAA (via FINRA) |
How to choose
If you'll be a registered representativeselling securities for a broker-dealer, you'll typically need the Series 63 alongside your SIE and Series 6 or 7. If you'll give investment advice for a fee as an investment adviser representative, you need the Series 65. Need both? The Series 66 combines them — see our Series 65 vs 66 comparison or the full license guide.
Prep for the 63, 65, or 66.
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