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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.

STUDY GUIDES

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

In This Section

About Exams

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

Exams Update
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.

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