The honest breakdown of prerequisites, career paths, and why you only need ONE of these exams (not both).
Last updated February 2, 2026 by Mike Thompson
You only need ONE. Series 66 supersedes 65 + 63 IF you have Series 7 first.
No prerequisites. Take it WITHOUT Series 7. Perfect for independent RIAs and career changers.
Zero independent utility without Series 7. ONLY for dual-role professionals at hybrid firms.
RIA-only? Series 65. Hybrid firm? Series 66. It's that simple.
The honest truth: If you don't have Series 7 and aren't getting it, you need Series 65. If you already have Series 7 and work at a hybrid firm, you need Series 66. It's that simple. This guide helps you figure out which situation you're in.
Our interactive quiz asks 10 targeted questions about your situation and provides personalized recommendations.
| Aspect | Series 65 | Series 66 |
|---|---|---|
| Questions | 130 | 100 |
| Duration | 180 minutes | 150 minutes |
| Passing Score | 72% | 73% |
| Prerequisites | NONE | REQUIRES Series 7 |
| Exam Fee | $175 | $175 |
| Pass Rate | 70-75% | 65-70% |
| Independent Utility | YES (Full) | ZERO without Series 7 |
⚠️ CRITICAL: Series 66 has zero independent utility without Series 7. If you don't have Series 7 and aren't getting it, Series 66 is completely useless to you. You would be paying $175 (exam fee) plus hundreds for prep materials for a license you can never use.
Series 65 (ONLY option)
Series 66 requires Series 7 as prerequisite. You cannot take it without Series 7.
Series 65
Standalone exam with no prerequisites. Perfect for career changers who don't have Series 7.
Series 65
RIA-only firms need only advisory registration, not broker-dealer registration.
Series 66
More efficient than taking Series 63 + Series 65 separately.
Series 66
Covers both broker-dealer state law (Series 63) and advisory (Series 65).
Series 65
Pure advisory firms don't need broker-dealer registration or Series 7.
Series 65
Insurance agents typically don't have Series 7 and don't need it for advisory-only work.
Background
Age 35, transitioning from teaching. Recently earned CFP. Has job offer at fee-only RIA contingent on passing.
Recommendation
Series 65 (ONLY option)
Why
Next Steps
Find Series 65 prep course, schedule exam, start studying immediately
Background
Already holds Series 7. Works at hybrid BD + RIA firm. Wants to add investment advisory capability.
Recommendation
Series 66
Why
Next Steps
Enroll in Series 66 prep course, coordinate timing with firm
Background
Entrepreneur, no existing licenses, wants to start independent advisory practice.
Recommendation
Series 65
Why
Next Steps
Secure Series 65 designation, then register as RIA with SEC or state
Background
Licensed insurance agent, wants to expand into investment advisory.
Recommendation
Series 65
Why
Next Steps
Take Series 65, establish advisory business alongside insurance practice
Background
Already studied for and failed Series 65 once. Wondering if Series 66 is easier.
Recommendation
DO NOT SWITCH to Series 66
Why
Next Steps
Analyze what went wrong on first attempt. Use stronger prep course (consider Achievable). Retake Series 65.
Background
Held both licenses from previous broker-dealer role. Now considering Series 65 vs Series 66.
Recommendation
Take Series 65 ONLY
Why
Next Steps
Schedule Series 65, get third license without redundancy
Background
Recent finance graduate, considering different career directions, no licenses yet.
Recommendation
Series 65 offers more flexibility
Why
Next Steps
Take Series 65, explore RIA opportunities, can pursue Series 7 later if strategy changes
Exam Sequence
Typical Firms: Vanguard Personal Advisor, Personal Capital, Independent RIAs
Compensation: Fee-based (percentage of assets under management)
Pure advisory work, no securities sales
Exam Sequence
Typical Firms: Morgan Stanley, Edward Jones, Merrill Lynch
Compensation: Commissions plus fees
Both securities sales and investment advisory
Exam Sequence
Typical Firms: LPL Financial, Raymond James, Cambridge
Compensation: Commissions plus fees
Can add advisory capability over time
Exam Sequence
Typical Firms: RIA firms hiring career changers
Compensation: Fee-based
Popular path for second-career professionals
Key Message: Don't worry about finding different providers for each exam. All major Series 65 prep providers also offer Series 66. Once you know which exam you need, choosing a provider is straightforward.
