What is the difference between the Series 65 and 66?
The Series 65 is the exam for investment adviser representatives. They give investment advice for a fee. The Series 66 covers that role and the broker-dealer agent role, but you also need the Series 7, which FINRA lists as a corequisite. The 65 is also longer, with 130 scored questions to the 66's 100.
Both are state law exams from the North American Securities Administrators Association (NASAA). FINRA administers both of them.
| Detail | Series 65 | Series 66 |
|---|---|---|
| Scored questions | 130 | 100 |
| Time | 180 min | 150 min |
| To pass | 92 of 130 | 73 of 100 |
| Fee | $187 | $177 |
| Series 7 needed | No | Yes |
Should you take the Series 65 or 66?
It depends on the Series 7. If it's part of your plan, the 66 usually makes sense. If it isn't, take the 65. Find your case:
- No Series 7, and you'll give advice for a fee. Take the Series 65. It covers the adviser role, and FINRA lists no corequisite for it.
- You hold the Series 7, or a firm is putting you through it. Take the Series 66 if you'll both sell securities and give advice. One exam covers both roles.
- You hold the Series 7 but will only give advice. The Series 65 still works. FINRA lists no corequisite for it.
- You'll sell securities but won't give advice. You may need neither. The state exam for agents is the Series 63.
These are the general rules, not legal advice. Passing an exam doesn't register you by itself. Your firm and your state set the rules, so check with both before you book.
We don't offer a Series 65 course, so our material won't match that exam. If the 66 is your exam, our Series 66 course includes three timed mock exams of 100 questions each. None of their questions appear in the lesson quizzes.
Do you need the Series 7 for the Series 66?
Yes, but not first. The Series 7 is a corequisite, so you can pass the two in either order. It needs a firm sponsor and has its own corequisite, the SIE, so the 66 route means three exams. Our Series 66 exam guide covers the requirements, and our Series 7 exam guide covers sponsorship.
Series 65 vs 66 content: what's on each exam?
Both exams test the same four NASAA sections, from economics to the law. On the Series 66, law is the biggest section, with 45 of the 100 scored questions.
| Section | Series 66 |
|---|---|
| Economic factors and business information | 8 |
| Investment vehicle characteristics | 17 |
| Client recommendations and strategies | 30 |
| Laws, regulations and unethical practices | 45 |
The 66's law questions cover broker-dealers and their agents as well as advisers and their representatives. They draw on federal securities law and on the Uniform Securities Act, a model state law.
The other 55 questions cover finance and investing. The 66 is paired with the Series 7, which spends 73% of its questions on investments and recommendations.
Is the Series 65 or 66 harder?
Neither is officially harder, and FINRA publishes no pass rate for either. The fairer comparison is the 65 on its own against the Series 7 and 66 together. The two exams differ in three ways:
- Length. The 65 has 30 more scored questions and runs 30 minutes longer. You get about 77 seconds a question, against 82 on the 66.
- Pass mark. The 66 needs 73% right. The 65 needs about 71%.
- Workload. The 66 comes paired with the Series 7, a second long exam with the SIE behind it.
FINRA's figures suggest about seven in ten people pass the Series 7 on their first try, as our Series 7 pass rate guide explains.
Series 65 and 66 passing scores: how many can you miss?
You can miss up to 38 of the 130 scored questions on the Series 65. On the Series 66, you can miss up to 27 of the 100. FINRA gives each pass mark as a count of right answers: 92 on the 65 and 73 on the 66.
Two details are easy to get wrong:
- The 65's mark is about 71%. Some pages round it to 70%. Go by the count FINRA gives.
- Ten questions on each exam don't count. They're unscored test questions, and you won't know which ones they are. Treat every question as if it counts.
Series 65 and 66 retake rules: what changes on January 4, 2027
You must wait 30 days to retake the Series 65 or 66 after a first or second fail. After a third fail, you wait 180 days. From January 4, 2027, that third wait drops to 60 days. The 30-day waits stay the same.
| After a fail | Now | From January 4, 2027 |
|---|---|---|
| First | 30 days | 30 days |
| Second | 30 days | 30 days |
| Third | 180 days | 60 days |
What applies to you depends on when you open your exam window:
- A window opened on or after January 4, 2027. The new waits apply automatically.
- A window opened before then. It keeps the old rules. If it's your third window in two years and you fail, you wait the full 180 days.
Opening your third window soon? Open it on or after January 4, 2027 and a third fail means 60 days, not 180.
Facing a third or later wait? FINRA says to read NASAA's exam FAQ before you enroll.
Don't mix this up with FINRA's own change. FINRA cuts the waits for its own exams on January 19, 2027. On the Series 7, for example, the first wait drops to 15 days. The Series 65 and 66 keep 30 days after a first or second fail.
If you fail the 66, your score report shows how you did in each of the four sections. Start your retake study with the weakest one.
Series 65 vs 66 FAQs
Does the Series 66 replace the Series 63 and 65?
Together with the Series 7, yes. The 66 covers the agent role of the Series 63 and the adviser role of the Series 65. To extend a Series 66 pass, FINRA says you enroll both of its parts: the Series 63 credit and the Series 65 credit.
Can you take the Series 66 without a sponsor?
Yes. NASAA's 2023 Series 66 study guide says someone who isn't with a firm can schedule the exam through FINRA's enrollment system. You still need the Series 7, and that exam needs a firm sponsor.
Which costs less, the Series 65 or 66?
The Series 66 fee is $177 and the Series 65 fee is $187. But the 66 route also needs the Series 7 at $395 and the SIE at $100. That brings its exam fees to $672.
Can you take the Series 65 or 66 online?
Only if you need a testing accommodation. Otherwise you take the exam in person.
Can you extend a Series 65 or 66 pass?
Yes, in states that adopt NASAA's model rule. Yearly continuing education after you leave can keep the exam valid for up to five years.
Related guides
Sources
- FINRA, Series 65 exam page: format, passing score, fee, no corequisite, online testing and the January 4, 2027 retake change
- FINRA, Series 66 exam page: format, passing score, fee, no prerequisite, the Series 7 corequisite, the two roles it covers and the January 4, 2027 retake change
- FINRA, Series 63 exam page: the Uniform Securities Agent State Law Exam and its retake waits
- NASAA, Uniform Combined State Law Examination (Series 66) Overview, September 1, 2023: purpose, structure, retake waits, score reports, the law section and self-enrollment
- NASAA, Series 66 Test Specifications, effective June 12, 2023: section names and question counts
- NASAA, Series 65 Test Specifications, effective June 12, 2023: the four section names only, read from search-engine indexes (nasaa.org could not be opened on October 28, 2026)
- Uniform Securities Act (1956), as amended by NASAA, Section 401: definitions of agent, investment adviser and investment adviser representative
- FINRA, Series 7 exam page: fee, SIE corequisite and firm sponsorship
- FINRA, Series 7 Content Outline (2025): share of questions on investments and recommendations
- FINRA Regulatory Notice 26-18 (October 14, 2026): shorter retake waits for FINRA's own exams from January 19, 2027
- FINRA, Securities Industry Essentials (SIE) Exam page: SIE fee
- Achievable's Series 65 vs 66 page (September 17, 2025) gives the Series 65 pass mark as about 70%
Every figure on this page is checked against FINRA's exam pages and NASAA's Series 66 documents. NASAA's Series 65 outline couldn't be opened, so this page gives no Series 65 section counts. Spotted something out of date? Tell us through the contact page and we'll fix it.