If you're entering the securities industry, you'll almost certainly face a state law exam — and for most candidates the choice comes down to the Series 63 (Uniform Securities Agent State Law Examination) or the Series 66 (Uniform Combined State Law Examination). They overlap in subject matter but differ meaningfully in scope, length, and cost. Here's a grounded comparison to help you decide which to take, and in what order.
What each exam is for
According to NASAA, the Series 63 is the state law test for broker-dealer representatives. It focuses on state-level securities regulation — NASAA's study guide identifies the governing framework as the Uniform Securities Act of 1956, as amended by NASAA. In short: if your job is selling securities as an agent of a broker-dealer, the Series 63 is the exam built for that role.
The Series 66 is the Uniform Combined State Law Examination. As its name indicates, it is designed to combine state law coverage for candidates who need to register in more than one capacity — reflecting both agent-side and adviser-side state law requirements — rather than covering only the broker-dealer agent role the Series 63 addresses. Which one you need is ultimately dictated by the registration your role requires, so confirm with your firm's registration or compliance team before enrolling.
The concrete differences
Question count and structure
The Series 63 is the shorter exam by a wide margin. According to NASAA's study guide, the examination consists of 65 multiple-choice questions, of which five are included for pre-testing purposes; FINRA's exam outline confirms that 60 questions are scored. FINRA's exam specifications put the Series 66 at 100 questions, compared with the Series 63's 65.
Time limits
FINRA gives Series 63 candidates 75 minutes — 1 hour and 15 minutes — to complete the exam. Series 66 candidates are allowed 150 minutes, which is exactly double the Series 63's time limit. Per-question, the pacing is broadly similar; the difference is endurance, not speed.
Fees
The Series 63 exam fee is $147, per FINRA. The Series 66 fee is $177 — a $30 difference. Fees alone shouldn't drive the decision, but if your firm isn't covering exam costs, the shorter exam is also the cheaper one.
Passing standard
For the Series 63, FINRA states that candidates must correctly answer at least 43 of the 60 scored questions to pass. The Series 66 passing standard is not covered here — check the current figure on FINRA's official Series 66 exam page.
Logistics — identical for both state law exams
NASAA announced that as of April 1, 2022, it no longer offers the Series 63, Series 65, and Series 66 qualification exams through online testing. Per FINRA's enrollment guidance, these exams can only be taken at a test center, with online delivery available only for candidates requiring a testing accommodation. Once you enroll, NASAA's study guide notes that FINRA opens a 120-day testing window within which you must schedule and take your examination, and FINRA states the scheduling window opens the day after enrollment. So whichever exam you choose, plan on an in-person appointment within roughly four months of enrolling.
Which should you take first — or do you need both?
This isn't really a matter of preference: the exams map to different registration capacities, so your intended role decides for you. The Series 63 satisfies the state law requirement for the broker-dealer agent role specifically. The Series 66's combined design exists so that candidates who need broader state registration coverage don't have to sit for multiple separate state law exams. Because the Series 66 combines both state-law tracks in one exam, most candidates only need one of the two — the one that matches the registrations your position requires, and your firm will tell you which that is.
Verdict by candidate situation
- You're joining a broker-dealer purely in a sales/agent capacity: the Series 63 is the purpose-built exam — 60 scored questions in 75 minutes for $147 is the lighter lift, and it covers exactly the state law ground your registration requires.
- Your role spans both brokerage and advisory functions: the combined scope of the Series 66 exists for this situation. You'll face a longer exam — 100 questions over 150 minutes for $177 — but a single sitting instead of multiple state law exams.
- You're unsure what your role will require: don't guess. The wrong exam costs you the fee and weeks inside a 120-day testing window. Ask your firm which registration capacity you're being hired into, then enroll for the matching exam.
- You're cost- or time-constrained and your role permits either path: the Series 63 is shorter and cheaper — 35 fewer questions in total, half the seat time, and $30 less in fees.
If the Series 63 is yours, start with our free Series 63 practice exam to see how the state-law material feels at Series 63's real exam pacing.
What the cited data shows
The charts below use only figures from the sources this article cites. A chart is left out where no source publishes the figure.
| Item | Amount | Source |
|---|---|---|
| Exam fee | The Series 63 exam fee is $147 | FINRA (Financial Industry Regulatory Authority) |
| Series 66 exam fee | $177 | FINRA |
Free Series 63 practice test — 193 questions, instant feedback. No signup required.
Sources
- 1.Uniform Securities Agent State Law Examination (Series 63) Overview / Study Guide — NASAA (North American Securities Administrators Association) (accessed Jul 18, 2026)
- 2.Series 63 – Uniform Securities Agent State Law Examination — FINRA (Financial Industry Regulatory Authority) (accessed Jul 18, 2026)
- 3.General Exam Information – Series 63, 65, 66 — NASAA (North American Securities Administrators Association) (accessed Jul 18, 2026)
- 4.Enroll for an Exam — FINRA (Financial Industry Regulatory Authority) (accessed Jul 18, 2026)
- 5.Series 66 — Uniform Combined State Law Examination (exam specifications) — FINRA (accessed Aug 7, 2026)
- 6.Qualification Exams – Series 63 Overview — FINRA (Financial Industry Regulatory Authority) (accessed Jul 18, 2026)
Frequently asked questions
What is the Series 66, and how does it relate to the Series 63?
The Series 66 is NASAA's combined state-law exam, built to cover both broker-dealer agent registration and investment adviser representative registration in one test. Passing it satisfies the same state-law requirement the Series 63 covers, though full agent registration through the Series 66 still requires a valid Series 7.
Does the Series 63 cost less than the Series 66?
Yes. The Series 63 exam fee is $147, and the Series 66 fee is $177, both set by FINRA.
Is the Series 66 longer than the Series 63?
Yes. The Series 63 allows 75 minutes for 65 multiple-choice questions, 60 of them scored. The Series 66, per FINRA, has 100 questions and a 150-minute time limit.
Who should sit for the Series 63 rather than the Series 66?
Choose the Series 63 when your job consists only of selling securities as a broker-dealer agent, without any investment adviser representative duties attached. It's the state-law exam built for exactly that single registration, so candidates who need nothing broader can skip the combined exam entirely.
Can I compare my Series 63 and Series 66 readiness using your practice bank?
Right now we publish a dedicated Series 63 bank of 193 questions across eight topic areas, with separate banks maintained for other securities exams rather than one blended set. Working through the Series 63 bank first builds the state-law foundation the two exams share before you move on to broader adviser material.
Does passing the Series 66 also cover the Series 63 requirement?
Yes. Passing the Series 66 satisfies the same state-law registration requirement the Series 63 covers, so a firm generally won't ask the same person to sit for both. NASAA built the Series 66 to combine that content with the investment adviser representative exam instead of requiring separate law-and-advice exams.