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 is in the process of updating questions on the Series 63, 65, and 66 exams in light of recent regulatory changes. Exam questions are expected to be updated to reflect the Investment Adviser Marketing Rule later this year. At this time candidates should answer exam questions reflecting the state of the law as of December 21, 2020.