Series 65 vs Series 66: Which License is for You?

Though FINRA is normally the king of securities licensing, the North American Securities Administrators Association (NASAA) developed both the Series 65 and Series 66 licenses. But what really makes them unique?

These two licenses sound similar—and honestly, they are. Both are used by professionals who want to offer investment advice, but their paths are slightly different. Choosing the right one comes down to the kind of work you want to do and whether you’ll be selling securities alongside giving advice.

Let’s clear up the confusion so you can pick the license that makes sense for your career goals, not just the one that sounds impressive on paper.

Key Takeaways

• Series 65 Stands Alone: You can take the Series 65 without a sponsoring firm or any other licenses, making it great for independent advisers.
• Series 66 Requires Series 7: The Series 66 is only valid if you also pass the Series 7, since it doesn’t cover product knowledge on its own.
• Pick Based on Your Role: Choose Series 65 if you only plan to give advice; choose Series 66 (with Series 7) if you also want to sell securities.
• CFP® May Exempt You: If you hold a CFP®, many states will waive the Series 65 exam requirement, but you’ll still need to register.
• Don’t Take Both: You don’t need Series 65 and 66 together—just pick the one that fits your licensing path and career goals.

The Fast Version: What Each License Does

Before diving deep, here’s a cheat sheet:

• Series 65: You can provide investment advice for a fee. That’s it—no selling securities.
• Series 66: You can advise AND sell—but only if you also pass the Series 7.

Think of the Series 65 as a straight line into advisory work. The Series 66 is more of a combo deal—you still need another exam to make it valid.

📊 Series 65 vs. Series 66: Key Differences

Series 65: Simple, Self-Sufficient, Solid

The Series 65 exam is a favorite among future investment adviser representatives, especially those not interested in becoming brokers.

It covers:

• How to build investment portfolios
• Economic factors that affect markets
• Types of investment products
• Fiduciary responsibilities and unethical business practices
• State-level securities regulation

What makes it appealing? You don’t need to be sponsored by a firm. You can schedule it, study on your terms, and take it solo. That’s a big win if you’re launching a career independently or awaiting job offers.

It’s the go-to license for anyone wanting to provide investment advice without adding sales to the mix.

Series 66: Combo License With a Catch

The Series 66 exam is more of a package deal. It combines the Series 63 (which covers the ability to sell securities at the state level) and the Series 65 (which lets you offer advice).

But here’s the fine print: You can’t use the Series 66 by itself. It only works alongside the Series 7, which is offered through the Financial Industry Regulatory Authority (FINRA). That exam lets you sell securities like mutual funds, ETFs, bonds, etc.

In total, passing both the Series 7 and 66 qualifies you to:

• Sell investment products
• Offer financial planning and investment advice
• Operate under both federal and state securities laws

The Series 66 is best if you’re entering a dual-role position, such as working at a broker-dealer that also handles advisory services.

Still Not Sure? Ask Yourself These Questions

To decide between the two, ask what kind of work you’ll actually be doing.

Will you be selling investment products?

If yes → You’ll need the Series 7 no matter what. Pair it with the Series 66 to cover your bases.

Will you only be giving advice and not handling trades?

If yes → The Series 65 is all you need. No Series 7, no hassle.

Are you joining a Registered Investment Adviser (RIA) firm?

Most RIAs only need you to pass the Series 65 to register as an investment adviser representative with state security administrators. You won’t need Series 7 or 66 unless your role also involves selling securities.

Exam Format and Focus

Let’s break down what it feels like to sit for these exams:

• Series 65: 130 questions, mostly scenario-based. Lots of theory, planning strategies, and questions on investment advising.
• Series 66: 100 scored questions (plus 10 unscored). Faster pace, but assumes you’ve already passed Series 7 and know your way around products.

The 65 is heavier on advisory detail, while the 66 leans more toward legal rules and how to stay compliant as both an adviser and a securities agent.

What If You Have a CFP®?

Good news: If you’ve earned the CFP® certification, you may not need to take the Series 65 at all.

Many states waive the Series 65 exam requirement if you hold specific professional designations—including the CFP®, CFA®, ChFC®, PFS, or CIC—because these credentials already demonstrate a high level of competency in investment advising and financial planning.

That said, you’ll still need to go through the state registration process to become an investment adviser representative, even if you’re exempt from the exam. And if you also want to sell securities, you’ll still need the Series 7 (and possibly the Series 63 or 66, depending on your role).

So if you’re a CFP® planning to offer investment advice, check with your state’s securities administrators. You might be able to skip the test—and the study grind—and go straight to registration.

How They Work with State Regulations

Both licenses are based on the Uniform Securities Act, and state securities regulators widely accept both.

Here’s a quick note, though: licensing requirements can vary slightly by state. Some may ask for fingerprinting, paperwork, or additional background checks before approving your registration. Always double-check with your state’s securities administrators before assuming you’re set.

You Don’t Need Both

Some wonder if they need to take both the Series 65 and Series 66. You don’t. The Series 66 covers the same state law and advisory topics as the Series 65, but it leans on the Series 7 to fill in the product knowledge. Put them together, and you’ve basically got the same coverage as taking the 63 and 65 separately—just in a more streamlined way (you’d still have to take the Series 7 with 63 and 65 to get the same rights granted by the 66 and 7).

So if you already have the Series 7, the 66 is faster and more efficient. If you don’t plan to take the 7, go with the 65.

Summary: Which One Should You Take?

Here’s the quick wrap-up:

• Take the Series 65 if you want to give investment advice and nothing else. It’s self-contained, flexible, and doesn’t require a sponsoring firm. Check out the best Series 65 prep courses to help you study and pass quickly.
• Take the Series 66 (with the Series 7) if your role involves both advising and selling. It’s more efficient than taking the Series 63 and 65 separately. Read my reviews on the top Series 66 study materials to find the one that’s right for you.

Final Thoughts

Choosing between Series 65 and 66 isn’t about which is “better”—it’s about which fits your desired job description. If your focus is investment advice, the 65 keeps things simple. If you’re aiming for a more versatile role in the securities industry, the 66 opens more doors (as long as you also pass the Series 7).

Your best bet? Figure out where you want to work and what your job will actually involve. Then pick the license that supports your goals, not the one that sounds more impressive, and not the one that is faster or easier.

And don’t worry—you can always upgrade later. It’s all part of the process.

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