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. 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).
NASAA has updated the test specifications for each of its examinations to better reflect the skills and knowledge needed by broker-dealer agents and investment adviser representatives in today’s ever-changing financial industry. The updated test specifications will be effective starting June 12, 2023. You can find the full announcement and updated test specifications here.
Secure Act 2.0
NASAA will be updating questions on all three exams to align with recent regulatory changes in the Secure Act 2.0. These exam updates will be implemented effective June 12, 2023.