What is the difference between Series 63 and Series 66?

The Series 63 exam focuses specifically on the Uniform Securities Agent State Law (USASL) examination, which tests a candidate's knowledge of the securities laws, regulations, and rules for soliciting and selling securities within a particular state.

The Series 66 exam, also known as the Uniform Combined State Law examination, covers both state securities law (as tested on the Series 63 exam) and the federal Uniform Investment Adviser Law, which governs the regulation of investment advisers.

Passing the Series 66 exam allows an individual to operate as both a securities agent (registered representative) and an investment adviser representative, whereas the Series 63 exam only qualifies someone to act as a securities agent.

The Series 66 exam has a broader scope and is generally considered more challenging than the Series 63 exam, as it requires knowledge of both state and federal securities laws and regulations.

While the Series 63 is a standalone exam, the Series 66 is often taken in conjunction with the Series 7 exam, which covers general securities knowledge, to meet the qualification requirements for investment adviser representatives.

Some states may allow individuals to take either the Series 63 or Series 66 exam to satisfy state registration requirements, but this can vary by jurisdiction.