Series 63, 65 and 66 Exam Prep for Bank Investment Reps
8/26/2026
The FINRA exams get most of the attention, but for a bank investment representative the state law exam is often the one that actually holds up the start date. The Series 63, 65 and 66 are written by the North American Securities Administrators Association (NASAA), administered by FINRA, and tested on different material from the SIE and the top-off exams. Candidates who pass the Series 7 comfortably and then treat the state exam as an afterthought are the ones who end up waiting 30 days to retake it.
This guide covers prep for all three NASAA exams: what each one tests according to NASAA's current outlines, how to choose study materials, and which exam a bank rep should be preparing for in the first place.
First, which exam do you need?
The three exams overlap, so start by confirming which one your role needs. Our post on securities licensing for bankers maps bank roles to registrations; in brief:
- Series 63 qualifies you as an agent of a broker-dealer under state law. NASAA says most states require it in addition to FINRA's exams. It pairs with the Series 6 or Series 7.
- Series 65 qualifies you as an investment adviser representative (IAR). It has no corequisite, so it works for a rep with only a Series 6, or for someone with no FINRA registration at all.
- Series 66 counts as both the 63 and the 65, but only when combined with a valid SIE and Series 7, according to NASAA.
A bank rep who sells a full product range on commission typically needs the 63. One who also manages fee-based advisory accounts typically needs the 66 (with the 7) or the 65. A Series 6 rep moving into advisory work needs the 65, because the 66 does not work without the 7. Your firm's registration team, and ultimately the state securities administrator, makes the final call. NASAA advises candidates who already hold the 7 and 63 to first ask the state whether registered brokerage representatives can act as IARs without further qualification.
The three exams at a glance
These figures are from FINRA's exam pages and NASAA's FAQ as of this writing. NASAA's current test specifications took effect on June 12, 2023. Confirm details before you enroll.
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Series 63
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Series 65
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Series 66
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Scored questions
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60 (plus 5 unscored)
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130 (plus 10 unscored)
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100 (plus 10 unscored)
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Time
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75 minutes
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180 minutes
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150 minutes
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Passing
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43 of 60 correct
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92 of 130 correct
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73 of 100 correct
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Fee
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$147
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$187
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$177
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Corequisite
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None
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None
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SIE and Series 7
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NASAA's FAQ adds two practical details. Unsponsored candidates can open an exam window themselves through FINRA, and once the request is processed, FINRA notifies you of a 120-day window in which to take the exam. The exams are given at Prometric test centers; FINRA notes the 65 and 66 are available online only for candidates who require a testing accommodation.
What each exam weights
The outlines tell you where the points are, and they are very different.
Series 63: state law and ethics
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Section
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Weight
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Questions
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Regulations of investment advisers, including state-registered and federal covered advisers
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5%
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3
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Regulations of investment adviser representatives
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5%
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3
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Regulations of broker-dealers
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12%
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7
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Regulations of agents of broker-dealers
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13%
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8
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Regulations of securities and issuers
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9%
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5
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Remedies and administrative provisions
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11%
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7
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Communication with customers and prospects
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20%
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12
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Ethical practices and obligations
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25%
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15
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The 63 is almost entirely law and ethics. Ethical practices and communication with customers make up 45% of the scored questions. There is no investment analysis to speak of. What makes it hard is precision: the questions turn on exact definitions of who is an agent, what is an exempt security or transaction, and what an administrator can do.
Series 65: investment knowledge plus adviser law
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Section
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Weight
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Questions
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Economic factors and business information
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15%
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20
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Investment vehicle characteristics
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25%
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32
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Client investment recommendations and strategies
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30%
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39
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Laws, regulations and guidelines, including prohibition on unethical business practices
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30%
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39
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The 65 is the most investment-heavy of the three. Seventy percent of the scored questions cover economics, investment vehicles and recommendations, which is why it is the longest of the three. You need 92 of 130 correct, about 71%. Candidates without a Series 7 must learn this material from scratch.
