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Passing an exam is normally a pre-requisite for being licensed by a state before a broker-dealer or investment adviser can work with investors. The exams are administered for NASAA by the Financial Industry Regulatory Authority (FINRA).
The Series 63, Uniform Securities Agent State Law Examination, is the state law test for broker-dealer representatives. The Series 65, Uniform Investment Adviser Law Examination, is for investment adviser representatives.
Passing the Series 66, the Uniform Combined State Law Examination, qualifies an individual as if he or she had passed both the Series 63 and Series 65 separately. However, to register as an investment adviser representative based on the Series 66, an individual must also have passed the FINRA Series 7 exam and the exam must be valid (i.e., not expired).
There are other requirements, such as an application (usually done by a firm using Form U-4), background check, bonding, and fee payment that a state may impose before granting a license.
