Series 65 Exam Prep
Series 65 vs Series 66: Which Investment Advisor Exam Should You Take?
Both the Series 65 and Series 66 qualify you to register as an Investment Adviser Representative (IAR). They cover overlapping material but serve different career paths. Here is how to decide.
The short answer
- Series 65 — a standalone Uniform Investment Adviser Law Exam. No prerequisites. Take this if you are becoming a fee-based investment adviser and do not plan to sell commission products.
- Series 66 — the Uniform Combined State Law Exam. Requires the Series 7 as a co-requisite. Take this if you are already (or will be) a registered representative at a broker-dealer that also offers advisory services.
Scope and content
The Series 65 is broader on its own because it must cover investment vehicles, economics, analysis, ethics, and state law without leaning on the Series 7. The Series 66 assumes you already know product and market mechanics from the Series 7 and focuses more heavily on state law, fiduciary duty, and client-account topics.
- Series 65: 130 scored questions, 180 minutes, 72% to pass.
- Series 66: 100 scored questions, 150 minutes, 73% to pass (Series 7 required).
Which career paths line up with each
If you are launching a Registered Investment Adviser (RIA) firm, joining an RIA as an IAR, or moving from another profession (accounting, law, academia) into fee-only advice, the Series 65 is usually the cleaner path. If you are joining a wirehouse or broker-dealer with a hybrid RIA arm, you will already be studying for the Series 7 — pairing it with the Series 66 covers both hats in a single second exam.
Difficulty and study time
Neither exam is easy, but candidates typically report the Series 65 feels harder in isolation because it stands alone. Once you have Series 7 material fresh, the Series 66 usually takes less incremental study time. Plan 60–100 hours for the Series 65 and 40–60 hours of additional study for the Series 66 on top of Series 7 prep.
How to choose
- Do you (or will you) hold the Series 7? If yes, the Series 66 is usually the efficient choice.
- Are you going fee-only with no broker-dealer affiliation? The Series 65 is the direct route.
- Unsure of your firm structure yet? The Series 65 keeps the most doors open because it requires no co-requisite.
For lessons and walk-throughs on Series 65 topics, see the Series 65 Exam Lessons on the Video Tutorials page.