| Provider | Series 65 | Series 66 | Pass Guarantee | Notes |
|---|---|---|---|---|
| Kaplan Financial Education | $159 to $319 | $159 to $319 | No | Largest question bank, traditional approach |
| STC (Securities Training Corp) | $219 to $384 | $127 to $384 | Premier+ only | Best value for Series 66 prep (Standard only $127) |
| Achievable | $199 | $199 | Yes | AI adaptive learning, 12-month access, money-back guarantee |
| Pass Perfect | $199 to $359 | $199 to $359 | Pass Promise tier only | Animated videos, popular with visual learners |
| Knopman Marks | $395 to $1,020 | $395 to $1,020 | No | Premium option with faculty support |
| Training Consultants | $240 to $375 | $240 to $375 | No | Physical textbooks available |
Exams Required
1
Exam Fees
$175
Prep Course Range
$199 to $1,020
Total Cost Range
$374 to $1,195
Most cost-effective if you don't need Series 7
Exams Required
2
Exam Fees
$420
Prep Course Range
$426 to $2,220
Total Cost Range
$846 to $2,640
Efficient if you already have Series 7
Exams Required
3
Exam Fees
$555
Prep Course Range
$597 to $2,720
Total Cost Range
$1,152 to $3,275
Most expensive path, rarely needed
Which is harder? Series 66 has a slightly lower pass rate (65-70% vs 70-75%), suggesting it's marginally harder. However, the difference is small. Don't choose based on difficulty. Choose based on what your job requires.
Why this happens
FINRA will not let you schedule Series 66 without Series 7. Wasted study time.
Better approach
Verify with your firm or FINRA that you meet prerequisites before studying
Why this happens
They're not sequential steps. 66 isn't an upgrade from 65.
Better approach
Understand they're alternative paths for different career situations
Why this happens
Series 66 supersedes both Series 63 and 65. Completely redundant.
Better approach
If you have Series 66, you don't need Series 65 or Series 63
Why this happens
Pass rates are similar (70-75% vs 65-70%). Difficulty shouldn't drive decision.
Better approach
Choose based on your job requirements, not perceived difficulty
Why this happens
Firm may have specific licensing requirements or may pay for exam prep.
Better approach
Ask your compliance or HR department: Which licenses do I actually need?
Why this happens
Series 66 REQUIRES Series 7 as co-requisite. It doesn't replace it.
Better approach
If your job requires Series 7, you must take it before or with Series 66
No. FINRA requires Series 7 as a mandatory co-requisite. You must pass Series 7 first (or take it concurrently with Series 66, but that's complex). If you don't have Series 7 and don't plan to get it, Series 66 is completely useless to you. You need Series 65 instead.
No, absolutely not. They are mutually exclusive licenses. If you have Series 66, you don't need Series 65 or Series 63. You only need ONE. Series 66 is designed to replace both Series 63 and Series 65 combined, but only if you have Series 7 first.
Take Series 65 only. You already have Series 63. Since Series 66 combines Series 63 + Series 65, taking Series 66 would be completely redundant (and a waste of $175). Just take Series 65 to complete your licensing.
Series 66 has a slightly lower pass rate (65-70% vs 70-75%), suggesting it's marginally harder. However, the difference is small. Don't choose based on difficulty. Choose based on what your job requires. Series 66 assumes you already know Series 7 material, so the comparison isn't apples-to-apples anyway.
Yes, absolutely. Series 65 qualifies you as an Investment Adviser Representative (IAR) at RIA firms. You can provide comprehensive investment advice and charge fees. You cannot sell securities (that requires Series 6 or 7), but advisory-only is a legitimate and popular career path.
You need Series 7 + Series 66 (or Series 7 + Series 63 + Series 65). This dual-licensed path allows you to work at hybrid firms or switch between broker-dealers and RIAs. However, this requires firm sponsorship for Series 7, which is harder to get without existing broker-dealer experience.
Almost certainly Series 65. Career changers typically transition directly into RIA firms, which only require Series 65. Series 7 requires broker-dealer sponsorship, which is harder to get without previous securities experience. Series 65 is standalone and can be taken independently.
Sort of, but only if you have Series 7 first. If you already have Series 7, then yes, Series 66 gives you all the capabilities of Series 63 + Series 65 combined. But if you don't have Series 7, Series 66 is worthless without it.
Series 65. Independent RIA firms typically don't need broker-dealer registration, so Series 7 isn't required. Series 65 alone is sufficient for pure advisory work. Bonus: You can take Series 65 without firm sponsorship, which is helpful when launching independently.
No. FINRA requires Series 7 to be passed BEFORE Series 66. The order is fixed: Series 7 → Series 66. You cannot reverse this. If you need both, start with Series 7.
Compare all Series 65 prep courses side by side, read detailed provider reviews, and find the best course for your study style and budget.
Related guides: Study with full-time job | Budget options | What if you failed