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).
Online Testing Update
As of April 1, 2022 The North American Securities Administrators Association (NASAA) no longer offers the Series 63, Series 65 and Series 66 qualification exams through online testing. These exams are only available online for candidates who provide medical proof that they cannot take exams in testing centers.
In light of recent regulatory changes, NASAA has updated questions on the Series 63, 65, and 66 to reflect changes to the SEC’s Investment Adviser Marketing Rule. The change took effect on April 1, 2022.