Series 66: adviser and agent law, with recommendations
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Section
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Weight
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Questions
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Economic factors and business information
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8%
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8
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Investment vehicle characteristics
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17%
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17
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Client/customer investment recommendations and strategies
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30%
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30
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Laws, regulations and guidelines, including prohibition on unethical business practices
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45%
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45
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The 66 assumes you have the Series 7's product knowledge, so it trims the economics and investment vehicle content and puts 45% of the scored questions on law and ethics, covering both the agent and the adviser side. The recommendations block is still substantial at 30%, and its questions often frame suitability through the adviser's fiduciary lens.
Choosing Series 66 exam study materials
The 66 is where most bank reps in hybrid programs end up, and where study materials matter most. Look for:
Heavy law coverage, organized by the Uniform Securities Act. Nearly half the exam is law. Good materials walk through definitions (agent, broker-dealer, investment adviser, IAR, federal covered adviser, exempt securities and exempt transactions), registration procedures, the administrator's powers and NASAA's statements of policy on unethical practices.
Fiduciary and adviser practice content. Many bank reps have never worked under an adviser's standard of care. Materials should cover advisory contracts, performance fees, custody, disclosure and the conflicts the law addresses.
Recommendation scenarios. Thirty questions are recommendation and strategy items. Practice should include client profiles that require you to weigh objectives, time horizon, risk tolerance and tax status.
A question bank tagged by outline section. Your practice results should show weakness by section so you can target the law block if needed.
A short refresher on investment vehicles. You have passed the 7, but the 66 still has 17 vehicle questions and 8 on economics. A brief review section is enough.
Our Series 66 Online Exam Prep Course is the self-paced online option for this exam. For candidates who want more practice material, the Series 66 Exam Prep Online Premier Package is the fuller choice, and the Series 66 Wiley Textbook, Software and Online Video Course Package suits candidates who prefer studying from a book.
Choosing Series 63 study materials
Because the 63 is short and narrow, a full package is often unnecessary for a candidate who has just passed the Series 6 or 7. What you need is:
- Definitions drilled until automatic. Most wrong answers on the 63 come from a near-miss on a definition or an exemption.
- Ethics scenarios. A quarter of the exam. Practice questions should test what an agent may and may not do with customer funds, discretion, guarantees and sharing in accounts.
- Enough full-length practice to manage 60 scored questions in 75 minutes comfortably.
The Series 63 Online Exam Prep Course is the efficient fit for most candidates. The Series 63 Exam Prep Online Premier Package and the Series 63 Wiley package are there for those who want more practice or a textbook.
Choosing Series 65 study materials
The 65 is the exam where background matters most. A candidate with a Series 7 has a head start on investment vehicles but still needs to cover economics, portfolio concepts and adviser law. A candidate without any FINRA exam must learn the investment content in full.
Look for:
- Substantial economics and quantitative coverage, including time value of money, return measures and basic portfolio statistics, which appear in NASAA's outline
- Deep investment vehicle content across 32 questions
- Recommendation and strategy practice, 39 questions
- Adviser law, another 39 questions
The Series 65 Online Exam Prep Course is the self-paced option. Candidates without a securities background are often better served by the Series 65 Exam Prep Online Premier Package or the Series 65 Wiley package.
Before you buy anything for the 65, check whether you need it. NASAA's FAQ says most states let an individual substitute a qualifying professional designation for the Series 65, listing the CFP, ChFC (or MSFS), CFA, PFS and CIMA. The designation waives only the 65 requirement; the state still requires the application, background check and fees. If you already hold one of these, confirm with your state. Our post on CFP certification for bankers covers that route.
Study approach for the state exams
Do not let the 63 or 66 drift. Book it close to your Series 7 so the product knowledge is fresh and your onboarding finishes on schedule.
Learn the law as a system. Organize notes by who is regulated (broker-dealer, agent, adviser, IAR), what is exempt, and what the administrator can do. Memorizing isolated facts is slower and less reliable.
Learn the exceptions with the rules. Much of the law content is built on a general rule followed by exclusions and exemptions, so study each definition together with what falls outside it.
