Series 63 vs. 65: Which License is Right For You? (Is it the 66?)

Thinking about joining the securities industry but unsure whether to take the Series 63 or 65?

You’re not alone.

A lot of folks trying to break into financial services—or level up within it—get confused about which license does what. But now is a great time to enter the field, with the Bureau of Labor Statistics reporting a growth rate nearly double the national average, and a median salary almost $30,000 greater than the standard.

Both the Series 63 and Series 65 exams are state-level licenses rooted in the Uniform Securities Act, but they serve different purposes. If you’re aiming to sell securities, give investment advice, or both, you’ll need to know which test aligns with your goals—and maybe even consider the Series 66, which can be a combo solution.

Let’s break it all down in plain English so you can make the right move for your career.

Key Takeaways

• Different Roles, Different Exams: Series 63 is for selling securities, while Series 65 is for giving investment advice.
• Series 66 Combines Both: If you’re also taking the Series 7, the Series 66 can replace the 63 and 65.
• State-Level Licensing: Both exams are based on the Uniform Securities Act and are required by most state securities regulators.
• No Sponsorship Needed for 65: You can take the Series 65 without a firm sponsor—perfect if you’re going the independent route.
• Career Path Drives the Choice: Your license depends on your job—sales, advice, or both—so pick based on your career goals.

What’s the Difference Between Series 63 and Series 65?

Here’s the quick version:

• Series 63 = for agents who sell securities
• Series 65 = for those who provide investment advice (and don’t sell securities)

They’re both required by securities administrators in most U.S. states and are overseen by NASAA, though they’re administered by the Financial Industry Regulatory Authority (FINRA). And while they may sound similar, they lead to very different roles.

Series 63: For Broker-Dealer Agents

If your job involves selling stocks, bonds, mutual funds, or other securities, you’re likely going to need this exam. The Series 63 exam qualifies you to act as a broker-dealer agent at the state level.

It’s required in most states (except for Colorado, Florida, Louisiana, Maryland, Ohio, and the District of Columbia) and is usually taken after or alongside the Series 6 or Series 7.

Here’s what to know about the Series 63:

• Covers state securities laws, registration, and ethical practices
• Has 60 multiple-choice questions, plus five experimental unscored questions
• You need to answer 43 out of 60 questions correctly to pass

The Series 63 license is for securities industry professionals seeking to act on behalf of a broker-dealer—basically, if you’ll be offering investments to clients.

If you think this is the route for you, check out my top picks for Series 63 prep courses so you can study efficiently.

Series 65: For Investment Adviser Representatives

The Series 65 exam is a whole different story. If you want to provide investment advice and get paid for it, without being tied to a brokerage firm, you’re looking at becoming an investment adviser representative.

The Series 65 license is ideal for people offering financial planning, asset management, or fee-based investment advice.

What to know about the Series 65:

• Covers portfolio management, investment vehicle characteristics, economics, and the Uniform Securities Act
• 130 scored multiple-choice questions, 10 unscored experimental questions
• You need to answer 92 out of 130 questions correctly to pass

The Series 65 opens the door to independent advisory work. If you’re a personal financial specialist or a CFA® charterholder, you might even be able to waive the exam in some states.

Maybe the Series 65 is more up your alley? Read my reviews of the top Series 65 prep courses to see which one is right for you.

What About the Series 66?

Glad you asked.

If you’ve passed or plan to take the Series 7, the Series 66 might be your best bet. It combines the content of Series 63 and 65 into a single test.

So instead of taking two separate exams, you can take the Series 66 (plus Series 7) and be qualified to sell securities and provide investment advice.

Quick facts about the Series 66:

• 100 scored questions + 10 unscored
• Requires a 73% to pass
• Must be paired with the Series 7—can’t be used on its own
• Best suited for dual-role professionals in the securities business

It’s a more efficient option for folks planning to wear multiple hats in the industry, like reps at full-service firms or hybrid RIAs.

Which One Should You Take?

Here’s how I’d look at it:

• If you’re planning to work at a broker-dealer and help clients buy/sell investments, go with the Series 63 (plus Series 6 or 7).
• If you want to be an independent adviser or charge for investment advice, take the Series 65.
• If you’re doing both—or think you might in the future—go with Series 66 + Series 7.

Still not sure? Ask yourself these questions:

• Do I want to be tied to a firm or go independent?
• Will I earn commissions, charge fees, or both?
• Do I need state-level qualifications for advice, sales, or both?

Real-Life Examples (Because They Help)

Let’s say you’re working at a traditional brokerage firm and handling trades for clients. You’d take the Series 7 and then add Series 63 to satisfy state laws.

On the other hand, if you’re setting up your own RIA or planning to offer financial planning and charge a fee for advice, you’ll need the Series 65.

And if you’re aiming to be a one-stop shop—maybe you’re joining a firm where you’ll be giving advice and executing trades—you’ll probably need the Series 7 and 66.

Here are some quotes from successful license holders to guide you:

Don’t Forget: Each State Has Its Own Rules

While most states follow the same basic structure under the Uniform Securities Act, there can be some differences. Always check with your securities regulators or employer to make sure you’re getting the right license for your job.

Also, some states waive the Series 65 if you hold a professional designation like CFA® or CFP®. It’s worth looking into if you’ve got one of those.

Wrapping It Up

Choosing between the Series 63 vs. 65 comes down to what you want to do in the financial industry. Are you focused on selling securities for a firm? Or are you planning to give advice, manage assets, and build client portfolios?

Maybe you want to do both—and that’s where the Series 66 comes in.

Either way, understanding these licenses helps you make a smarter career move and avoid wasting time on the wrong exam. So now that you’ve got the details, you’re in a solid spot to decide what’s next.

And when you’re ready to prep? Start with solid study materials, hit those practice questions, and get after it.

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