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EXAM OVERVIEW

Passing an exam is normally a prerequisite for being licensed by a state before a broker-dealer agent or investment adviser representative can work with investors. NASAA’s exams are administered for NASAA by the Financial Industry Regulatory Authority (FINRA). A candidate may open a window for one of NASAA’s exams through his or her firm or independently through FINRA’s Test Enrollment Services System.

FAQs

Answers to the most frequently asked questions about the Series 63, 65, or 66 exams.

EXAM CONTENT OUTLINES

NASAA’s exam content outlines are designed to provide an overview of the exam’s general content and format.

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).

ANNOUNCEMENT

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.

Exams Update

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.

EXAM OVERVIEW

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