Series 65 vs Series 66 exam? The FINRA Series 65 and Series 66 exams are both licensing exams administered by the Financial Industry Regulatory Authority (FINRA) for individuals seeking to work as investment professionals in the United States. While they share similarities, there are distinct differences between the two exams.

1. Purpose and Scope:

The Series 65 exam, also known as the Uniform Investment Adviser Law Examination, is specifically designed for individuals who want to become registered investment adviser representatives (IARs). Passing the Series 65 exam is a requirement to register as an IAR in many states, enabling individuals to provide investment advice and manage client portfolios.

The Series 66 exam, also known as the Uniform Combined State Law Examination, is a combination of the Series 63 and Series 65 exams. Its purpose is to qualify individuals as both securities agents and investment adviser representatives. By passing the Series 66 exam, candidates can work as both broker-dealer agents and investment adviser representatives, allowing them to engage in a broader range of financial services.

2. Content and Coverage:

The Series 65 exam focuses primarily on investment advisory services. It tests candidates’ knowledge of various topics, including investment strategies, portfolio management, ethical practices, retirement planning, taxation, and regulations pertaining to investment advisers. The exam aims to evaluate candidates’ ability to provide sound investment advice and act in the best interest of clients.

The Series 66 exam covers a broader range of topics compared to the Series 65. It combines the content of the Series 63 and Series 65 exams. The Series 63 portion covers state securities regulations, while the Series 65 portion covers investment advisory concepts. The exam tests candidates’ knowledge of federal and state securities laws, investment vehicles, ethics, and professional conduct. It assesses their ability to comply with both federal and state regulations when providing investment advice and executing securities transactions.

3. Exam Structure:

The Series 65 exam consists of 130 multiple-choice questions, and candidates must achieve a score of 72% or higher to pass. The exam duration is 180 minutes (3 hours).

The Series 66 exam consists of 100 multiple-choice questions. Candidates must achieve a score of 73% or higher to pass. The exam duration is 150 minutes (2 hours and 30 minutes).

4. Prerequisites:

To sit for the Series 65 exam, candidates are generally not required to have any prior industry-specific licenses or registrations. However, some states may have additional requirements or prerequisites, such as completing certain education courses.

To be eligible for the Series 66 exam, candidates must have already passed the Series 7 exam, which is a general securities representative exam. The Series 7 exam allows individuals to work as general securities representatives and is a prerequisite for the Series 66 exam.

In summary, the Series 65 exam is focused on investment advisory services and qualifies individuals as registered investment adviser representatives. The Series 66 exam combines securities agent and investment adviser representative qualifications, encompassing a broader range of topics. Understanding these key differences can help individuals choose the appropriate exam based on their career goals and the scope of services they intend to provide in the financial industry.

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