Series 65 vs Series 66 (2026): Differences & Which First

If you're heading toward a career giving investment advice, you'll eventually face a choice between two NASAA exams: the Series 65 (the Uniform Investment Adviser Law Examination) and the Series 66 (the Uniform Combined State Law Examination). The Series 65 is built specifically for investment adviser representatives, and both exams are developed by NASAA and administered on its behalf by FINRA. The right pick depends less on which exam is "easier" and more on what registrations your career actually requires.

What each exam is for

The Series 65 exists for one audience: investment adviser representatives. According to NASAA, it is the Uniform Investment Adviser Law Examination — the state-law qualification for people who will be paid to give investment advice. The Series 66, as its full name suggests, is a combined state-law exam: it rolls uniform state-law material into a single test, which appeals to candidates whose roles will span more than adviser-representative work alone. If your plan is purely advisory — say, joining or founding a registered investment adviser — the Series 65 is the exam aimed squarely at you.

Format, length, and cost: the concrete differences

Question counts and time limits

The Series 65 presents 140 total questions: 130 scored questions plus 10 unscored pretest questions mixed in, and FINRA allows 180 minutes to complete it. The Series 66 is shorter on both dimensions — 100 questions with 150 minutes allowed. So the Series 65 asks more of you in a single sitting, while the Series 66 is a more compact session.

Passing standard

To pass the Series 65, FINRA states you must answer at least 92 of the 130 scored questions correctly. The Series 66 has its own passing standard, but the takeaway for planning is the same for both: these are scored exams with a fixed bar, and the unscored pretest questions on the Series 65 don't count for or against you — though you won't know which ones they are, so treat every question as live.

Fees

The cost gap is small: $187 for the Series 65 versus $177 for the Series 66. At a $10 difference, price shouldn't drive this decision — the registrations each exam unlocks matter far more than the fee.

Prerequisites and sequencing

Here the Series 65 has a clear structural advantage for career-changers: FINRA confirms there are no prerequisite or corequisite exams required before taking it. You can walk in without any prior securities qualification. The Series 66's corequisite structure is different — before scheduling it, confirm with your firm and your state exactly what else you'll need alongside it, because the combined exam is designed to work in tandem with other registrations rather than stand fully alone the way the Series 65 can.

That leads to the sequencing answer most candidates are really asking about: you generally take one or the other, not both. Both routes can lead to investment adviser representative registration; they're alternative paths, and which path is open to you depends on your other registrations and your firm's requirements.

If you don't pass the first time

Retake rules are worth knowing before you schedule. Under FINRA's retake policy, you must wait 15 calendar days after a failed attempt before testing again, and after a third failed attempt the wait extends to 60 calendar days. Build that buffer into any licensing deadline your employer has given you.

What happens after you pass

Passing either exam is the start, not the end, of your regulatory obligations. NASAA's IAR continuing-education program requires investment adviser representatives to complete 12 continuing education credits each year — six credits in Products and Practice and six in Ethics and Professional Responsibility. That annual commitment applies to the IAR role itself, so factor it into your career math regardless of which exam got you there.

The verdict, by situation

• You're entering advice-giving from outside the securities industry (career-changer, CPA, attorney, financial planner): the Series 65 is the natural fit — no prerequisite exams, and it's purpose-built for investment adviser representatives.
• You're at a firm where your role will combine advisory work with other registered activity: the Series 66's combined format may be the more efficient route — confirm the corequisite picture with your compliance team first.
• You want the shortest test day: the Series 66 is 100 questions in 150 minutes versus the Series 65's 140 questions in 180 minutes — but don't pick an exam for its length if it doesn't match your registration needs.
• You're optimizing on cost: don't — the $10 difference between $187 and $177 is noise compared to choosing the wrong registration path.

Whichever way you're leaning, the fastest way to gauge your readiness for the adviser-law material is to sit a timed run-through. Try our free Series 65 practice exam to see where you stand before you pay a testing fee.