Use timed practice. The 66 gives you 150 minutes for 110 questions; the 65 gives 180 minutes for 140. Pacing is rarely the problem on the 63, but it can be on the longer two.
If you do not pass
NASAA's FAQ sets the waiting periods: 30 days after a first or second failed attempt, and 180 days after a third failed attempt within two years for exam windows opened before January 4, 2027. For windows opened on or after that date, the wait after a third failure drops to 60 days. The waiting period applies only to the exam you failed, so failing the 66 does not stop you from sitting the 63 or 65.
How long your pass lasts
NASAA describes a two-year rule in most states: after you first pass, you have two years to become registered or the exam expires, and after a termination you have two years to re-register. NASAA has also approved an Exam Validity Extension Program that can keep the 63 and 65 valid for up to five years in states that adopt it, for eligible people who complete the required annual training. For Series 66 holders, the 63 and 65 credits each keep their own validity based on registration history.
Fit with your bank role
The state exam is where the bank's investment program meets state securities regulation. For the compliance side of that relationship, see our posts on bank investment services compliance and wealth management fundamentals for bankers. The Series 63, Series 65 and Series 66 topic pages list every format we carry.
Start your state exam prep
For most bank reps in hybrid brokerage and advisory programs, the right next step is the Series 66 Online Exam Prep Course, taken alongside or after the Series 7. Brokerage-only reps should choose the Series 63 course, and Series 6 reps moving into advisory work should choose the Series 65. Confirm the requirement with your firm first, then study in proportion to NASAA's outline.
Frequently Asked Questions
What are the best Series 66 exam study materials?
Materials that follow NASAA's current outline, effective June 12, 2023, and weight their content the same way. That means heavy coverage of law and ethics, which is 45 of the 100 scored questions, solid recommendation and strategy practice for another 30, and a lighter refresher on investment vehicles and economics. Look for a question bank tagged by section, explanations that cite the relevant rule or concept, and several timed full-length practice exams. Whether you choose an online course, a package or a textbook should depend on how you study and how much practice you need.
Is the Series 65 or Series 66 easier?
They test different things. The 65 is longer (130 scored questions in 180 minutes) and has more investment and economics content. The 66 is shorter (100 scored questions in 150 minutes) but puts 45% of its questions on law and ethics. For a candidate who has just passed the Series 7, the 66 is usually the more natural fit because the product knowledge is fresh. Remember that the 66 only works with a valid SIE and Series 7, so a Series 6 holder must take the 65.
How long should I study for the Series 63?
NASAA does not publish recommended hours. The 63 is short (60 scored questions in 75 minutes) and narrow, so candidates who have just passed the Series 6 or 7 often prepare in a couple of focused weeks of part-time study. The key is drilling definitions and ethics scenarios until you get them right consistently, then taking timed practice exams. Book it close to your FINRA exam so your onboarding is not delayed.
Do I need a sponsor to take the Series 63, 65 or 66?
No. NASAA's FAQ says unsponsored candidates who are not Form U4 registered can open an exam enrollment window through FINRA and pay for the exam themselves. You then have a 120-day window to sit it. In practice, bank reps usually take the state exam during onboarding with the firm enrolling them, and the Series 66 only becomes usable once you also hold a valid SIE and Series 7.
What is the passing score for the Series 66?
FINRA and NASAA list it as 73 correct out of 100 scored questions. The exam also includes 10 unscored questions that do not count, mixed in with the scored items. You have 150 minutes. For comparison, the Series 63 requires 43 of 60 and the Series 65 requires 92 of 130. Confirm current figures on FINRA's exam pages before you schedule.
Can a CFP replace the Series 65?
In most states, yes. NASAA's FAQ says most states allow certain professional designations, including the CFP, ChFC, CFA, PFS and CIMA, to substitute for the Series 65 exam. The designation waives only the exam requirement, not the rest of the state registration process, and each state decides whether it accepts the waiver. Check with the state securities administrator where you will be registered before relying on it.
